Global Healthcare Analytics Market Industry Sales, Regions By 2018-2023
Added: (Sat Feb 02 2019)
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The Healthcare Analytics Market is estimated projected to grow at a CAGR of 28.0 % to reach USD billion by 2023. High adoption rates of electronic health record systems coupled with the application of big data in healthcare and increasing investment expenditures in healthcare industry is also boosting the growth of healthcare analytics market. However, the lack of skilled IT professionals coupled with the penetrating data integrity issues are the major restraints of healthcare analytics market. In addition, the implementation and applications of electronic health records, focus on value-based medicines and growing adoption of cloud-based analytics serve to be the prime opportunities for this market..
The healthcare analytics market can be segmented on the basis of type, component, delivery mode, application, and end-user. On the basis of type, the healthcare analytics market can be segmented into descriptive analytics, diagnostic analytics, predictive analytics, and prescriptive analytics. The descriptive analytics segment, on the basis of types of healthcare analytics market, is reported to have the largest market share, owing to the increasing supportive and favorable healthcare policies that are launched by the government, progressive outcomes of clinical processes and the positive impact of social media on the healthcare industry.
On the basis of components, the healthcare analytics market can further be segmented into services, software, and hardware. The services segment is further categorized as support services and business analytics services; whereas the software segment is further divided into standalone and integrated. Based on components of Healthcare analytics market, the services segment holds the largest market share accounting to the elevating need for business analytics services coupled with the advancements in technical healthcare analytics software. In addition, the emerging requirement of personalized and evidence-based medicine is also responsible for increasing the demand for service-based healthcare analytics software in the market.
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On the basis of delivery mode, this market is further categorized as on-premise healthcare analytics and on-demand /cloud healthcare analytics. On the basis of the delivery model of healthcare analytics market, the on-demand healthcare analytics segment is expected to grow at a steady pace; accounting to the higher flexibility, upsurge need for self-driven analytics, and pay-as-you-go cost factor. Moreover, the lack of increasing capital investments in the healthcare sector is also responsible for fuelling the growth of this market.
On the basis of application, the market is fragmented into financial analytics, clinical analytics, operational and administrative analytics, and population health management/analytics. On the basis of applications of Healthcare Analytics market, operational and Administrative Services dominated this market in 2015, accounting to the elevated count of application including strategic Analytics, supply chain management and workforce. However, the financial applications are also expected to have an anticipated growth during the forecast, owing to the increasing adoption of Healthcare analytics in both governments as well as private healthcare departments.
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The key players operating in this industry are Cognizant, Health Catalyst, IBM, Mede Analytics, Inc., MedAssets, Inc., McKesson Corporation, Optum, Oracle, Inc., SAS Inc., Truven Health Analytics, and Verisk Health.
Secondary Research:
Our research methodology involves in-depth desk research using various secondary sources. Data is gathered from association/government publications/databases, company websites, press releases, annual reports/presentations/sec filings, technical papers, journals, research papers, magazines, conferences, tradeshows, and blogs.
Key Data Points through secondary research-
· Macro-economic data points
· Import Export data
· Identification of major market trends across various applications
· Primary understanding of the industry for both the regions
Competitors analysis for the production capacities, key production sites, competitive landscape
· Key customers
· Production Capacity
· Pricing Scenario
· Cost Margin Analysis
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