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Healthcare Analytics| Future of Healthcare and Big Pharma - Expected to Grow at a CAGR of 25.2% with Player’s Like IBM, Oracle, Humedica, Metric Insights, Paradigm4, Rapid Insight, Truven Health Analytics, Inovalon, MedeAnalytics
Market HighlightGlobal Healthcare Analytics market is expected to grow from $10.01 billion in 2017 to reach $75.84 billion by 2026 with a CAGR of 25.2%. Rising venture capital investments, growing government initiatives to raise electronic health record (EHR) adoption and increasing focus on improving patient outcomes are some of the key factors propelling the market growth.
Healthcare analytics technology uses data for quantitative and qualitative analysis, is undergoing an industry transformation from volume-based medicines and reimbursement to value-based medicines and reimbursement. It has been increasingly occupying a vital role in global healthcare systems for boosting patient outcomes and improving the quality of care at affordable cost. Healthcare organizations world over are increasingly leveraging the potential of data-backed decisions to develop patient engagement and experience. Additionally, it offers healthcare institutions crucial insights into revenue and risk models.
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Market Overview
By application, the clinical data analytics segment has acquired the significant growth due to the rising adoption of analytics by healthcare providers owing to the increasing pressure to curb healthcare cost, growing adoption of electronic healthcare records, need to improve patient outcomes and reduce hospital readmission rates and increasing focus on personalized medicine-based analytics.
Based on Geography, North America is estimated to account for the largest market share during the forecast period.
Factors such as the increasing federal healthcare mandates to control rising healthcare costs and provide quality care, rising regulatory requirements, growing EHR adoption are expected to drive the market growth.
Top Industry Player’s
Some of the key players in the Healthcare Analytics market include IBM Corporation, Oracle Corporation, Humedica, Inc., Metric Insights, Inc., Paradigm4, Rapid Insight, Inc., Truven Health Analytics, Inovalon, Inc., MedeAnalytics, Inc., McKesson Corporation, Optum Inc., Cerner Corporation, Vitreoshealth, Scio Health Analytics and Verscend Technologies.
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Market Segments
Types Covered:
• Predictive Analytics
• Prescriptive Analytics
• Descriptive Analytics
Applications Covered:
• Clinical Data Analytics
• Operational and Administrative Analytics
• Financial Data Analytics
• Population Health Analytics
End Users Covered:
• Pharmaceutical Industry
• Academic Organization
• Biotechnology Industry
• Healthcare Provider
• Monitoring Agencies
Regions Covered:
• North America
• Europe
• Asia Pacific
• South America
• Middle East & Africa
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