Healthcare Operational Analytics Market And Key Players are Cerner Corporation, McKesson Corporation, Epic, IBM Corporation

Healthcare and analytics are considered as a lethal combo for success as the use of analytics to reduce down the cost of processes, identify potential test subjects, manage outliers has completely changed the way in which industry thinks and works. It has also enabled huge data organizations to improve quality at low cost which forms an essential part of implementing effective value-based care (VBC) programs.

Analytics helps an organization through the systematic use of technologies, methods and data to derive insights and to enable fact-based decision-making for planning,
management, operational activities, measurement and learning. With the availability of large datasets in the industry, it has become necessary for the companies to be equipped with tools to use a huge load of data efficiently.

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Furthermore, analytics also provides a scope to improve other organizational goals such as enhancing customer experience, taking up growth initiatives and identifying failures in the process, thereby, improving overall operational efficiency. Thus, analytics is considered as the next big thing because of its capability to transform operations in healthcare.

Market Dynamics

One of the primary drivers for the healthcare operational analytics market is to enable value-based care (VBC) which is currently drawing enormous investments for the market. Another significant driver of the market is the need to analyze the rapid increase in the sum of data generated by electronic health records (EHRs), claims, medical devices and patients. This data can help to detect hidden patterns, enable self-learning systems and therefore deliver actionable insights to improve operational efficiency.

Factors such as an increase in healthcare IT adoption and centralized healthcare are also going to impact the growth of the market positively. The rising awareness about healthcare standards and improving technologies together create a need for imparting excellent experience and service to the customers, thereby, driving the use of operational analytics to enhance the process accordingly.

Another critical factor influencing the growth of the market is the demand for personalized medicine which is strongly correlated with the patient data and therefore requires the application of analytics. However, certain factors like lack of skilled labors, data securing and patient data privacy may hamper the growth of the market. Another critical factor influencing the growth of the market is the demand for personalized medicine which is strongly correlated with the patient data.

Market Segmentation

Global healthcare operational analytics is a sub-segment of healthcare analytics along with clinical data analytics and financial analytics. Healthcare operational analytics can be further segmented by end-user, region and type. By type, the market is segmented into Supply Chain Analytics, Human Resource Analytics and Strategic Analytics. Segmentation by end-user is done into Healthcare, Biotechnology, Pharmaceuticals, Academics and Others. By region, segmentation involves North America, Europe, Asia Pacific, the Middle East and Africa, and Rest of the World.

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Geographical analysis

Currently, North America is the leader regarding Market Share and highest CAGR driven by U.S. centralized healthcare mandates and PPACA. Europe takes the second position, growing at relatively low pace. APAC is relatively new to healthcare analytics while the Middle East is found to be an emerging lead in the market.

Key Players

Cerner Corporation, McKesson Corporation, Epic, IBM Corporation, Optum, Oracle, Allscripts, Mede Analytics and Truven Analytics are the major players in the healthcare operational analytics market.

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