Global Healthcare Analytics Market Information: By Application (Quality Improvement & Clinical Benchmarking Analytics, Operational, Administrative and Population Health Analytics), By Type (Descriptive, Prescriptive And Predictive Analytics)
Healthcare analytics offers the macro and micro level insights into hospital management, patient records, costs, diagnoses, and more in the burgeoning Healthcare industry. As a result, the uptake of healthcare analytics solutions is widening rapidly, leading to an increase in the size of its Healthcare Analytics Market. 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. 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.
Major Key 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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Considering the exponential traction that the market is garnering currently, Market Research Future (MRFR) in its recently published study analysis asserts that the global healthcare analytics is poised to demonstrate significant growth registering a staggering double-digit CAGR of 27.1% throughout the forecast period. In the year 2018, the market had valued at USD 12,126.70 MN.
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 – Segmentation
- 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: Clinical Analytics (Quality Improvement & Clinical Benchmarking, Clinical Decision Support (CDS)), Operational & Administrative Analytics, and Population Health Analytics, Waste & Abuse (FWA), Risk Adjustment & Assessment) 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.
Waystar, Inc. (the US), a leading revenue cycle management (RCM) specialist announced the acquisition of PARO (the US), a healthcare financial assistance and predictive analytics specialist. PARO identified more than 3.5 MN patients as eligible for free or discounted care and reclassified on average, nearly 30 % of what would otherwise be considered bad debt to charitable write-offs. The acquisition of PARO would help Waystar to provide health systems and hospitals with solutions to address their evolving challenges of determination of the healthcare revenue cycle equation by adding PARO’s technology to its platform.
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