Market Research Future (MRFR) announces the publication of its research report –Global Healthcare Analytics Market, 2019–2024.
The global healthcare analytics market expected to grow significantly over the forecast period. It is anticipated that the market held a market value of USD 12,126.70 million in 2018 and is projected to grow at a CAGR of 27.1% over the forecast period.
The global healthcare analytics market is expected to grow at a rapid pace due to factors such as high adoption of technological advancements in the field of healthcare, increasing demand for reducing paperwork, better treatment plans in collaboration with pharmaceutical organizations, increasing availability of low cost technology, to improve patient care efforts, better services, and improve existing procedures
Moreover, there are various market players that are engaged in strategic acquisitions, mergers, and partnership to enhance their existing segment revenue. For example, in June 2018, Medidata, a company based in New York City offering cloud storage & data analytics services for clinical trials acquired Shyft Analytics, involved in the development of a cloud data analytics platform specifically designed for the pharmaceutical and biotechnology companies.
Furthermore, in August 2018 Verscend Technologies, Inc., involved in providing data-driven healthcare solutions, has completed its acquisition of Cotiviti Holdings, Inc. a provider of payment accuracy and analytics-driven solutions focused primarily on the healthcare industry.
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The global healthcare analytics market by region has been segmented, into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The Americas is segmented into two major regions, i.e., North America and South America. The North American region is likely to hold the major share in the global healthcare analytics market owing to increasing adoption of healthcare IT in the region, presence of major players operating, well-established healthcare facilities, and various others. However, Asia-Pacific is anticipated to be the fastest growing region due to the increasing need to reduce medical errors is propelling the growth, increasing number of public and private healthcare facilities in Asia-Pacific countries and various others.
The global healthcare analytics market has been segmented into type, component, delivery model, application and end user.
Based on type, market segmented into descriptive analytics, predictive analytics, prescriptive analytics, and cognitive analytics.
Based on component, market segmented into software, hardware, and services.
Based on delivery mode, market segmented into on-premise and on-demand.
Based on application, the healthcare analytics market is segmented into Financial Analytics (Claims Processing, Revenue Cycle Management (RCM), Payment Integrity & Fraud, Waste, and Abuse (FWA), Risk Adjustment & Assessment), Clinical Analytics (Quality Improvement & Clinical Benchmarking, Clinical Decision Support (CDS)), operational & administrative analytics, population health analytics
Based on end user, healthcare analytics market segmented into Payers (Private Insurance Companies, Government Agencies, Employers and Private Exchanges), Providers (Hospitals & Clinics, Post-Acute Care Organizations, Ambulatory Settings), and others.
Some of the key players involved the global healthcare analytics market include Allscripts Healthcare Solutions, Cerner, IBM, SAS Institute Inc., Inovalon, Wipro, Cotiviti, McKesson, Optum, Citiustech, Health Catalyst, Oracle, Vitreoshealth, SCIO Health Analytics, Medeanalytics, and others.
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