According to the latest market research report “Healthcare Analytics Market (Type – Descriptive Analytics, Prescriptive Analytics, and Predictive Analytics; Mode of Delivery – On-premise, Web-based, and Cloud-based; Application – Clinical, Financial, and Operational and Administrative; End User – Healthcare Payers, Healthcare Providers, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2025.” The global healthcare analytics market is projected to grow at a CAGR of 12.3% over the forecast period of 2019-2025. The global healthcare analytics market is projected to reach over USD 45 billion by 2025, from USD 11 billion in 2018.
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Healthcare analytics has been increasingly occupying a vital role in global healthcare systems for boosting patient outcomes and improving the quality of care at an affordable cost. Moreover, healthcare analytics offers healthcare institutions crucial insights into revenue and risk models. Healthcare analytics offers an understanding of hospital management, patient records, costs, diagnoses, and more. Healthcare analytics acquired various technologies, methods such as simulation and modeling techniques, and prescriptive analytics such as decision-related to clinical priorities and financial outcomes and skills employees to analyze healthcare data from across a wide spectrum of health industries for improving healthcare outcomes.
Healthcare Analytics Market: Drivers and Restraints
Rising need for a compilation of vast patient data in healthcare organizations uplifts Healthcare Analytics market growth. This is due to an increased focus on the collection and analysis of financial and administrative data alongside information that can assist for better patient care, services and improve existing procedures. Moreover, accelerating information sharing, compliances to health insurance portability, patient data accountability act (HIPAA) and implementation of patient data confidentiality standards are facilitating the growth of the market. On the other hand, a lack of skilled IT professionals and issues related to data integrity and safety can hamper the market growth.
Healthcare Analytics Industry: Segmentation
Healthcare analytics market segmented based on Product, application, the end user. Product type segment bifurcated into Descriptive Analytics, Prescriptive Analytics, and Predictive Analytics. Descriptive analytics dominate the segment due to the ability to analyze large historical data, gives enough insight into the future to make a clear decision and provides a base for better application of Prescriptive and Predictive Analytics. On the other hand, prescriptive analytics is projected to grow at the highest CAGR during the forest period due to rising importance in diagnosis, maintenance of electronic health records and determination of personalized clinical solutions. Applications segment further classified into Financial Analytics, Operational Analytics, Population Health Analytics, Clinical Analytics, in which financial analytics will dominate the market owing to its effectiveness in cost management in healthcare expenditure. Based on end user, Hospital segment is estimated to grow with high CAGR, Healthcare analytics will help hospitals to cut down on administrative costs, provide better care coordination and enhance clinical decision support.
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Region Wise Performance of Healthcare Analytics Industry
Based on the region, the healthcare business analytics market is segmented into North America, Europe, Asia-Pacific and the Rest of the world (RoW). North America is anticipated to hold the largest share of the market followed by Europe. North America accounted for more than 50% shares in the global market. The Patient Protection and Affordable Care Act (PPACA) and other favorable regulations in the U.S. also favors the growth of the North America healthcare analytics market. Furthermore, the Centers for Medicare & Medicaid Services (CMS) also provides incentives to encourage eligible clinicians to use health IT, most notably certified electronic health record (EHR) technology, that in turn increases the adoption of healthcare analytics market in North America. Factors like acceptance of advanced technologies, increasing adoption of healthcare analytics solutions and services by healthcare providers to provide better quality care and lower healthcare costs attributing to the growth of the market in this region.
Healthcare Analytics Market: Competitive Analysis
Key players in Healthcare Analytics Market are Cerner Corporation, Inovalon Holdings Inc., International Business Machines Corporation, Athenahealth Inc, Optumhealth Inc., Change Healthcare, Computer Programs and Systems Inc., Mckesson Corporation, Tenet Healthcare Corporation, Allscripts Healthcare Solutions Inc. and others. The major players are going for strategic acquisitions also to strengthen their analytics offering. For instance, in July 2019, iMedX, Inc. an international leader in revenue cycle management, medical documentation, and health information solutions has acquired Prevalent, Inc. (Prevalent) and Axcension, Inc. (Axcension), both cutting-edge healthcare analytics and revenue cycle management consulting services. Through the acquisition of Prevalent, Inc. and Axcension, Inc., iMedX, Inc. has also launched industry-leading analytics and business intelligence that will aid operations and billing functions of several healthcare clients.
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