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 was valued at USD 12.1 billion in 2018. The report presents a detailed, comprehensive overview of the global healthcare analytics market to readers, including a detailed analysis of the market’s major drivers and restraints and major players operating in the market. The impact of the COVID-19 pandemic on the global healthcare analytics market in the short term and long term is also assessed in the report.
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Healthcare analytics consists of the use of technological solutions to gather and assess data sets related to various healthcare operations. The rising demand for reducing paperwork in the healthcare field has been a major driver for the global healthcare analytics market over the last few years. Healthcare analytics allow digital solutions for a variety of issues, leading to paperwork becoming a thing of the past. This is likely to be a major driver for the global healthcare analytics market over the forecast period. The rising use of technological solutions in financial operations in the healthcare sector is likely to be a major driver for the global healthcare analytics market over the forecast period. Financial operations can be safeguarded by the use of healthcare analytics, as well as being made digital and thus paperless. Both these factors are major drivers for the global healthcare analytics market.
The rising demand for clinical decision support systems is likely to be a major driver for the global healthcare analytics market over the forecast period. Clinical decision support systems use patient data to provide suggestions as to the best way to treat and manage patients. These systems can be highly useful in diagnosis, as the use of purely data-driven metrics enables accurate diagnosis of the patient. Clinical decision support systems are also useful in providing the right medicine for the patients. The growing use of clinical decision support systems in major hospitals is likely to be a major driver for the global healthcare analytics market over the forecast period.
Healthcare Analytics Market Competitive Leaderboard:
Leading players in the global healthcare analytics market include Medeanalytics, VitreosHealth, SCIO Health Analytics, Oracle, Optum, McKesson Corporation, Health Catalyst, Citiustech, Cotiviti, Inovalon, Wipro, IBM, SAS Institute Inc., Allscripts Healthcare Solutions, and Cerner. Major players in the global healthcare analytics market are likely to engage in product development in the coming years. Developing efficient software for healthcare analytics is a major aim for players in the global healthcare analytics market.
Healthcare Analytics Market Segmentation:
The global healthcare analytics market is segmented based on type, component, delivery model, application, end user, 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. The software segment holds a major share in the global healthcare analytics market and is likely to remain an important part of the global market over the forecast period. The services sector is also likely to rise over the coming years.
By delivery model, the global healthcare analytics market is segmented 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, risk adjustment and assessment, and payment integrity and fraud, waste, and abuse. The clinical analytics segment is sub-segmented into quality improvement and clinical benchmarking and clinical decision support.
By end user, the global healthcare analytics market is segmented into payers, providers, and others.
Healthcare Analytics Market Regional Analysis:
The Americas dominates the global healthcare analytics market and is likely to remain the leading revenue generator over the forecast period. Europe is expected to be the second largest regional market over the forecast period.
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NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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