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Health IT startups take note: The healthcare analytics market is seeing double-digit growth

10:49 am by | 2 Comments

Exactly one year ago today, MedCity News published an article with the headline, “5 companies using big data to solve healthcare problems.”

Five? Just five?

Today, a new research report from MarketsandMarkets pegs the value of the healthcare analytics market at $3.7 billion and forecasts it will grow nearly 24 percent annually for the next five years, making it worth $10.8 billion by 2017. And that market is full of more startups than we could possibly compile in a timely fashion.

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Healthcare payers and providers are using data-driven, evidence-based decision making as a way to differentiate themselves. They’re using descriptive, predictive and prescriptive data to determine the most accurate diagnoses, reduce costs, prevent fraud, generate revenue and improve service to patients, the report says.

The U.S. dominates the data analytics market, with Europe slightly behind and Asia seeing great growth as well. Along with major companies including MEDai, Optum Health, Truven Health, McKesson, Cerner, IBM and Oracle, an influential culture of startups are driving the market as well. Among those are NuMedii, which analyzes data to find new drug-disease matches, healthcare data mining company Apixio and predictive analytics companies Predilytics, PanGenX, RxAnte and GNS Healthcare.

Some major concerns still act as hurdles in this market including data security, patient privacy and the incredible manpower needed to handle all of the data. But the report notes that the market is still in nascent stages.

[Finger print iris scan photo from BigStock]

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Deanna Pogorelc

By Deanna Pogorelc MedCity News

Deanna Pogorelc is a Cleveland-based reporter who writes obsessively about life science startups across the country, looking to technology transfer offices, startup incubators and investment funds to see what’s next in healthcare. She has a bachelor’s degree in journalism from Ball State University and previously covered business and education for a northeast Indiana newspaper.
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2 comments
789Carrie
789Carrie

Can someone check the links in the article? They go to unrelated articles on "MedCity."

DeannaJour231
DeannaJour231

@DShaywitz Great point. I think seeing that insight & value to the point where we can measure it will take more patience.

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