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A recent report published by Infinium Global Research on healthcare analytics market provides in-depth analysis of segments and sub-segments in the global as well as regional healthcare analytics market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional healthcare analytics market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global healthcare analytics market.
Healthcare analytics provides valuable insights into various aspects of healthcare management. This includes aspects such as hospital operations, patient records, diagnoses, financial costs, and more. In today's dynamic market and competitive landscape, it's essential for healthcare organizations to gain a deeper understanding of the underlying trends and find ways to stand out. Developing a strong competency in analytics allows healthcare organizations to achieve several important objectives. Firstly, it empowers them to improve patient outcomes and set a clear vision for their future. Additionally, it enables the generation of actionable insights from data, which can enhance the effectiveness and efficiency of healthcare operations. These analytics tools are not limited to addressing minor issues but also assist in tackling more complex processes. The power of healthcare analytics lies in its ability to assess and uncover innovative insights. These insights, in turn, can inform the design and planning of healthcare policies, enhance the delivery of services, improve sustainability efforts, manage risk more effectively, and evaluate crucial organizational data.
Growing healthcare data is driving the healthcare analytics market. The increasing volume of healthcare data, including Electronic Health Records (EHRs), medical imaging, patient-generated data, and genomic information, is a major driver for market growth. Moreover, regulatory compliance is also responsible for healthcare analytics market growth. Government regulations and mandates, such as the Meaningful Use program in the U.S., require healthcare organizations to adopt EHR systems and use data analytics to demonstrate compliance and qualify for incentives. However, healthcare analytics solutions can be expensive, and their implementation and maintenance costs are significant barriers to market growth. The application of analytics in precision and personalized medicine is presenting huge market opportunities for healthcare analytics.
North America is expected to hold a dominant position in the healthcare analytics market, and this is evident from the presence of key market players in the United States. The substantial market share in this region can be attributed to the influence of legislative initiatives such as Electronic Health Records (EHR) and incentives provided by the Health Information Technology for Economic and Clinical Health (HITECH) program. Healthcare analytics is widely adopted in North American countries like the U.S., and Canada, contributing significantly to market growth in this region. In Europe, the healthcare analytics market ranks second in terms of size. This is primarily due to the ongoing technological advancements within the healthcare industry and an increasing focus on data management and governance. The Asia Pacific region is expected to witness the fastest growth in the healthcare analytics market during the forecast period. This growth can be attributed to several factors, including the rise in medical tourism within the region and the enhanced efficiency that healthcare analytics brings to addressing healthcare sector challenges.
| Report Coverage | Details |
|---|---|
| Market Size in 2022 | USD 31.1 Billion |
| Market Size by 2030 | USD 179.62 Billion |
| Growth Rate from 2023 to 2030 | CAGR of 21.29% |
| Largest Market | North America |
| No. of Pages | 300 |
| Market Drivers |
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| Market Segmentation | By Type, By Mode of Delivery, By Application, and By End User |
| Regional Scope | North America, Europe, Asia Pacific, and RoW |
The report on global healthcare analytics market covers segments such as type, mode of delivery, application, and end user. On the basis of type, the sub-markets include descriptive analytics, prescriptive analytics, and predictive analytics. On the basis of mode of delivery, the sub-markets include on-premise, web-based, and cloud-based. On the basis of application, the sub-markets include clinical, financial, operational, and administrative. On the basis of end user, the sub-markets include healthcare payers, healthcare providers, and others.
The report provides profiles of the companies in the market such as Oracle Cerner, IBM Corporation, Inovalon, Athenahealth, Optum, Inc., Change Healthcare, MCKESSON CORPORATION, Health Catalyst, Veradigm LLC, and Computer Programs and Systems, Inc. (CPSI).
The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the healthcare analytics market. Moreover, the study highlights current market trends and provides forecasts from 2023-2030. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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