A new report suggests that the healthcare analytics market may be worth $10.8 billion by 2017.
Healthcare analytics is the field which develops tools and systems to plan and analyze medical data which can be then applied to modern healthcare practices. Statistical tools are often used to try and both predict and improve medical outcomes, as well as find flaws and problems that could be improved to help efficiency rates.
Due to the growing digital world, the concept of "big data" -- where vast quantities of information can be cheaply stored and analyzed at leisure by organizations -- and mobile technology, the new market research report suggests that the healthcare analytics market is estimated to be worth $3.7 billion in 2012 and is growing at a rate of 23.7% from 2012 to 2017 to eventually reach $10.8 billion.
In the United States, the healthcare analytics market is showing double-digit growth, and the European market is the second largest system -- but is growing at a slower pace due to the economic climate.
America's Recovery and Reinvestment Act of 2009 (ARRA) is touted to be an attractive incentive for hospitals and physicians to adopt technology and systems related to patient safety, coordination, and quality of care -- which is contributing to the growth of the healthcare analytics market.
In a time where economic struggles are forcing hospital closures and layoffs, using statistical tools may help improve processes not only in terms of patient welfare, but keep establishments within their budgets while riding the recession wave.
Image credit: Alex Proimos