Emergency Patient Data Analysis Market Size (2023 – 2030)

According to our research report, the Emergency Patient Data Analysis Market size was valued at 27.19 billion in 2022. By the end of 2030, this market size is estimated to reach a value of 207.22 billion whith a whooping growth rate of 28.9% CAGR during the period from 2023 to 2030. Healthcare analytics is the effective use of statistical, quantitative, predictive, comparative, cognitive, and other new applied analytical models to data and related business insights. Healthcare analytics technologies can assist disclose and comprehending historical data patterns, forecasting future results, and delivering actionable insights to help healthcare companies make better clinical, financial, and operational decisions.

Market Overview

Health institutions and government entities throughout the world relied significantly on emergency department data analysis systems in response to COVID-19. Technology-based screening methods aid in case identification and appropriate triaging. Clinical care was improved by using the electronic health record (EHR) to train frontline providers on new procedures, give clinical decision support, and improve diagnostic testing systems. During the first wave of the pandemic, for example, emergency department (ED) attendance dropped by 37 per cent, medical admissions dropped by 30 %, and medical bed occupancy dropped by 27 %.

All age categories saw a decrease in ED visits and medical hospitalizations, with the youngest persons seeing the most reductions. As a result, during COVID-19, the emergency department market information system market saw a considerable drop in ED admissions.

Due to the ageing population, growing use of data-driven technology, and growth in the number of insured people, the market for emergency department data analysis systems are predicted to develop fast.

The rapidly expanding senior population is causing an increase in chronic and life-threatening diseases, which will eventually lead to hospitalisation. The aged are more likely to develop cardiovascular illness, neurological disease, and other disorders. Because emergency departments are frequently the hospital's front door to residents, and the service delivered there is a direct reflection of the hospital's image, emergency department information systems are crucial in hospitals.

In the healthcare industry, the emergency department information system is used to aid in the management of emergency departments by capturing key patient data such as patient identity, insurance status, admission date and time, mode of arrival, treating medical professional, primary diagnosis, and discharge details. As a result of these emergency department information systems, fewer medical errors, improved hospital revenue, speedier patient information, and increased patient satisfaction have been observed. As a result, the ageing population is likely to contribute to the market's growth.

Covid-19 Impact on Emergency Patient Data Analysis Market

 The COVID-19 pandemic has wreaked havoc on the global population and economy. The importance of big data in the healthcare business has increased as a result of the epidemic. Predictive and prescriptive analytics were utilised to create prediction models for the onset of following waves of COVID-19 infection in various parts of the world. During the pandemic, the adoption of EHR increased in both developing and developed countries, which has influenced the market's growth in 2020. During the pandemic, operational analytics proved to help manage patient data and COVID-19 bed allocation in ICU units. For COVID-19 patients, claim management and risk assessment analytics were widely used in healthcare reimbursement. As a result of the pandemic's emergence, the healthcare analytics sector has seen a slew of breakthroughs and improvements. All of the aforementioned reasons have contributed to the market's growth.

MARKET DRIVERS

EHR use is increasing in both emerging and developed countries, which is encouraging market growth.

Various federal mandates in the United States, such as the American Recovery and Reinvestment Act of 2009 (ARRA) and the implementation of ICD-10 code sets, are encouraging healthcare organisations to adopt EHRs, focus on the quality of care to comply with pay-for-performance initiatives, and improve information exchange between different health systems. Such programmes include assisting clinicians in collecting patient data electronically, as well as aiding data integration and chronic disease management. This, in turn, helps to reduce hospital readmissions and stays, as well as claims fraud and abuse. It also improves patient health and lowers healthcare expenses.

Other federal requirements in the United States, like the Health Insurance Portability and Accountability Act (HIPAA) and the Patient Protection and Affordable Treatment Act (PPACA), compel healthcare businesses to focus on digitization and care quality (PPACA). The increasing pressure on hospitals in the United States to meet government healthcare standards is prompting them to adopt data analytics tools for decision-making, enhancing service quality, and avoiding unnecessary costs. The execution of these initiatives is seen as a favourable indicator of the overall market's growth because the United States is a big contributor to the healthcare analytics market.

The expansion of the market is being fuelled by the emergence of value-based medications.

Value-based medicine is the practice of medicine based on the objective value (increase in length of life and/or quality of life) imparted by healthcare interventions as measured by a set of defined metrics (commonly used to evaluate value and cost-effectiveness). Future healthcare trends will be more quality-oriented, with an emphasis on improving service quality and developing creative methods for value-based medicine and care management. Most hospitals are gradually understanding the inefficiencies of traditional patient care, quality assurance, and cost management systems. As a result, hospitals' investment objectives for logistical management, HIE, and predictive analysis will include healthcare BI solutions.

MARKET RESTRAINTS

The market's expansion is being hampered by the high costs of analytics solutions.

Despite the acknowledged benefits of analytics in healthcare organisations, due to the high implementation and subscription/licensing fees of advanced analytics solutions, adoption is low among price-sensitive end-users. Only top-tier hospitals have the capability and resources to properly use big data to give actionable insights.

Implementation of advanced on-premise healthcare analytics solutions can cost over USD 200,000, with yearly subscription/licensing fees costing around the same. This makes it difficult for hospitals to justify their investment in analytics solutions, at least in the short term, while they are focused on EHR implementation and RCM system upgrades. This aspect has a higher influence in emerging markets because some end users are unable to acquire funding.

Concerns about patient data confidentiality are a roadblock to industry expansion.

Patient data contains personal, private, or confidential information that must be protected with extreme caution to avoid misuse. The changing landscape of healthcare privacy and security has been impacted by the increasing usage of automated technology (such as EHRs and medical claims processing), as well as the shifting trend toward health information exchanges (HIEs). Electronic patient data interchange provides better reach and efficiency in healthcare delivery, but it also increases data risk and liability owing to larger access and can result in data breaches.

EMERGENCY PATIENT DATA ANALYSIS MARKET REPORT COVERAGE:

Emergency Patient Data Analysis Market - by Type

• Descriptive

• Prescriptive

• Predictive

According to the type analysis, the descriptive segment is expected to hold the largest share of the emergency patient data analytics market for process optimization applications. Descriptive analytics has the potential to study previous data and provide actionable future insights to help grow the segment.

As a result of the implications on important business KPIs and the ability to predict future outcomes, the prescriptive analytics market is expected to grow at a CAGR of 15.8% over the projection period.

Emergency Patient Data Analysis Market - by Application

• Financial

• Operational

• Clinical

According to the application analysis, the financial segment is expected to grow at the fastest rate due to increased analytics applications to reduce rising healthcare costs and provide high-quality patient care, as well as extensive analytics to detect and prevent healthcare fraud, which will drive up demand.

The clinical segment is predicted to increase rapidly, as it enables lower healthcare costs by providing high-quality patient care while also contributing to crucial industry care.

Emergency Patient Data Analysis Market - by End-user

• Providers

•  Payer

The health payers category has an important share in the clinical data analytics market across the analysis period, according to end-user analysis. Fraud claims are reduced as healthcare expenses rise and membership criteria rise, strengthening market growth during the analysed period.

Emergency Patient Data Analysis Market - by Region

• North America

• Europe

• Asia-Pacific

• Latin America

• The Middle East and Africa

Increasing advancements in information technology and early adoption of advanced healthcare technologies are significant factors for market growth in this region, which is anticipated to be the most dominant regional market in the global Emergency Patient data analytics market during the forecast period. Furthermore, the region's strong presence of several well-established big data and healthcare enterprises is boosting the market growth. Furthermore, the North American emergency patient data analytics industry is supported by government health policy reforms and a greater focus on big data management.

During the forecast period, the Emergency Patient Data Analytics market in the United States is predicted to develop at the fastest rate. The massive expansion of the US market is linked to the development of federal healthcare mandates to control rising healthcare costs, increased regulatory obligations, increased adoption of the electronic health record, and the expansion of government initiatives focused on personalised medicine, and value-based reimbursement, and population health management. According to ClinicalTrials.gov, the United States alone accounted for 35% of all clinical trials filed worldwide in 2020. The data gathered from various sources should be examined and analysed to develop strategies for effectively managing population health.

In 2020, the European market was ranked second in the world for Emergency Patient Data Analytics. Escalating medical spending and demand to contain rising healthcare expenses are driving the industry. The clinical data analytics market in the region is growing due to rising medical spending per capita. Furthermore, improved healthcare facilities and quick advancements in healthcare informatics are propelling the regional industry forward. Over the forecast period, the European data analytics industry is likely to generate a sizable revenue stream.

The Asia-Pacific market for emergency patient data analytics is rapidly expanding. The market is being driven by factors such as an increase in clinical trials and an ageing population in this region. Furthermore, regional market growth is supported by the increased demand from patient groups adopting healthcare data analytics to manage big data. The key markets in the region with considerable unmet needs are China and India. Over the forecasted period, the APAC market is likely to generate a significant revenue pocket.

Emergency Patient Data Analysis Market by Company

Product launches, product approvals, and other organic growth tactics such as patents and events are being prioritised by several companies. Acquisitions, as well as partnerships and collaborations, were seen as inorganic growth tactics in the market. These efforts have paved the road for market players to expand their business and client base.

1. IBM

2. CareEvolution

3. Caradigm

4. Explorys

5. Cerner

6. Intersystems

7. Athenahealth

8. Truven Health Analytics

9. Wellcentive

10. McKesson 

NOTABLE HAPPENINGS IN THE EMERGENCY PATIENT DATA ANALYSIS MARKET IN THE RECENT PAST

Product Launch

• In May 2021, APIXIO (US) launched HCC Complete which employs artificial intelligence to offer a holistic chart review experience for Medicare Advantage and Affordable Care Act providers.

Partnership and Collaborations

• In June 2021, Flatiron (US) partnered with Foundation Medicine, Inc. to integrate its products with OncoEMR to provide customers with integrated genomic profiling.
• In July 2021, Enlitic (US) teamed with NMC Healthcare. (UAE) .Enlitic's solutions will be implemented in GCC countries through a multi-faceted relationship with private healthcare organisations.