- Report ID: BMRC 317 | Number of pages: 120 | Publish Date: Jan 2020
Status: Published | Category: Healthcare | Delivery Timeline:
"Healthcare Analytics Market is valued at USD 20.86 Billion in 2018 and expected to reach USD 108.01 Billion by 2025 with the CAGR of 26.48% over the forecast period."
Factors such as Government Initiatives to Increase EHR Adoption, Growing Venture Capital Investments, Growing Pressure to Curb Healthcare Spending are driving the growth of the Market.
Healthcare analytics is a type of systematic data analysis which allows finding opportunities for improvement in health system management, patient engagement, spending and diagnosis to healthcare professionals. It combines real-time and historical data analysis to predict trends, drive long-term growth and reveal actionable insights. Healthcare analytics provides a combination of financial and administrative data information to hospitals and healthcare managers. This combination can support to patient care efforts, better services and improve existing procedures.
The healthcare analytics provides benefits such as, it access actionable insights that inform future interactions with patients, consumers and populations, it informs populations health initiatives and allows public health organizations for better to manage the spread of disease, predict outbreaks and allocate health resources to communities when needed and also it uncovers the root cause of consumer response or lack of response to outreach and create personalized campaigns to improve patient engagement.
The healthcare analytics market is segmented into type, component, deployment, application and end users. On the basis of type, the market is segmented into cognitive, predictive and prescriptive. On the basis of component, the market is segmented into hardware, software and services. On the basis of deployment, the market is segmented into premises and cloud-based. On the basis of application, the market is segmented into clinical analytics, financial analytics, operational analytics and administrative analytics. On the basis of end user, the market is segmented into payers, providers and third-party administrators (TPAs).
The regions covered in this Healthcare Analytics Market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of Hall Effect Sensor is sub divided into U.S., Mexico, Canada, UK, France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Increasing Adoption of Electronic Health Record (EHR) in Healthcare is driving the growth of the Market.
As the healthcare analytics is a type of systematic data analysis and it provides real-time data and patent’s records that can help in deciding the course of future treatment of the patients. According to a newly-released ONC Data Brief, about 82% of hospitals used HER data to support quality improvement from 2015 to 2017.Hence increasing the adoption of Electronic Health Records (EHR) in healthcare industries is one of the factors driving the growth of the market. Along with this the key factors such as increasing Government directives to reduce an excessive spending and mergers and acquisitions of the market players are the fueling the market growth.
Along with these the increasing funding to healthcare IT organizations which are speeding up the technological advancements and hence there is improvement in R&D productivity. Due to this there is development of basic IT infrastructures into the developing countries such as India, Brazil and China are propelling the growth of the market. On the other hand, there is a lack of skilled IT professionals & lack of IT infrastructure in healthcare in developed countries are likely to hinder the market growth.
North America is dominating the Healthcare Analytics Market.
Geographically, North America region accounted for the largest share in market and expected to maintain its dominance during the forecast period of time. This is because the region has high adoption of Electronic Health Record (EHR), government initiatives for personalized medicines, value-based reimbursement, awareness about population health management and the presence of key industry leaders. Also the factors such as increasing number of registries of patients and big data emergence in healthcare are contributing to the market growth and maintains the dominance in the region.
Moreover, Asia Pacific is dominating the market at second position due to presence of supportive government initiatives being undertaken to improve the medical infrastructure and to encourage the economic growth are the factors which increases the adoption of analytic in this region.
Key Benefits for Global Healthcare Analytics Market Reports –
Global market report covers in depth historical and forecast analysis.
Global market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market opportunities, Competitive Analysis, Regional and Country Level.
Global market report helps to identify opportunities in market place.
Global market report covers extensive analysis of emerging trends and competitive landscape.
By Type - Cognitive, Predictive, Prescriptive
By Component - Hardware, Software, Services
By Deployment - On-Premises, Cloud-Based
By Application - Clinical Analytics, Financial Analytics, Operational Analytics, Administrative Analytics
By End User - Payers, Providers, Third-Party Administrators (TPAs)
By Regional & Country Analysis:
North America, US, Mexico, Chily, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, South Korea, Japan, India, Southeast Asia, Latin America, Brazil, The Middle East and Africa, GCC, Africa, Rest of Middle East and Africa
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Healthcare Analytics Market 2020 By Type (Cognitive, Predictive, Prescriptive), By Component (Hardware, Software, Services), By Deployment (On-Premises, Cloud-Based) Forecast to 2025