Healthcare Analytics Market Overview, Share, Growth Drivers and Forecast Report 2024

Healthcare Analytics Market

New York, United States, 2019-Jul-18 — /EPR Network/ —

Governments’ initiatives to increase electronic medical record adoption, increasing healthcare information technology (HIT) capital investments, growing need to reduce healthcare expenditures and increase patient outcomes, and rising demand of big data in healthcare domain are the major factors driving the growth of the global healthcare analytics market.

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Based on type, the healthcare analytics market is categorized into descriptive, predictive, prescriptive, and cognitive. The descriptive analytics category is expected to hold the largest share in the market; however, the prescriptive analytics category is expected to witness the fastest CAGR during the forecast period.

Based on end user, the healthcare analytics market is categorized into payers, providers, and others. The payers category is estimated to hold the largest share in the market in 2018. Major factors such as increasing healthcare costs and reducing fraudulent claims are playing significant role in the growth of the market. This category includes private insurance companies, government agencies, and employers. The providers mapped in this arena are hospitals and clinics, post-acute care organizations, ambulatory settings, and others.

Increasing investment and growing HIT in the healthcare analytics industry are the key factors propelling the growth of the market. For instance, the Society of Actuaries dedicated over 15% of their budget to predictive analytics in 2018, a 5% increase from 2017. Predictive analytics is expected to save 15% of operational and financial costs of healthcare organizations in next five years Moreover, increased technical advancements and awareness to use data analytics in healthcare sector, and increasing digitalization are also contributing to the growth of the market. For instance, new technologies, including machine learning and big data analytics are being used in order to efficiently analyze huge amount of data being generated by the healthcare sector.

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The key players which dominate the global healthcare analytics market are International Business Machines (IBM) Corporation, Oracle Corporation, Verisk Analytics Inc., Cerner Corporation, McKinsey & Company, Koninklijke Philips N.V., SAS Institute Inc., Dell Technologies Inc., Napier Healthcare Solutions Pte. Ltd., Sisense Inc., Allscripts Healthcare Solutions Inc., NextHealth Technologies Inc., UnitedHealth Group, Oracle Corporation, SAP SE, SCIOInspire Corp., Tableau Software Inc., TIBCO Software Inc., Verscend Technologies Inc., VitreosHealth, and Wipro Limited.

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