What's driving the Healthcare Analytics Market Growth? | Top Key Players: IBM, Oracle, Verisk, Cerner Corporation, McKinsey & Company, Dell Technologies, Napier Healthcare, Sisense, NextHealth Technologies, UnitedHealth Group

Governments’ initiatives to increase electronic medical record adoption, increasing healthcare information technology (HIT) capital investments, growing need to reduce healthcare expenditures and increase patient outcomes, and rising demand of big data in healthcare domain are the major factors driving the growth of the global healthcare analytics market.

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Based on type, the healthcare analytics market is categorized into descriptive, predictive, prescriptive, and cognitive. The descriptive analytics category is expected to hold the largest share in the market; however, the prescriptive analytics category is expected to witness the fastest CAGR during the forecast period.

Geographically, the healthcare analytics market is classified into North America, Europe, Latin America (LATAM), Asia-Pacific (APAC), and Middle East and Africa (MEA). North America holds the largest market share as there has been an increase in adoption of electronic health record (EHR) in the U.S. and Canada. This has led to an increase in healthcare data, which in turn, will help the growth of the market. Moreover, strict legislations for the implementation of HIT, and presence of a large number of IT companies in the region are also playing significant role in the growth of the market. APAC is the fastest growing market for healthcare analytics. This is mainly due to increasing research and development (R&D) investments, and growing presence of international HIT players in the region.

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Lack of skilled professionals, high cost of analytical solutions, easy and free conventional exchange of information are the major factors hindering the growth of the healthcare analytics market.

Players operating in the healthcare analytics industry are focusing on partnerships and collaborations to maintain their leading position. For instance, in January 2019, the International Business Machines (IBM) Corporation entered into a partnership with Michael J Fox Foundation with an aim to develop technologies for better tracking of Parkinson’s disease progression in individuals. The foundation will provide large amount of data related to progression of disease and the IBM will develop artificial intelligence for better tracking of disease progression.

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The key players which dominate the global healthcare analytics market are:
1- IBM
2- Oracle
3- Verisk
4- Cerner Corporation
5- McKinsey & Company
6- Dell Technologies
7- Napier Healthcare
8- Sisense
9- NextHealth Technologies
10- UnitedHealth Group

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