The healthcare business analytics market is projected to reach USD 50.5 billion by 2024 from USD 14.0 billion in 2019, at a CAGR of 28.3%
NEW YORK, Jan. 17, 2019 /PRNewswire/ --
Growing initiatives to increase EHR adoption and big data in healthcare are expected to drive the overall growth of the healthcare analytics market.
Read the full report: https://www.reportlinker.com/p05222516
The healthcare business analytics market is projected to reach USD 50.5 billion by 2024 from USD 14.0 billion in 2019, at a CAGR of 28.3% during the forecast period. The growth of this market is majorly driven by the implementation of government initiatives to increase EHR adoption, growing adoption of data-driven decision-making, growing pressure to curb healthcare spending and improve patient outcomes, the emergence of big data in healthcare, and the increasing number of patient registries. However, the high cost of healthcare analytics solutions is expected to restrain market growth to a certain extent during the forecast period.
Prescriptive analytics segment is expected to grow at the highest CAGR during the forecast period
Based on type, healthcare analytics market is segmented into descriptive, predictive, prescriptive, and cognitive analytics. In 2019, the prescriptive analytics segment is expected to grow at the highest CAGR during the forecast period majorly due to the ability of the prescriptive analytics to ensure the synergistic integrations of predictions and prescriptions.
Clinical analytics application segment to witness high growth during the forecast period
Based on application, the healthcare analytics market is segmented into financial analytics, clinical analytics, operational & administrative analytics, and population health analytics.The clinical analytics segment is poised to grow at the highest CAGR during the forecast period.
Growth in this segment is mainly due to the growing pressure to curtail healthcare spending, large volumes of healthcare data containing valuable insights, increasing incentives by governments (especially in the US) for improving the quality and reducing the cost of care, growing adoption of electronic health records (EHRs), and rising focus on building patient registries.
North America to dominate the market during the forecast period
In 2018, North America is expected to account for the largest share of the healthcare analytics market.This market is also expected to grow at the highest CAGR during the forecast period.
The increasing adoption of healthcare analytics solutions and services by healthcare providers (especially in the US) to provide better quality care and lower healthcare costs is a major factor driving market growth.
The primary interviews conducted for this report can be categorized as follows:
• By Company Type - Tier 1: 37%, Tier 2: 22%, Tier 3: 41%
• By Designation - C-level: 25%, D-level: 20%, Others: 55%
• By Region - North America: 40%, Europe: 27%, Asia: 20%, RoW: 13%
List of Companies Profiled in the Report
• Allscripts (US)
• Cerner (US)
• Cotiviti (Verscend Technologies) (US)
• Citius Tech (US)
• Health Catalyst (US)
• IBM (US)
• Inovalon (US)
• McKesson (US)
• MedeAnalytics (US)
• Optum (US)
• Oracle (US)
• SAS Institute (US)
• SCIO Health Analytics (US)
• Viteros Health (US)
• Wipro (India)
Research Coverage:
This report provides a picture of the global healthcare analytics market.It aims at estimating the size and future growth potential of the market across different segments, such as type, component, delivery model, application, end user, and region.
Furthermore, the report also includes an in-depth competitive analysis of key market players, along with their company profiles, recent developments, and key market strategies.
Key Benefits of Buying the Report:
The report will help market leaders/new entrants by providing them the closest approximations of the revenue numbers for the overall healthcare analytics market and its subsegments.In addition, this report will help stakeholders to better understand the competitive landscape and gain insights to position their business and make suitable go-to-market strategies.
It will also enable stakeholders to understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.
Read the full report: https://www.reportlinker.com/p05222516
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