Healthcare Analytics Market and its growth prospects with Top Players: IBM, McKesson Corporation, Allscripts, Health Catalyst
The growing need to control healthcare cost and growing adoption across the globe will drive the healthcare analytics market growth. Healthcare analytics and data analytics would reduce overall healthcare cost by identifying inefficiencies in current delivery methods, reduce the frequency of hospital visits and eliminate the need for unnecessary testing. Rapid adoption in developed regions and growing acceptance of advanced technologies in emerging economies should fuel the market. Promising improvements in healthcare infrastructure, growing disposable income levels and increasing application of these solutions should boost industry growth.
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Favorable government initiatives and increasing venture capitalist investments will augment business growth. Increasing funding to healthcare technology companies that developed mHealth apps, big data analytics, and Internet of Things (IoT) offerings will boost global market size. Prescriptive analytics should witness lucrative 14% CAGR between 2017 and 2024 owing to its ability to predict about possible outcomes and its implications on key business metrics. It is comparatively complex in nature with few players optimizing it to achieve best outcomes by identifying data uncertainties.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
• McKesson Corporation
• Health Catalyst
• Cerner Corporation
• Influence Health
• Evolent Health
• Change Healthcare
Financial management held over 30% of global healthcare analytics market share with expectations to surpass USD 5.5 billion by 2024. Growing application of analytics to curb increasing healthcare costs and provide quality patient care attributes to its significant industry share. Extended use of analytics to detect and prevent healthcare fraud will further increase its demand across all healthcare organizations.
Clinical management should witness robust 13% CAGR over the forecast years. It enables reduce healthcare spending by using data analytics solutions and improve access to healthcare provider networks. Increasing investors interest in clinical solution provider companies should accelerate segment growth.
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U.S. market held more than 90% of regional revenue share in 2016. Presence of well-established healthcare infrastructure, increasing venture capital funding, acceptance of advanced technologies and widespread adoption of electronic health records across healthcare organizations will boost business growth. Moreover, presence of headquarters of major industry players in this region will further propel industry expansion.
Healthcare Analytics Market by Product
• Descriptive analytics
• Predictive analytics
• Prescriptive analytics
Healthcare Analytics Market by Application
• Operations management
• Financial management
• Population health management
• Clinical management
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