India Healthcare Analytics Market to Grow at a Promising Rate through FY2027
Increasing demand for accuracy in diagnosis and increasing prevalence of chronic diseases are expected to
drive the demand for India healthcare analytics market for the forecast period.
According to TechSci Research report, “India
Healthcare Analytics Market By Component (Hardware, Software, Services), By
Deployment Mode (On-premise v/s Cloud), By Type (Predictive Analytics,
Prescriptive Analytics, Descriptive Analytics), By Application (Financial
Analysis, Operational & Administrative Analysis, Clinical Analysis,
Population Health Analysis), By End User (Healthcare Payers, Healthcare
Providers, Third Party Administrators, Others), By Company, By Region, Forecast
& Opportunities, FY2027”, India healthcare analytics market is expected
to witness steady growth for the next five years. Rise in geriatric population
and ever-rising demand for accuracy in diagnosis are bolstering the demand for
healthcare analytics in the country. Healthcare analytics refers to the collection
of data by many organizations in order to provide the insights for fact-based decision-making
process. Healthcare analytics also aids in providing safe medications to
consumers and make treatments more effective for patients. With the help of
healthcare analytics treatment failures and ineffectiveness of the medications
can be treated at an early stage. Healthcare analytics also assists researchers
and physicians to improve their efficiency by providing them the medical
historical data of the patients and analysis of the data to take informed
decisions. Also, the shortage of primary physician and nurses at hospitals is
putting more burden on overworked professionals. Entry of new market players
and adoption of new approaches by existing market players is influencing the
market growth for the forecast period. Healthcare analytics reduces the patient
wait time by leveraging staffing procedures and staffing facility.
However, increase in prevalence of cybercrime
due to digitalization process at healthcare industry may hamper the market
growth in the forecast period.
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India healthcare analytics market is segmented into component,
deployment mode, type, application, end user, region, and company. Based on type,
healthcare analytics market is categorized into predictive analytics,
prescriptive analytics, and descriptive analytics. Descriptive analytics is
expected to hold the majority of market share during the forecast period due to
adoption of digital technology and subsequently the large volumes of data
generated by healthcare organizations. It also facilitates analysis of
structured and unstructured data to generate the needful insights to aid for
better decision-making process. Based on end user, market is divided into healthcare
payers, healthcare providers, third party administrators and others. Healthcare
payers segment is expected to hold the largest share in market during the
forecast period owing to increase in costs for availing healthcare facilities,
surge in demand for increasing memberships and optimization of operational
costs. Based on component, market is fragmented into hardware, software, and services.
Hardware segment is anticipated to witness considerable growth in the forecast
period owing to high costs associated with installation of hardware
infrastructures. Cost of integrating electronic devices with the system is
going to decline in the upcoming years which is anticipated to fuel the demand
for hardware market in India. Based on application, market is divided into financial
analysis, operational & administrative analysis, clinical analysis, and population
health analysis. The financial segment is accounted to register significant
growth during the forecast period due to the need to reduce the financial
burden over the healthcare industry by unmasking the opportunities which may
aid for this process. Financial Analysis segment includes risk adjustment and
assessment, fraud analysis and financial settlement claims.
Allscripts India Pvt. Ltd., Cerner Healthcare Solutions India
Private Limited, Citius Tech India Pvt. Ltd., IBM India Pvt. Ltd., McKesson
Corporation, Philips India Healthcare Ltd., Medtronic India Pvt. Ltd., Oracle
India Pvt. Ltd., Wipro Ltd., Optum Health and Technology India Pvt. Ltd. are
the leading players operating in India healthcare analytics market. Companies are
increasingly focusing on research and development process to fuel higher growth
in the market. To meet evolving customer demand with respect to better
efficiency and durability, several healthcare analytics service providers are
coming up with their technologically advanced offerings.
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“Healthcare
analytics aids in providing personalized treatment and monitoring patient
health conditions remotely. The data generated by data analytics is used by government authorities to make
healthcare policies and programs relating to a particular demography by
identifying the disease patterns and trends in the country. Also, adoption of
emerging technologies such as artificial intelligence, big data analytics and
machine learning by healthcare industry for better market assessment, customer
outreach and brand marketing is anticipated to propel the market growth till
FY2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based
global management consulting firm.
“India Healthcare
Analytics Market By Component (Hardware, Software, Services), By Deployment
Mode (On-premise v/s Cloud), By Type (Predictive Analytics, Prescriptive
Analytics, Descriptive Analytics), By Application (Financial Analysis,
Operational & Administrative Analysis, Clinical Analysis, Population Health
Analysis), By End User (Healthcare Payers, Healthcare Providers, Third Party
Administrators, Others), By Company, By Region, Forecast & Opportunities,
FY2027” has evaluated the future growth potential of India healthcare
analytics market and provided statistics & information on market size, shares,
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 India healthcare analytics market.
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