Healthcare Analytics Market Scenario
Market Research Future (MRFR) studied the global healthcare analytics market 2020 along the review period. The worldwide healthcare analytics market is expected to rise at 27.1% CAGR across the forecast period (2018 to 2024). By 2024, the global healthcare analytics market can value USD 12,126.70 Mn. Healthcare analytics provide insights into patient records, hospital management, costs analysis, and diagnoses related data. The rise in demand for operation efficacy within any medical care center and the need for technologies that offer accurate solutions are boosting the adoption of medical analytics that can benefit the market in the approaching years. The introduction of effective software and related technologies that provide top-notch service can add to the market momentum.
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Healthcare Analytics Market Segmentation
The segment assessment of the global healthcare or medical analytics market is based on delivery model, type, application, component, and end user.
The type-based segments of the global medical analytics market are prescriptive analytics, predictive analytics, descriptive analytics, and cognitive analytics. The growing applications of cognitive analytics, along with high traction for predictive analytics can promote the healthcare analytics market in the study period.
The component-based segments of the global medical analytics market are services, software, and hardware. The service segment can earn high profit for the medical analytics market.
The delivery mode-based segments of the healthcare or medical analytics market are on-demand and on-premise. The on-demand delivery mode segment can thrive and the high sales of such medical analytics market is likely to generate considerable turnover.
The application-based segments of the healthcare or medical analytics market are Financial Analytics (Claims Processing, Revenue Cycle Management (RCM), Waste, and Abuse (FWA), Payment Integrity & Fraud, Risk Adjustment & Assessment), operational & administrative analytics, Clinical Analytics (Quality Improvement & Clinical Benchmarking, Clinical Decision Support (CDS)), and population health analytics. The RCM segment can rise at decent CAGR, while the CDS segment is expected to earn substantial valuation.
The end user-based segments of the healthcare analytics market are Payers and providers. The payers segment studies Government Agencies, Private Insurance Companies, and Employers and Private Exchanges). The Providers segment studied Post-Acute Care Organizations, Hospitals & Clinics, and Ambulatory Settings among others. The increase in deployment of private insurance companies in healthcare analytics can work in favor of the market.
Healthcare Analytics Market Regional Analysis
MRFR studied the regional progress of the healthcare analytics market for the Americas and suggests that the US is expected to retain its forefront position in the coming years. The presence of robust healthcare base and continuous investment in boosting medical analytics solutions can promote the market growth in the years to come. Innovations by renowned dealers of healthcare analytics those offer better procedural facilities and the rise in adoption of such technological advancements by several medical institutes can support expansion of the market in the Americas.
In Europe, the growing adoption of healthcare IT solutions and the presence of IT giants in the region can earn high revenue in the review period. The increase in adoption of medical analytics due to growing concern for dispatching care and eliminate manual errors can favor EU market. In addition, the active deployment of big data technology and rigorous utility of mhealth tools are expected to benefit the healthcare analytics market in the years to come. MRFR study reveals that Europe can secure the second largest share of the worldwide healthcare or medical analytics market by 2024.
The rise in integration of healthcare analytics in the medical centers can earn profit for APAC market in the study tenure. China, Republic of Korea, Japan, India, and Australia are observed to actively contribute to the healthcare analytics market rise in the analysis period. The growing significant for accuracy is creating the need to curb manual medical errors that is observed to drive the healthcare or medical analytics market in the region. The surge in new vendors for healthcare analytics can mark the regional market lucrative for FDI, which, in turn, can boost the earnings of niche market players. In the Middle East and Africa region, the surge in medical concern can support healthcare analytics market growth at a steady pace.
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Healthcare Analytics Market Key Players
Cerner, SAS Institute Inc., Allscripts Healthcare Solutions, Inovalon, IBM, Wipro, Cotiviti, Citiustech, Health Catalyst, Optum, Mckesson, Oracle, Vitreoshealth, SCIO Health Analytics, and Medeanalytics are some prominent names in the worldwide healthcare or medical analytics market that are listed by MRFR.
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