Felton, 5 December
2019 - Healthcare Analytics Market size is
expected to reach USD 53.65 billion by 2025. Healthcare analytics (HA) implies
analyzing data collected from various sources; to improve healthcare
facilities. Increasing need to reduce healthcare expenditure among hospitals
and the other healthcare providers is expected to drive the market growth in
the upcoming period. The market size is anticipated to grow at a high CAGR in
the upcoming period as the scope, product types, and its applications are
increasing across the globe.
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Delivery modes of healthcare analytics include web based,
on-premises, and cloud based delivery. The “on-premises” delivered services
contributed 48% market share in 2015. On the other hand, the “cloud based
analytics” is expected to hold the highest market share in the forthcoming
period. Real-time data tracking, avoidance of complex physical ecosystem and
remote access to data are the benefits associated with cloud-based systems.
The factors that play an important role in the growth of
healthcare analytics market include increasing demand, growing population,
increasing urbanization & industrialization, growing digitalization of
healthcare data, increasing government initiatives to increase EHR (Electronic
Health Records) adoption, availability of big data in healthcare, growing
pressure to curb healthcare costs, rising focus on improving patient outcomes,
increasing venture capital investments, technological advancements and
stringent government rules & regulations.
However, issues related to data integrity & safety, lack
of skilled IT professionals and the other high pricing are negatively impacting
the growth of healthcare analytics industry. The market is widely analyzed
based on different regional factors such as gross domestic product (GDP),
demographics, acceptance, inflation rate and others. The market is categorized
based on type, component, application, delivery mode, end-use and geography.
The market is classified into component such as hardware, software and
services. The “services” segment held the large share in 2015 and is
anticipated to grow at a high CAGR in the next couple of years. Outsourcing of
big data services is projected to dominate the service segment.
North America is anticipated to hold the largest market
share in the upcoming period due to growing demand to reduce rising healthcare
costs, increasing cases of payment frauds, high per capita healthcare cost.
However, Asia Pacific is expected to witness high market share during the
forecast period owing to the increasing government initiatives to improve the
medical infrastructure, growing population and promote economic growth.
The key players contributing to the robust development of
the healthcare analytics market include IBM Corporation, SAS Institute Inc.,
Oracle Corporation, Allscripts Healthcare Solutions Inc., Cerner Corporation,
MEDai Inc., Optum Health Inc., MedeAnalytics, Wipro, CitusTech, Verscend,
VitreosHealth, SCIO Health and Verisk Analytics Inc.These market players are
focusing on inorganic growth to sustain themselves amidst fierce competition.
As such, mergers, acquisitions, and joint ventures are the need of the hour.
Market Segment:
Type Outlook
(Revenue, USD Million; 2014 - 2025)
• Prescriptive
• Descriptive
• Predictive
Component Outlook
(Revenue, USD Million; 2014 - 2025)
• Software
• Hardware
• Services
Delivery Mode Outlook
(Revenue, USD Million; 2014 - 2025)
• On-premise
• Web-based
• Cloud-based
Application Outlook
(Revenue, USD Million; 2014 - 2025)
• Clinical
• Financial
• Operational and
Administrative
End-use Outlook
(Revenue, USD Million; 2014 - 2025)
• Healthcare
Payers
• Healthcare
Providers
• Others
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Insights, Download Brochure @ https://www.millioninsights.com/industry-reports/healthcare-analytics-market
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