Healthcare Analytics Market Research Report: By Type (Predictive, Cognitive), Component (Software, Services), Delivery Model (On-Premise), Application (Financial Analytics, Clinical Analytics), End User (Payers, Hospitals)—Forecast till 2024
Healthcare Analytics Market Insight
The global healthcare analytics market is expected to exhibit a strong 27.1% CAGR over the forecast period from 2019 to 2024, according to the latest research report from Market Research Future (MRFR). The global healthcare analytics market is profiled in detail in the report, which provides a comprehensive overview of the market’s past growth trajectory in order to provide reliable forecasts regarding the market’s progress in the coming years. Major factors affecting the global healthcare analytics market’s growth, both positively and negatively, are examined in the report to give readers a complete picture of the market’s environment and growth prospects.
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Healthcare analytics involves the use of digital solutions to implement data-driven decision making in the healthcare sector. Data-driven decision making has been a rage in the healthcare sector over the last few years, as it makes the physician’s job easier. Data-driven diagnostics are likely to remain in vogue in the healthcare sector in the coming years, driving the healthcare analytics market at a steady growth rate. Data-driven decision making involves software programs that use various data to make accurate predictions about how a disease will progress and what are the best ways to counter the same. This has become a major revenue generator in the healthcare sector in the last few years due to the growing demand from hospitals and clinics.
The growing use of electronic healthcare record (EHR) systems in the healthcare sector is also a major driver for the global healthcare analytics market. Healthcare analytics are also used for administrative purposes in the healthcare sector, including managing the finances and inventory. The use of digital resources for these operations makes the job easier, allowing hospital administrators to remain on top of the situation. This is a major driver for the healthcare analytics market, as an increasing number of healthcare channels are likely to employ digital data management tools in the coming years. The increasing emphasis on telehealth in the healthcare sector is also likely to increase the demand from the healthcare analytics market over the forecast period.
Healthcare Analytics Market Competitive Analysis:
Key players in the global healthcare analytics market include
- SCIO Health Analytics
- Health Catalyst
- SAS Institute Inc.
- Allscripts Healthcare Solutions
Major players in the healthcare analytics market are likely to focus on the development of multi-pronged healthcare analytics tools that can comprehensively cover the wide range of operations inside healthcare institutions.
Healthcare Analytics Industry News
In September 2019, Google announced a healthcare analytics partnership with The Mayo Clinic, aimed at enhancing the delivery of healthcare services.
Healthcare Analytics Market Segmentation:
The global healthcare analytics market is segmented on the basis of type, component, delivery model, application, end use, and region.
By type, the global healthcare analytics market is segmented into descriptive analytics, predictive analytics, prescriptive analytics, and cognitive analytics.
By component, the global healthcare analytics market is segmented into software, hardware, and services.
By delivery mode, the market is differentiated into on-premise and on-demand.
By application, the global healthcare analytics market is segmented into financial analytics, clinical analytics, operational and administrative analytics, and population health analytics. The financial analytics segment is further sub-segmented into claims processing, revenue cycle management, payment integrity and fraud, waste, and abuse (FWA), and risk adjustment and assessment. The clinical analytics segment is segmented into quality improvement and clinical benchmarking, and clinical decision support systems.
By end use, the global healthcare analytics market is segmented into payers, providers, and others. The payers segment is further subcategorized into private insurance companies, government agencies, employers, and private exchanges. The providers segment is further segmented into hospitals and clinics, post-acute care organizations, and ambulatory settings.
Healthcare Analytics Market Regional Analysis:
The Americas is likely to dominate the global healthcare analytics market over the forecast period, followed by Europe. The growing incorporation of healthcare IT tools in the healthcare sector in North America is a major driver for the healthcare analytics market in the region. The Asia Pacific market for healthcare analytics is also expected to exhibit smooth growth over the forecast period.
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