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 share 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.
Healthcare Analytics Market – Competitive Analysis
Highly competitive, the healthcare analytics market overview 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
Global healthcare analytics market players 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.
Global Healthcare Analytics Market – Segmentations
For a better understanding, the global healthcare
analytics market outlook 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 report. 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 insights 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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Future (MRFR), enable customers to unravel the complexity of various industries
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