The healthcare business is undergoing a massive transformation as it is moving from a volume-based industry to a value-based industry. With growing awareness about healthcare, the growing demand from consumers for various services is pressurizing healthcare providers to deliver valuable outcomes. The new entrants in the healthcare market are increasing the intensity of the competition and the complexity of market dynamics. Some of the leading players in the global healthcare analytics market are MedAssets, Inc., Cognizant, Health Catalyst, IBM, Mede Analytics, Inc., Optum, Oracle, Inc., McKesson Corporation, Truven Health Analytics, SAS Inc., and Verisk Health.
Smart Healthcare Needs Lays Groundwork for Healthcare Analytics Market
In recent decades, these players have been working on developing analytics that can sort through the whirlwind of complex medical data to craft solutions for offering better healthcare service. Healthcare analytics is a method of collecting data and its analysis from several sources to derive a trend or a pattern that can help in improving healthcare interventions. The need to confront the growing healthcare demand in smarter ways that cater to strict governmental norms and tough consumer expectations is paving the way for the global healthcare analytics market.
The analytical techniques used in the global healthcare analytics market are segmented into predictive techniques, which implies identifying trends from simulation and modelling techniques, prescriptive techniques, which leads to optimal and efficient clinical and financial outcomes, and descriptive techniques, which means describing the current situation through standard reporting. The digitized clinical data is collected through reports, lab results, and images. The administrative and financial information also forms an integral part of the healthcare intelligence.
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Identification and Prevention of Pandemics to Drive Global Healthcare Analytics Market
The global healthcare analytics market has been witnessing a boom as the sector has been tackling a range of challenges such as resource shortage, regulatory pressures, disease monitoring, and identification and prevention of pandemics by observing patterns. Currently, the healthcare analytics market faces the challenge of expanding its role to fit the dynamics in the overall healthcare sector.
The global healthcare analytics market is gaining immense importance in government budgets as it helps in classifying patients to cater to their medical priorities on a national level, thereby empowering the nation with preventive care. In the larger picture, healthcare analytics has also helped in educating the masses about their medical rights, suggesting health policies, financing public health, facilitating smooth enforcement of laws in developing countries, and improving government spending on healthcare infrastructure.
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Incentives and Supportive Laws Help North America Emerge as a Market Leader
In terms of geography, North America holds the biggest share in the global healthcare analytics market due to the large number of key players in the region. The strong foothold of the region in the global market can also be attributed to the supportive regulatory structure in the United States such as the incorporation of electronic health records (EHR). Furthermore, adoption of healthcare analytics is also incentivized by Health Information Technology for Economic and Clinical Health (HITECH).
Presently, the global healthcare analytics market faces a huge security challenge as it deals with highly confidential information. Tackling this issue along with the shortage of skilled personnel may act as a market restraint for the industry. However, growing medical concerns and the necessity of healthcare institutes to gain newer insights for a healthier world will offer many opportunities to the global healthcare analytics market.
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