According to Stratistics MRC, the Global Healthcare Analytics Market accounted for $6.8 billion in 2015 and is expected to grow at a CAGR of 24.8% to reach $32.4 billion by 2022. Growing number of venture capital investments, increasing incidence of aging population and growing occurrence of chronic and infectious diseases are the major drivers favoring the market growth. The factors contributing to the market growth include better efficiency of healthcare organizations, federal healthcare mandates and increasing healthcare IT adoption. However factors such as lack of skilled labor with analytical skills, patient data security and privacy issues are inhibiting the market. Moreover, Cloud-based healthcare analytics offers a major growth opportunity over the forecast period.
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In Healthcare Analytics, the descriptive analytics is the most widely used platform with a significant share in 2015. Whereas, predictive analytics is anticipated to witness lucrative growth over the forecast period. Among the delivery modes, On-premise delivery model is estimated for the largest share due tits multi vendor architecture, which reduces the threat of external attacks and data breaches. North America is anticipated to govern the market due to the growing requirement for enhanced clinical outcomes and high efficiency in healthcare process.
Some of the key players in this market include Verisk Analytics, Inc., SAS Institute,Inc., Medeanalytics, Inovalon,Inc., Health Catalyst, Allscripts Health Solution, Truven Health Analytics,Inc., Optum,Inc., Mckesson Corporation, IBM Corporation, Cerner Corportation, Oracle Corporation, Cognizant, Rapid Insight, Inc. and Lexisnexis Risk Solutions.
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