With rapid advancements in technology, the healthcare sector is generating a massive volume of data. Extracting meaningful information out of this data is helpful for healthcare professionals in decision-making and for delivering improved patient care.
Big data can be a combination of internal as well as external data. Internal data (data is that collected from within the healthcare system) is often obtained from EHR, which contains complete information regarding the patient such as his/her medical history, diagnosis reports, and other important data. External data is collected from external sources such as the National Health Information Network (NHIN), Health Information Exchanges (HIE), etc. This data is analyzed and used by healthcare providers.
According to a report published in HealthITAnalytics, the clinical analytics technology market is expected to grow at an estimated compound annual growth rate of 44.15% to reach $12.26 billion by 2019. Precisely saying, the present market size of Clinical Data Analytics solutions is $2.25 billion. It is expected to grow at a CAGR of 44.15% to reach $12.26 billion by the end of 2019. The different industry policies and factors that drive market growth also form part of the survey.
Other Major Highlights of the Report
The health IT market will grow at an estimated compound annual growth rate of 20% over by 2019.
Significant investments will be likely in mobile technologies and devices such as smartphones and tablets, through 2019. Channel partners would have the opportunity to maximize their functioning and provide hospitals with the trusted professional services that are required to successfully integrate all the innovative software solutions on their smartphones as well as into their existing infrastructure.
As per the report the continuing need to maintain, support and upgrade complex health IT and analytics infrastructures would add to the spending across the entire healthcare system that may very well reach nearly $34 billion by 2019 and grow at least 9% annually.
Secure texting, automatic vitals data capture and analytics systems, care collaboration voice call systems and voice centric nursing workflow systems will explode as the top research targets for 2014.
The clinical data analytics market is getting popular. With the adoption of new payment models and massive volumes of clinical data contained in electronic health records, more and more healthcare groups are looking for analytics solutions for managing the healthcare population.