Market Overview
The Healthcare Analytics Market Size is expected to grow at a CAGR of 11.70% and reach a market value of USD 52 billion by the end of the forecast period. Increased data innovation in medical care, enhanced therapy plans established in partnership with drug associations, increased accessibility to low-cost innovation, and increased use of EHR are the major drivers impacting the market expansion.
The growth of the Healthcare Analytics Market is being driven by increased acceptance of big data in healthcare organizations and a surge in government measures to improve the usage of electronic health records (EHRs) in healthcare organizations. Focusing on the quality of care to comply with pay-for-performance regulations and increase information interchange between various health systems is a major contributor to the healthcare analytics business.
Key Players:
The major key players in the market are Cerner, Allscripts Healthcare Solutions, SAS Institute Inc., IBM, Wipro, Inovalon, Cotiviti, Citiustech, Health Catalyst, Mckesson, Optum, Oracle, SCIO Health Analytics, Vitreoshealth, Medeanalytics, and Others
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Market Segmentation
· Based on the Type, the global Healthcare Analytics Market has been segmented into unmistakable, prescient, prescriptive, and psychological examinations.
· Based on the Application, the global Healthcare Analytics Market has been segmented into the monetary investigation, clinical examination, functional and authoritative examination, and populace well-being investigation.
· Based on the deployment model, the global Healthcare Analytics Market has been segmented into on-premise and on-request models.
· Based on the End Client, the global Healthcare Analytics Market has been segmented into payers, suppliers, MCOs, ACOs, HIEs, and TPAs.
· Based on the region, the global Healthcare Analytics Market has been segmented into North America, Europe, Asia, and the Middle East & Africa.
Regional Classification
The market in North America is expected to grow at the fastest rate during the forecasted period. Developing administrative medical services orders to control rising medical services costs, expanding administrative requirements, developing EHR selection, and rising government focus on customized medication, population health across the board, and value-based repayments are all contributing to the North American market's rapid growth.
North America's large share of the global healthcare analytics market can be attributed to federal health mandates encouraging the adoption of HCIT solutions, a growing focus on PHM, a significant amount of VC investments, growing pressure to reduce healthcare costs, technological advancements, and high product and service availability in this region.
Industry News
· In Feb 2022, Analytical Wizards, an advanced analytics organization redefining healthcare analytics by combining our AI/ML-powered technology, topic experience, and high-touch relationship strategy, has been acquired by Definite Healthcare. The details related to the financial status of the acquisition were not disclosed.
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