Emergence of big data in
healthcare to drive the growth of global healthcare analytics market
According to
TechSci Research report, “Global Healthcare
Analytics Market By Component (Hardware, Software, Service), By Deployment
Mode (On-premise v/s Cloud), By Type (Predictive Analytics, Prescriptive
Analytics, Descriptive Analytics, Cognitive Analytics), By Application
(Financial Analysis, Operational & Administrative Analysis, Clinical
Analysis, Population Health Analysis, Others), By End User (Healthcare Providers,
Pharmaceutical Industry, Biotechnology Industry, Academic Organization, Others),
By Region, Forecast & Opportunities, 2025”, the global healthcare analytics market is expected to grow
at a robust rate during the forecast period on account of the growing awareness and focus of different
governments around the globe on personalized medicine solutions. Additionally,
replacement of manual records by electronic records is further expected to
propel the market over the next few years. Furthermore, increasing venture
capital investments are expected to positively impact the market growth.
Besides, healthcare analytics provide crucial insights into the risk and
revenue models to the various end users. Also, growing need to improve the quality
of healthcare facilities at an affordable cost is expected to spur the market
over the next few years. Moreover, the use of analytical tools helps in closing
the performance gaps in healthcare delivery systems. However, lack of data
integration and data security & privacy issues can hamper the growth of
market during forecast period. Additionally, lack of skilled IT personnel can
further restrict the market growth over the next few years. Also, lack of
organizational procedures for data sharing and integrity might negatively
impact the market growth. Furthermore, the reimbursement policies are quite
uncertain especially in the developing world which hinder the growth of market
through 2025.
Browse XX market data Tables and XX Figures spread through XXX Pages and an in-depth TOC on " Global Healthcare Analytics Market"
The global
healthcare analytics market is segmented based on component, deployment mode,
type, application, end user, company and region. Based on component, the market
can be categorized into hardware, software and service. The service segment is
expected to register the highest growth over the next few years owing to the
increasing requirement for business analytics services and introduction of
technologically advanced healthcare analytics software. Based on deployment
mode, the market can be bifurcated into on-premise and cloud. The on-premise
segment is expected to grow significantly during forecast period on account of
the easily nature of on-premise models. Based on type, the market can be
categorized into predictive analytics, prescriptive analytics, descriptive
analytics and cognitive analytics. The prescriptive analytics segment is
expected to register the highest CAGR through 2025. This can be ascribed to its
inherent ability to predict possible outcomes and its implications on crucial
business metrics. Based on application, the market can be grouped into financial
analysis, operational & administrative analysis, clinical analysis,
population health analysis and others. The financial analysis segment is
expected to dominate the market on account of the growing focus of major
players operating in the market on early detection of frauds and reducing
healthcare costs. Additionally, increasing focus on cost cutting and increasing
profitability further drives the growth of segment. The clinical analysis
segment is expected to witness significant growth through 2025 since it enables
to reduce the healthcare spending by using different data analytics solutions
and improves access to healthcare provider networks. Based on end user, the
market can be fragmented into healthcare providers, pharmaceutical industry,
biotechnology industry, academic organization and others. The healthcare
providers segment is expected to dominate the market over the next few years.
This can be accredited to the use of healthcare analytics in various healthcare
institutions to cut down on administrative costs, reduce fraudulent and
incorrect payments, among others. Additionally, the use of analytics helps
physicians identify the areas for patient care improvement and promote evidence
based practices within the healthcare system.
Allscripts
Healthcare Solutions Inc., Cerner Corporation, Citius Tech, Inc., Cotiviti
(Verscend Technologies Inc.), Health Catalyst, IBM Corporation, Innovalon,
McKesson Corporation, MedeAnalytics, Inc., Optum Inc., Oracle Corporation, SAS
Institute Inc., SCIO Health Analytics, Viteros Health, Wipro Limited, Philips
Healthcare, Ikon Tech IQVIA, The General Electric Company, Medtronic Plc.,
Verisk Analytics, Inc. and others are some of the leading players operating
in global healthcare analytics market. The companies operating in the market
are using organic strategies such as product launches, mergers and
collaborations to boost their share.
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“Asia-Pacific is expected to
witness significant growth in the healthcare analytics market during the
forecast years, owing to the improving healthcare IT infrastructure in the region.
Additionally, growing adoption of electronic medical health records and personalized
medicine in the region is further anticipated to spur the market until 2025.
Also, the key vendors operating in the market are expanding their business in
the region creating lucrative opportunities for the growth of market.” said Mr. Karan
Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Global Healthcare Analytics Market By
Component (Hardware, Software, Service), By Deployment Mode (On-premise v/s
Cloud), By Type (Predictive Analytics, Prescriptive Analytics, Descriptive
Analytics, Cognitive Analytics), By Application (Financial Analysis,
Operational & Administrative Analysis, Clinical Analysis, Population Health
Analysis, Others), By End User (Healthcare Providers, Pharmaceutical Industry,
Biotechnology Industry, Academic Organization, Others), By Region, Forecast
& Opportunities, 2025”, has evaluated
the future growth potential of global healthcare analytics market and provides
statistics & information on market size, structure and future market growth.
The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities in global healthcare analytics market.
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