The global healthcare analytics market is expected to exhibit a strong 27.1% CAGR over the forecast period from 2019 to 2024, according to the latest research report from Market Research Future (MRFR). The global healthcare analytics market was valued at USD 12.1 billion in 2018. The report presents a detailed, comprehensive overview of the global healthcare analytics market to readers, including a detailed analysis of the market’s major drivers and restraints and major players operating in the market. The impact of the COVID-19 pandemic on the global healthcare analytics market in the short term and long term is also assessed in the report.
Healthcare analytics consists of the use of technological solutions to gather and assess data sets related to various healthcare operations. The rising demand for reducing paperwork in the healthcare field has been a major driver for the global healthcare analytics market over the last few years. Healthcare analytics allow digital solutions for a variety of issues, leading to paperwork becoming a thing of the past. This is likely to be a major driver for the global healthcare analytics market over the forecast period. The rising use of technological solutions in financial operations in the healthcare sector is likely to be a major driver for the global healthcare analytics market over the forecast period. Financial operations can be safeguarded by the use of healthcare analytics, as well as being made digital and thus paperless. Both these factors are major drivers for the global healthcare analytics market.
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Competitive Analysis
Leading players in the global healthcare analytics market include Medeanalytics, VitreosHealth, SCIO Health Analytics, Oracle, Optum, McKesson Corporation, Health Catalyst, Citiustech, Cotiviti, Inovalon, Wipro, IBM, SAS Institute Inc., Allscripts Healthcare Solutions, and Cerner. Major players in the global healthcare analytics market are likely to engage in product development in the coming years. Developing efficient software for healthcare analytics is a major aim for players in the global healthcare analytics market.
Segmentation
The global healthcare analytics market report is focusing on segmental analysis to ensure that it could reveal insights that would be beneficial for companies who are trying to develop better strategies. This futuristic step requires proper data management and the report provides that with precision. The segments included in the report are type, component, delivery model, application and end user.
- By Type, the market report on the healthcare analytics market can be segmented into predictive analytics, prescriptive analytics, descriptive analytics, and cognitive analytics. The predictive analysis would enjoy significant movement forward.
- By Component, the market report on healthcare analytics would include segments like software, hardware, and services. The software segment would grow with substantial development ushered in by several companies.
- By delivery mode, the market report includes on-premise and on-demand.
- By Application, the healthcare analytics market includes Payment Integrity & Fraud, Waste, and Abuse (FWA), financial Analytics (Claims Processing, Revenue Cycle Management (RCM), Clinical Analytics (Quality Improvement & Clinical Benchmarking, operational & administrative analytics, Clinical Decision Support (CDS)), Risk Adjustment & Assessment), population health analytics
- By End user, the market report on the healthcare analytics can be segmented into Payers (Government Agencies, Private Insurance Companies, Employers and Private Exchanges), Providers (Post-Acute Care Organizations, Hospitals & Clinics, Ambulatory Settings), and Others.
Regional Analysis
Geographically, healthcare analytics market is segmented as the Americas, Europe, Asia Pacific and Middle East and Africa.
The healthcare analytics market is all set to score high in the Americas where it would be backed by the well-designed IT infrastructure, advanced healthcare infrastructure, better integration of technologies, and others. The report is also covering the growth pockets remarkably, which is showing the US and Canada as major contributors. Various companies are also making significant progress in terms of leveraging regional benefits.
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Europe is also taking the necessary steps to ensure the furtherance of the market. The region has properties similar to that of North America. Better backing from various governments, in terms policies and finance, would ensure high growth. The Asia Pacific region would record high growth rate. This would be backed by emerging nations showing interest in moving forward by developing their healthcare infrastructure. The market would gain substantially from various corporate projects. It is also getting remarkable backing from the IT sector.
