Predictive Analytics, Healthcare IoT Markets See Major Growth

Predictive Analytics, Healthcare IoT Markets See Major Growth

The electronic health record adoption market may be more or less saturated at this point, but new health IT products that enhance and expand the capabilities of healthcare providers are still seeing massive growth. 

Predictive analytics tools, Internet of Things infrastructure, speech recognition technologies, and big data management systems are becoming increasingly popular with healthcare organizations looking to equip themselves with the technologies to meet regulatory requirements, speed up cumbersome workflows, maintain high levels of patient safety, and participate in value-based care.

North America isn’t the only region pushing the adoption of healthcare analytics technologies to improve patient care.  According to Research and Markets, the global analytics market is slated to grow at a 24.1 percent compound annual growth rate (CAGR) over the next nine years, driven by the need to manage a worldwide increase in chronic diseases.

Many of the vendors leading the way do have their roots in the United States, however, with Epic Systems, Inovalon, Allscripts, Cerner, IBM, and Health Catalyst among the companies identified as leaders in the field.

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Infection surveillance opportunities to see a 14.1% CAGR to 2021 

As patient safety becomes a key cost factor for hospitals at risk of quality-based penalties, infection surveillance systems are growing in popularity.  These automated tools to prevent hospital acquired infections, monitor surgical risks, and forestall deadly disease outbreaks are likely to bring $508.8 million in sales by 2021, says MarketsandMarkets.

Hospitals and long-term care facilities are both likely purchasers of these tools, although the largest healthcare systems are currently the major clients for the $262.7 million market that exists in 2016.

Healthcare business processes outsourcing (BPO) to be worth more than $9 billion

By the end of the decade, global healthcare organizations may be spending $9 billion on cloud-based outsourcing of business processes, Technavio says, in an effort to reduce costs, provide secure data access, and reliably scale their business models.

“Cloud technology has revolutionized the mode of outsourcing business processes.

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