Global Healthcare Analytics Market Outlook 2024
Posted by sumit on June 25th, 2019
Healthcare analytics offers the macro and micro level insights into hospital management, patient records, costs, diagnoses, and more in the burgeoning healthcare industry. Real-time information provided by healthcare analytics, help managers to make decisions, deliver actionable insights, and thus to operate in a better fashion.
Healthcare analytics is revolutionizing pharmaceutical organizations as well. Using more data and analytics, pharmaceutical organizations can assure their formulations positively. As a result, the uptake of healthcare analytics solutions is widening rapidly, leading to an increase in the size of its market.
Moreover, the latest trend of increasing collaboration between healthcare organizations and pharmaceutical companies to improve treatment plans is escalating the market on the global platform, revolutionizing the healthcare sector, completely.
Considering the exponential traction that the market is garnering currently, Market Research Future (MRFR) in its recently published study analysis asserts that the global healthcare analytics is poised to demonstrate significant growth registering a staggering double-digit CAGR of 27.1% throughout the forecast period (2019-2024). In the year 2018, the market had valued at USD 12,126.70 MN.
The demand to curtail healthcare costs is playing a vital role in the overall growth of the market. Additional factors that are bolstering the growth of the market include the high adoption of technological advancements in the field of healthcare and the availability of low-cost technology that improves patient care by improving existing procedures, providing better services.
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Key players leading the global healthcare analytics market include Cerner, SAS Institute Inc., Allscripts Healthcare Solutions, IBM, Inovalon, Wipro, Cotiviti, Health Catalyst, Citiustech, Mckesson, Oracle, Optum, SCIO Health Analytics, Medeanalytics, and Vitreoshealth, among others.
For a better understanding, the report has been segmented into six key dynamics: -
By Type : Descriptive Analytics, Prescriptive Analytics, Predictive Analytics, and Cognitive Analytics.
By Component : Software and Services.
By Delivery Model : On-premise and On-demand.
By Application : Financial Analytics (Claims Processing, Payment Integrity & Fraud, Revenue Cycle Management (RCM), Waste & Abuse (FWA), Risk Adjustment & Assessment), Clinical Analytics (Quality Improvement & Clinical Benchmarking, Clinical Decision Support (CDS)), Operational & Administrative Analytics, and Population Health Analytics among others.
By End-user : Payers (Private Insurance Companies, Employers and Private Exchanges, Government Agencies,) and Providers (Hospitals & Clinics, Post-Acute Care Organizations, Ambulatory Settings), among others.
By Regions : Europe, North America, Asia Pacific, and the Rest-of-the-World.
Regional Market Summary
North America, heading with the presence of major players, accounts for the leading region in the global healthcare analytics market. Rapid technological advancements in RCM and clinical analytics and increasing adoption of healthcare IT drive the regional market. Additional factors that are bolstering growth in the regional market include the rising government initiatives to reduce medical errors and the use of big data and mHealth solutions. Also, increased focus on big data management & analysis, the establishment of healthcare policies by the federal government, and early emergence and adoption of healthcare analytics across the region would fuel the growth of the market during the forecast period.
The healthcare analytics market in the European region accounts for the second-largest market, globally. Factors such as government support and the presence of a well-established healthcare sector foster market growth in the region. Moreover, the increasing number of healthcare infrastructures and the healthcare insurance companies are fueling the increase in the regional market.
The Asia Pacific healthcare analytics market is emerging as a profitable market globally. Factors such as vast technological advancements and the increasing demand to reduce medical errors are propelling the growth in the regional healthcare analytics market. With the several niche market players trying to leverage the share in the regional market, the number of technology providers is also expected to increase over the forecast period.
Moreover, factors such as the increasing patient pool drive the growth of the regional market, creating a huge demand for healthcare analytics in the region. The market is majorly propelled by some of the rapidly developing countries such as India and China.
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Table Of Contents
Chapter 1. Report Prologue
Chapter 2. Market Introduction
2.2 Scope Of The Study
2.2.1 Research Objective
Chapter 3. Research Typology
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
Chapter 4. Market Dynamics
4.5 Macroeconomic Indicators
4.6 Technology Trends & Assessment
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About the Authorsumit
Joined: February 6th, 2019
Articles Posted: 80
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