By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
SmartData Collective
  • Analytics
    AnalyticsShow More
    data science anayst
    Growing Demand for Data Science & Data Analyst Roles
    6 Min Read
    predictive analytics in dropshipping
    Predictive Analytics Helps New Dropshipping Businesses Thrive
    12 Min Read
    data-driven approach in healthcare
    The Importance of Data-Driven Approaches to Improving Healthcare in Rural Areas
    6 Min Read
    analytics for tax compliance
    Analytics Changes the Calculus of Business Tax Compliance
    8 Min Read
    big data analytics in gaming
    The Role of Big Data Analytics in Gaming
    10 Min Read
  • Big Data
  • BI
  • Exclusive
  • IT
  • Marketing
  • Software
Search
© 2008-23 SmartData Collective. All Rights Reserved.
Reading: Health Care Analytics Market Will Grow Considerably in 2014
Share
Notification Show More
Latest News
ai in automotive industry
AI Is Changing the Automotive Industry Forever
Artificial Intelligence
SMEs Use AI-Driven Financial Software for Greater Efficiency
Artificial Intelligence
data security in big data age
6 Reasons to Boost Data Security Plan in the Age of Big Data
Big Data
data science anayst
Growing Demand for Data Science & Data Analyst Roles
Data Science
ai software development
Key Strategies to Develop AI Software Cost-Effectively
Artificial Intelligence
Aa
SmartData Collective
Aa
Search
  • About
  • Help
  • Privacy
Follow US
© 2008-23 SmartData Collective. All Rights Reserved.
SmartData Collective > Analytics > Health Care Analytics Market Will Grow Considerably in 2014
Analytics

Health Care Analytics Market Will Grow Considerably in 2014

Roman Vladimirov
Last updated: 2013/12/28 at 9:00 AM
Roman Vladimirov
4 Min Read
Image
SHARE

ImageAs a whole sector, the field of health care has found a great deal of uses for big data and analytics initiatives.

ImageAs a whole sector, the field of health care has found a great deal of uses for big data and analytics initiatives. Hospitals, clinics, medical research centers, insurance providers and countless others connected to the industry in one way or another can all use business intelligence and analytics software platforms for many purposes. Particularly given the rising popularity of electronic health record (EHR) systems, data solutions play a major role in health care and are only poised to have greater influence in the foreseeable future.

According to iHealthBeat, MarketsandMarkets recently released a report on the possibilities for financial growth within the global health care analytics market over the course of the next few years. Based on these findings, those within the industry can expect to do well. Administrative and IT staffers at health care organizations would be wise to review this information if they have not undertaken a big data analytics initiative or are on the fence about doing so.

Major expansion expected by 2020
As outlined in the MarketsandMarkets report, the next six years – between 2014 and 2020 – are expected to feature a compound annual growth rate of more than 25 percent for the global health care analytics market. The present value of the industry is about $4.4. billion, so if those predictions for its growth end up being true, that figure will reach a total of approximately $21 billion by the time 2020 rolls around.

More Read

big data joins fight against diseases

Big Data Joins The Fight Against Traumatic Brain Injuries

Learn Why Doctors Look To Data To Increase Patient Engagement
Healthcare Insurance Regs Must Keep Up with Tech Advances
Smarter Data Create Healthier Populations
The Body as a Source of Big Data [INFOGRAPHIC]

It is important to note that there may be certain roadblocks to the projected growth. Some of these factors may include a need for skilled analytics professionals that may not be easily filled, the ever-present issue of data security and reluctance among some in the industry to have full faith in the possibilities of big data. 

Conversely, other factors mentioned in the report are likely to assist with expansion of the market. These include the increasing adoption of EHRs, meaningful use and ICD-10 protocols in the United States, the rise of predictive analytics and continuing technical advances. 

Other elements to consider
Those who are planning to adopt health care analytics and BI solutions in the near future should also keep in mind recent advice from Forbes. For example, the news source stated that costs must be taken into account – 80 percent of them will be analytics, while the remaining 20 percent pertain to acquiring the data and delivering it through proper channels.

Additionally, it’s necessary to pay attention to access. On one hand, C-level personnel need to be fully aware of and involved in data analytics projects. On the other, they must be extremely careful with it in the health care arena, to maintain compliance with privacy regulations.

TAGGED: health
Roman Vladimirov December 28, 2013
Share this Article
Facebook Twitter Pinterest LinkedIn
Share

Follow us on Facebook

Latest News

ai in automotive industry
AI Is Changing the Automotive Industry Forever
Artificial Intelligence
SMEs Use AI-Driven Financial Software for Greater Efficiency
Artificial Intelligence
data security in big data age
6 Reasons to Boost Data Security Plan in the Age of Big Data
Big Data
data science anayst
Growing Demand for Data Science & Data Analyst Roles
Data Science

Stay Connected

1.2k Followers Like
33.7k Followers Follow
222 Followers Pin

You Might also Like

big data joins fight against diseases
Big DataExclusive

Big Data Joins The Fight Against Traumatic Brain Injuries

5 Min Read
patient engagement
Big DataExclusiveModelingPredictive Analytics

Learn Why Doctors Look To Data To Increase Patient Engagement

9 Min Read
health technology
HardwareITMobilityPolicy and Governance

Healthcare Insurance Regs Must Keep Up with Tech Advances

5 Min Read

Smarter Data Create Healthier Populations

21 Min Read

SmartData Collective is one of the largest & trusted community covering technical content about Big Data, BI, Cloud, Analytics, Artificial Intelligence, IoT & more.

giveaway chatbots
How To Get An Award Winning Giveaway Bot
Big Data Chatbots Exclusive
ai in ecommerce
Artificial Intelligence for eCommerce: A Closer Look
Artificial Intelligence

Quick Link

  • About
  • Contact
  • Privacy
Follow US

© 2008-23 SmartData Collective. All Rights Reserved.

Removed from reading list

Undo
Go to mobile version
Welcome Back!

Sign in to your account

Lost your password?