BANGALORE, India, April 16, 2020 /PRNewswire/ -- Healthcare companies are increasingly concentrating on cost-cutting and adopting procedures that ensure the operations are sustainable. This has created a huge demand for the healthcare analytics market as health analytics can help hospitals cut administrative costs, minimize fraudulent and erroneous payments, provide better coordination of treatment and improve support for clinical decision making.
The global healthcare analytics market size to grow from USD 11.461 Billion in 2019 to USD 40.781 Billion by 2025, at a compound annual growth rate (CAGR) of 23.55%.
The year 2019 has been considered as the base year, while the forecast period is up to 2025.
Furthermore, advances in economic development and healthcare infrastructure in developing economies coupled with the government's compliance with electronic health records (EHR) are expected to increase the rate of adoption of healthcare analytics.
TRENDS INFLUENCING THE HEALTHCARE ANALYTICS MARKET SIZE / GROWTH
The transition from paper charts to real-time monitoring systems and the use of electronic health records to gather patient health data is expected to increase the healthcare analytics market size
Industry players invest huge amounts of money in R&D processes to offer unique platforms and solutions with enhanced features and gain competitive advantage in the market for health care analytics. This increase in investment is expected to fuel the growth of the healthcare analytics market size
According to the European Commission, due to individual data privacy requirements, the use of healthcare analytics in European countries is limited. Nevertheless, the outbreak of COVID-19 prompted nations across the globe to reconsider the initiative to implement healthcare analytics. Integrating the developments in technology and increasing the implementation of predictive and prescriptive analytics in most hospitals is the driving healthcare analytics market growth.
Segmentation In Healthcare Analytics Market Base On Technology
Descriptive analytics is a preliminary stage of data processing, which provides a description of historical data to provide useful information and potentially prepare the data for further study.
Predictive analytics is the method of extracting data from existing data sets to determine patterns and predict future trends and outcomes.
Given the available data, Prescriptive Analytics focuses on finding the best course of action in a scenario. It is related to both descriptive analytics and predictive analytics but stresses on actionable insights rather than data monitoring.
Segmentation in Healthcare Analytics Market Base on Component
Segmentation in Healthcare Analytics Market Base on Deployment
Segmentation in Healthcare Analytics Market Base on Application
Operational & Administrative Analytics
Population Health Analytics
Segmentation in Healthcare Analytics Market Base on End-User
REGIONAL HEALTHCARE ANALYTICS MARKET TRENDS
It is predicted that North America will account for the biggest market share followed by Europe. The large share of the North American market can be attributed primarily to the region's high rate of adoption of healthcare analytics technologies and services by healthcare providers.
Due to better healthcare infrastructure in the United States, the US healthcare analytics market holds the largest market share in the North America region.
Many of the healthcare analytics providers are increasingly focused on providing scalable solutions that can be made adaptable to technology advancement as well as human expertise and skills in healthcare organisations. Different market strategies are being adopted by key players to enhance their market presence which has led to many recent developments. Below are the list of top companies in the healthcare analytics market:
Allscripts Healthcare Solutions Inc.
International Business Machines Corporation
Health Catalyst, Inc.
SAS Institute Inc
Verscend Technologies, Inc.
HEALTHCARE ANALYTICS MARKET REPORT PROVIDES INSIGHTS ON THE FOLLOWING POINTERS:
Market Penetration: Provides comprehensive information offered by the key players in the Global Healthcare Analytics Market.
Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and new product developments in the Global Healthcare Analytics Market.
Market Development: Provides in-depth information about lucrative emerging markets and analyzes the markets for the Global Healthcare Analytics Market.
Market Diversification: Provides detailed information about new products launches, untapped geographies, recent developments, and investments in the Global Healthcare Analytics Market.
Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, and manufacturing capabilities of the leading players in the Global Healthcare Analytics Market.
The US healthcare analytics market size is expected to reach USD 20.54 Billion by 2025 from USD 8.09 Billion in 2019, at a CAGR of 16.8% during the forecast period.
On the basis of product type, this report displays the production, revenue, price, market share and growth rate of each type for the United States Market. Primarily there are two types of segmentation based on product namely Deploy Health Care Analysis and Random Health Care Analysis. The data is also segmented by end users like Pharmaceutical and Medical Device Companies.
The global healthcare data analytics market size is expected to reach USD 42.60 Billion by 2025 from USD 21.24 Billion in 2019, at a CAGR of 12.3% during the forecast period.
The report strategically segments the market into Descriptive, Predictive, and Prescriptive based on their type and Clinical, Hospital, Government and Others based on their application.
This report studies the market size of Healthcare Data Analytics by participants, countries, product types and end markets, historical data for 2014-2018 and forecast data for 2019-2025. Further this report also studies the global competitive landscape, market drivers and patterns, opportunities and threats, risks and barriers to entry, distribution channels, distributors and Porter's Five Forces Analysis
The global healthcare Big Data Analytics market was worth USD 18.16 Billion in 2019 and is projected to reach USD 39.05 Billion by 2025, registering a CAGR of around 13.6% during 2019-2025.
Growth in regulatory enforcement in the healthcare sector, increased demand for data analytics solution for population health management, increased spending on technologically advanced solutions by healthcare providers and steady growth in the amount of medical data generation in the form of Electronic Health Records (EHR), biometric data, sensors data are some of the major factors that are expected to boost the healthcare big data analytics market size.
With the healthcare industry generating zeta bytes of data, big data analytic solutions aim to improve quality care of patients and the overall healthcare ecosystem. The market growth is gaining momentum with government initiatives for big data integration in the healthcare sector during recent years.
The global healthcare predictive analytics market size was at USD 1.806 Billion in 2017 and is expected to hit USD 8.464 Billion from 2018 to 2025 at a CAGR of 21.2 per cent.
Predictive analytics detects a trend in historical and transactional data and uses it to predict potential threats and opportunities. Based on the available descriptive data, predictive analytics uses various techniques like machine learning, statistical techniques, and predictive modelling to analyse and estimate the likely future.
Increased efficiency in the healthcare sector, the advent of personalized and evidence-based medicine, and increased demand to reduce healthcare spending by minimizing unnecessary costs are driving the growth of global predictive analytics in the healthcare market. Nonetheless, it is expected that the lack of adequate infrastructure for efficient functioning and insufficient healthcare IT personnel would impede market growth. Increasing healthcare significance in emerging economies is expected to open new avenues in the near future for the growth of predictive analytics in the healthcare market.
On the basis of product type, this report displays the production, revenue, price, market share and growth rate of each type. Primarily there are two types of segmentation based on products namely Deploy Health Care Analysis and Random Health Care Analysis. The data is also segmented by end users like Pharmaceutical and Medical Device Companies.
Geographically, this study divided Asia-Pacific into several main regions, with sales (K units), revenue (million USD), market share and Healthcare Analytics / Medical Analytics growth rates from 2013 to 2025 (predicted).
Healthcare analytics software collects and analyzes the massive amounts of data that a healthcare organization routinely gathers into actionable insight that affects the organizational benefits and patient outcomes.
The healthcare analytics software market is segmented into on-site and cloud-based deployment and also by end users like Hospitals, Speciality Clinics and Others.
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