In the race to contain COVID-19, market players are quickly developing artificial intelligence and data analytics in healthcare, paving way for the future of the technological innovations. Researchers have utilized these tools to do everything from tracking hospital capacity to recognizing high-hazard patients, and many accept that these technologies are basic to getting ready for comparable circumstances later on. The healthcare analytics market is expected to register a CAGR of almost 18.5% over the forecast period, with an expected market size of USD 13,525 million out of 2021, and it is relied upon to arrive at USD 45,450 million by 2026.
The COVID-19 Insights partnership will use big data analytics tools to conduct research and discover potential medicines for the virus. For example, in July 2020, the Department of Energy (DOE), the Department of Health and Human Services (HHS), and the Department of Veterans Affairs had reported another big data analytics investigation drive to arrange and share COVID-19 data. Research and analysis conducted by the COVID-19 Insights Partnership will focus on the antibody, therapeutic development and results, virology, and other basic logical subjects to more readily understand COVID-19.
Additionally, expanding financing to medical services technology organizations that created mHealth applications, bug data analytics, and the Internet of Things (IoT) contributions will help to boost the worldwide market size. For example, in 2020, IBM and Oracle dispatched block chain to incorporate COVID-19 information from the World Health Organization and CDC. Mechanical advances working with data sharing and further developed consistence to Health Insurance Portability and Accountability Act (HIPAA) are expected to speed up the business development.
The factors, like the rise of big data in the health care industry, expanded spotlight on assortment and analysis of data from different sources for better client service, technological progressions and the appearance of online media and its effect on the health care industry are driving the health care analytics market.
Health care analytics continue to bring several changes in the medical services industry across many countries. Numerous administrative arrangements, projects, and activities were started by the governments of developed and developing countries across the world, to encounter progress in health care administrations. The European Union has fostered a project called "Bigmedilytics" which is with respect to the decrease of cost, better improvement of patients, and better admittance to the health networks.
Apart from this, the utilization of associated devices that generate huge amounts of data is expected to increase fundamentally; this raw data can be analysed to settle on better undertaking choices. As per ETNO, the quantity of IoT dynamic associations in medical services in Europe during 2019 remained at 2.79 million, and it is relied upon to arrive at 10.34 million by 2025. Such development further reinforces the interest for data analytics and tools to acquire data-driven bits of knowledge into the business.
In June 2021, Netsmart acquired SimpleLTC, a data analytics firm, from Briggs Healthcare. The acquisition of SimpleLTC solutions should help bolster the Netsmart CareFabric platform in fields related to predictive analytics, reimbursement optimization, quality measurement, and regulatory compliance, while optimizing efficient submission of data to Medicaid, Medicare, and health plans.
The healthcare analytics market is highly competitive in nature, with several big as well as emerging players. Prominent players in this market include IBM Corporation (US), Optum, Inc. (US), Cerner Corporation (US), SAS Institute, Inc. (US), Allscripts Health Solutions (US), McKesson Corporation (US), MedeAnalytics, Inc. (US), Inovalon (US), Oracle Corporation (US), Health Catalyst (US), SCIO Health Analytics (US), Verscend Technologies, Inc. (US), CitiusTech, Inc. (US), Wipro Limited (India), and VitreosHealth (US).