APAC to Witness Highest Growth in Healthcare Analytics Market through 2025
Emergence
of big data in healthcare to drive the growth of
global healthcare analytics market
According to
TechSci Research report, “Global Healthcare
Analytics Market By Component, By Service, By Deployment Mode, By Type, By
Application, By End User, By Region, Competition, Forecast & Opportunities,
2025”, the global healthcare analytics market is forecast
to grow at a CAGR of 24% during 2021 - 2025 on account of the growing awareness
and rising focus of governments in various economies on adoption of personalized
medicine solutions. Additionally, replacement of manual records by electronic
records is further expected to propel the market over the next few years. Furthermore,
increase in venture capital investments are expected to positively impact the
market growth over the coming years. Besides, healthcare analytics provides
crucial insights into the risk and revenue models to various end users, which
helps them to take better business decisions. Also, growing need to improve the
quality of existing healthcare facilities at an affordable cost is expected to
spur the market over the next few years. Moreover, the use of analytical tools
helps in closing the performance gaps within healthcare delivery systems.
However, lack of data integration and data security & privacy issues can
hamper the growth of market during forecast period. Additionally, lack of
skilled IT personnel might further restrict the market growth over the next few
years. Also, lack of organizational procedures for data sharing and integrity might
negatively impact the market growth. Furthermore, reimbursement policies are
quite uncertain, especially in still developing economies, which might further hinder
the growth of market through 2025.
Browse 166 market data Figures spread through 115 Pages and an in-depth TOC on "Global Healthcare
Analytics Market"
https://www.techsciresearch.com/report/healthcare-analytics-market/4632.html
The global
healthcare analytics market is segmented based on component, deployment mode,
type, application, end user, company and region. Based on component, the market
can be categorized into hardware, software and service. Among these, the service
segment held the largest market share during 2019 and is further expected to
lead the market over the next few years owing to the increasing requirement for
business analytics services and introduction of technologically advanced
healthcare analytics software, which have significantly minimized the workload
in major healthcare establishments. Based on deployment mode, the market can be
bifurcated into on-premise and cloud. Out of these, the on-premise segment is
expected to hold lion’s share in the market on account of the easily nature of
on-premise models. Based on type, the market can be categorized into predictive
analytics, prescriptive analytics, and descriptive analytics. Among these, the prescriptive
analytics segment is expected to register the highest CAGR through 2025. This
can be ascribed to its inherent ability to predict possible outcomes and its
implications on crucial business metrics. Based on application, the market can
be grouped into financial analysis, operational & administrative analysis,
clinical analysis, population health analysis and others. Out of these, the financial
analysis segment accounted for the highest market share in 2019 and is expected
to dominate the market on account of the growing focus of major players
operating in the market on early detection of frauds and reducing healthcare
costs. Additionally, increasing focus on cost cutting and increasing
profitability is further expected to drive the growth of segment.
Based
on end user, the market can be fragmented into healthcare payers, healthcare
providers, third-party administrators, and others. The healthcare payers segment
accounted for the highest market share in 2019 and is expected to dominate the
market over the next few years. This can be accredited to the use of healthcare
analytics in various healthcare institutions to cut down on administrative
costs, reduce fraudulent and incorrect payments, among others. Additionally,
the use of analytics helps physicians identify the areas for patient care
improvement and promote evidence-based practices within the healthcare system.
Allscripts
Healthcare Solutions Inc., Cerner Corporation, Citius Tech, Inc., Cotiviti
(Verscend Technologies Inc.), Health Catalyst, IBM Corporation, Innovalon,
McKesson Corporation, MedeAnalytics, Inc., Optum Inc., Oracle Corporation, SAS
Institute Inc., SCIO Health Analytics, Viteros Health, Ikon Tech IQVIA, The
General Electric Company, Medtronic Plc., Verisk Analytics, Inc. and others are some
of the leading players operating in global healthcare analytics market.
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“Asia-Pacific is expected to
witness robust growth in the healthcare analytics market during the forecast years,
owing to the improving healthcare IT infrastructure in the region.
Additionally, growing adoption of electronic medical health records, use of big
data and personalized medicines in the region is further anticipated to spur
the market until 2025. Also, key vendors operating in the market are expanding
their businesses in the region, thereby creating lucrative opportunities in the
market.” said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
“Global Healthcare Analytics Market By
Component, By Service, By Deployment Mode, By Type, By Application, By End
User, By Region, Competition, Forecast & Opportunities, 2025” has evaluated the future growth potential of global healthcare
analytics market and provides statistics & information on market size,
structure and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges and opportunities in global healthcare analytics market.
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