Healthcare analytics market to be propelled by systematic quality improvements that the technology offers
The Healthcare Analytics Market Size is expected to increase at a CAGR of 11.70 percent by 2027, with a market value of USD 51.5 billion by that time.
As technologies transform healthcare ecosystem, the future of healthcare is anticipated to be driven by digital transformation and data analysis. Analytics solutions will hold a place of top priority in 2020, especially as health information systems will be leveraging Big Data to provide better care, prevent diseases, and optimize all areas of the care.
The effective use of cutting-edge data analytics can improve patient care in the healthcare system. As healthcare veers towards attaching more significance to treatment outcome and value-based payment initiatives, analyzing data to determine which practices will prove to be most effective aids in cutting costs and improving the overall health condition of the population.
Healthcare Analytics Market Overview and Report Analysis: By Type (Predictive, Cognitive), Component (Software, Services), Delivery Model (On-Premise), Application (Financial Analytics, Clinical Analytics), End User (Payers, Hospitals)- Forecast till 2027
Segmentation:
Healthcare Analytics Market Research has been subdivided on the basis of type, delivery model, component, end user and application.
- By type healthcare analytics market is segmented as descriptive analytics, prescriptive analytics, predictive analytics and cognitive analytics.
- Based on type, market segmented into descriptive analytics, predictive analytics, prescriptive analytics, and cognitive analytics.
- Segmentation of healthcare analytics market on the basis of delivery model includes on-premise and on-demand.
- By component, healthcare analytics market is classified as hardware, software, and services.
- Based on end user, healthcare analytics market categorized into payers, providers and others.
Application-wise, healthcare analytics market is classified as financial analytics, payment integrity fraud, waste, and abuse, revenue cycle management, clinical analytics, operational administrative analytics and population health analytics.
Competitive Dashboard:
Some of the prominent in the global Healthcare Analytics Market Players include
- Cerner,
- SAS Institute Inc.,
- Allscripts Healthcare Solutions,
- IBM,
- Inovalon,
- Wipro,
- Cotiviti,
- Health Catalyst,
- Citiustech,
- Oracle,
- Mckesson,
- Vitreoshealth,
- Optum,
- SCIO Health Analytics,
- Medeanalytics etc.
Regional Analysis:
Geographically, Healthcare Analytics Market is segmented as the Americas, Europe, Asia Pacific and Middle East and Africa.
Due to the presence of well-established healthcare industry and presence of major players in the region, the Americas are expected to dominate the global healthcare analytics market share. Increasing adoption of IT in healthcare and acceptance as well as application of technologically advanced systems will augment market growth in the region. Especially in the U.S. and Canada, the use of EMR/EHR systems are adding impetus to the business. Government initiatives to reduce medical error and expansion of use of big data and mhealth tools will significantly help in the growth of healthcare analytics market.
Similar condition in Europe will place the healthcare analytics market of the region in the second position over the forecast period.
Asia-Pacific healthcare analytics market is anticipated to have one of the fast growing CAGR over the forecast period mainly due to increased initiative to reduce medical errors. Increase in number of healthcare analytics vendors and niche market players trying to increase leverage in the market share would propel healthcare analytics market size expansion in the region.
The Middle East and Africa healthcare analytics market size is expected to grow steadily over the coming years as enhancement of healthcare infrastructure in the region continues.
Industry News:
MedeAnalytics, a leader in healthcare analytics, would be launching its MedeCreate at HLTH 2019. MedeCreate is a Platform-as-a-Service solution that enables healthcare organizations to quickly personalize, implement and create analytics applications. MedeCreate's self-service capability helps Payers as well as providers to customize existing solutions or build their own analytics applications. MedeAnalytics claims that MedeCreate can now empower healthcare organizations by helping them create, deploy and scale business-critical applications and deliver meaningful, actionable insights on trusted data with considerable rapidity.
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