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 the global healthcare analytics market. According to the report, the global healthcare analytics market is projected to grow at a CAGR of 12.3% over the forecast period of 2019-2025.
Healthcare analytics is a division of analysis that focuses on offering insights into hospital management, patient records, diagnoses, costs, and several more. Market dynamics and competitive pressures require an enhanced understanding of underlying trends and a path to differentiation. Building analytics competency will enable the healthcare organizations to deliver better outcomes set their future vision and create actionable insights. Analytics improves effectiveness and efficiency. From managing small issues to larger processes, these analytics aids in the assessment and discovery of innovative insights, which ultimately help design and plan policy, improve service delivery operations, enhance sustainability, mitigate risk and evaluating critical organizational data.
Currently, the global healthcare industry is experiencing a fundamental transformation to a value-based business from a volume-based business. With the increasing demand from consumers for improved healthcare quality and enhanced value, the healthcare providers and payers around the world are challenged by reduction of costs, improve better outcomes, provide more with less and be more patient-centric. Similarly, the cost dynamics of the healthcare industry are changing drastically, which is mainly driven by the prevalence of chronic and infectious diseases, and defensive medicine practices. A large number of new market entrants and innovative healthcare approaches to deliver the treatments is increasing the complexity and competition. As a result, the healthcare industry is becoming more and more complex over the next few years. This immense complexity could challenge the global healthcare industry implementing smarter and more informed decisions, to deliver better value and improved outcomes. In addition, the increasing regulatory presence of government creates an additional focus on accountability, governance, and oversight on the industry. Some of the restraining factors that could hinder the growth of the market include data breach or security issues, technological and cultural barriers at the data source point, confidentiality issues and lack of skilled personnel across the globe. In addition, associated breakpoints in creating global healthcare analytics network due to fragmented international political and economic relations may also pose a major threat towards the growth of the healthcare analytics market.
North America dominates the healthcare analytics market, which is evident from the presence of key market players in the United States. Moreover, the large market share is attributable to the impact of legislations in the U.S such as Electronic Health Records (EHR), and incentives funded by the Health Information Technology for Economic and Clinical Health (HITECH). Healthcare analytics is widely being implemented in North American such as the U.S. and Canada that boost the market growth in this region. Europe holds the second largest market in the healthcare analytics market owing to the technological advancements in the healthcare industry and increasing focus on data management and governance. The Asia Pacific is expected to be the fastest growing market during the forecast period. The major factor that would drive the market in Asia Pacific regions is the growing medical tourism in this region and the increased efficiency provided by the healthcare analytics to manage concerns in the healthcare sector.
The report on the 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, and operational and administrative. On the basis of end user, the sub-markets include healthcare payers, healthcare providers, and other end users.
The report provides profiles of the companies in the market such as Cerner Corporation, Inovalon Holdings Inc., IBM Corporation, Athenahealth Inc., Optum Inc., Change Healthcare Intermediate Holdings, Inc., Mckesson Corporation, Tenet Healthcare Corporation, Allscripts Healthcare Solutions Inc., Computer Programs and Systems Inc., and Other Companies.
The report provides deep insights into the 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 healthcare analytics market. Moreover, the study highlights current market trends and provides forecast from 2019-2025. 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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