Market Scenario
Considering the exponential traction that the market is garnering
currently, Market Research Future (MRFR) in its recently published study
analysis asserts that the Healthcare
Analytics Market size is projected to grow from USD 12.9 Billion in
2023 to USD 37.3 Billion by 2032.
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.
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.
Conversely, factors such as the concerns over the data security
alongside the cost of analytical solutions and the technological incompetence
are hampering the growth of the market. Nevertheless, the increasing demand for
reducing paperwork and better treatment plans in collaboration with
pharmaceutical organizations would support the market growth of the market over
the review period.
Global Healthcare Analytics Market – Segmentations
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.
Healthcare Analytics Market – Regional Analysis
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.
Healthcare Analytics Market – Competitive Analysis
Highly competitive, the healthcare analytics market appears fragmented due to the presence of major players. Agreement & partnership, product launch, acquisition, and expansion are some of the key strategies traced from the analysis of recent market developments.
Major players who are increasingly expanding their footprint internationally are making it difficult for local vendors to compete with them with their extensive technology portfolios, differentiation, quality, and pricing.
Major Players
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.
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