Healthcare Analytics Market | Ongoing Trends and Recent Developments | Major Key Players like IBM Corporation (US), Optum, Inc. (US), Cerner Corporation (US), SAS Institute, Inc. (US)
What the Healthcare Analytics Market looks like?
The Global Healthcare Analytics Market is projected to reach a value of USD 50.5 billion by 2024 from USD 14.0 billion in 2019, at a CAGR of 28.3% during the forecast period
Based on application, the Healthcare Analytics Market is segmented into clinical analytics, financial analytics, operational analytics, and population health analytics. In 2019, the clinical analytics segment is expected to grow at the highest CAGR during the forecast period market, primarily due to the growing pressure to curtail healthcare spending, increasing government incentives (especially in the US) for improving quality and reducing the cost of care, growing adoption of EHRs, and rising focus on building patient registries.
Based on delivery model, the Healthcare Analytics Market is segmented into on-premise and on-demand delivery models. In 2019, on-demand delivery models are expected to register the highest CAGR during the forecast period. Their highly adaptable nature, ease of use, affordability, reliability, lack of upfront capital investment for hardware, extreme capacity flexibility, and pay-as-you-go pricing model are expected to boost the demand for on-demand models.
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Geographical growth scenario of Healthcare Analytics Market:
the healthcare business analytics market is segmented into North America, Europe, Asia, Pacific Countries, Latin America, and the Middle East and Africa. In 2019, North America is expected to account for the largest share of the market, followed by Europe, The largest share of the North American market is attributed to the factors such as the increasing adoption of healthcare analytics solutions and services by healthcare providers (especially in the US) to provide better quality care and lower healthcare costs. In 2019, Europe is expected to hold the second-largest share of the global Healthcare Analytics Market.
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Factors driving and restraining Healthcare Analytics Market growth:
The worldwide market for Healthcare Analytics has seen a transforming change over the past few years and is expected to continue to do so in the coming years as well. This growth can be majorly
contributed to the following factors:
• Government Initiatives to Increase EHR Adoption
• Growing Venture Capital Investments
• Growing Pressure to Curb Healthcare Spending and Improve Patient Outcomes
• Big Data in Healthcare
• Growing Focus on Real-World Evidence
Key companies and strategies adopted:
The Global Healthcare Analytics Market comprises key players, such as IBM Corporation (US), Optum, Inc. (US), Cerner Corporation (US), SAS Institute, Inc. (US), Allscripts Health Solutions (US), McKesson Corporation (US), MedeAnalytics, Inc. (US), Inovalon (US), Oracle Corporation (US), Health Catalyst (US), SCIO Health Analytics (US), Verscend Technologies, Inc. (US), CitiusTech, Inc. (US), Wipro Limited (India), and VitreosHealth (US)
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