Healthcare Analytics Market is expected to grow at a CAGR of 27.84% over the Forecast Period Owing to Growing Advancements Patient Data Technology, says Absolute Markets Insights

In terms of revenue, the global healthcare analytics market was valued at US$ 11.87 Mn in 2018 and is expected to reach US$ 29.99 Mn by 2022, growing at a CAGR of 27.84%over the forecast period.
The growing demand for efficient decision-making in the medical industry from data-backed insights is globally strengthening the adoption of healthcare analytics. The increased use of various analytical devices in healthcare systems in order to close performance gaps is driving the market growth. The adoption of various wearable medical devices and sensors are aiding in the collection of individuals' data. Moreover, the industry is exploiting the broad potential of tools and techniques offered by healthcare analytics to help stakeholders better identify goals for public health and provide sound data-driven medical care. For instance, Health Catalyst, a technology, and services provider offers data analytics to healthcare organizations. Furthermore, in order to build the links between patients and healthcare providers, including those who provide insurance, insights from healthcare analysis are proving to be quite helpful. This has accelerated the demand for healthcare analytics market globally.

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Advances in technology that facilitate the sharing of information and enhance compliance with Health Insurance Portability and Accountability (HIPAA) will speed up the growth of analytics in healthcare institutes. Application of healthcare analytics to provide solutions in real-time offers higher level of efficiency. Growing need to reduce healthcare costs coupled with increasing adoption of analytics enables economic and better healthcare delivery. The implementation of big data in healthcare organizations resolves the challenge associated with managing large datasets. The evolution of big data with the transition from paper charts to real-time monitoring systems along with the use of electronic health records to collect patient health data, is anticipated to boost growth in the global healthcare analytics market over the forecast period. Moreover, the introduction of telemedicine/telehealth has enabled rural people to connect virtually with the doctors. Thus, rising awareness of personalized medicines would result in the generation and collection of huge amounts of digital genome data, accelerating the expansion of the market.
The detailed research study provides a qualitative and quantitative analysis of the healthcare analytics market. The market has been analyzed from demand as well as the supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply-side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.

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Key Findings of the Report:
On the basis of type, descriptive analytics' ability to analyze historical data and gain actionable insights into the future will promote segment growth. It is the most fundamental and widely accepted form of analytics that acts as a precursor to predictive and prescriptive analytics.

The market segmented on the basis of application is expected to be dominated by financial analytics as payers are increasingly focusing on early detection of fraud and reducing preventable costs.
On the basis of geography, North America held the largest share of the market owing to the highly developed technological infrastructure in the United States.

Some of the market players operating in the global healthcare analytics market include Verisk Health, SAS Inc., Oracle Corporation, Truven Health Analytics, McKesson Corporation, MedAssets, Inc., Mede Analytics, Inc., IBM, Health Catalyst, and Cognizant

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Global Healthcare Analytics Market:

By Type
Predictive
Prescriptive
Cognitive

By Delivery Model
On-Premise Models
On-Demand Models

By Application
Clinical Analytics
Financial Analytics
Operational and Administrative Analytics
Population Health Analytics

By Component
Service
Hardware
Software

By Region
North America
U.S
Canada
Mexico
Rest of North America
Europe
France
The UK
Spain
Germany
Italy
Nordic Countries
Denmark
Finland
Iceland
Sweden
Norway
Benelux Union
Belgium
The Netherlands
Luxembourg
Rest of Europe
Asia Pacific
China
Japan
India
New Zealand
Australia
South Korea
Southeast Asia
Indonesia
Thailand
Malaysia
Singapore
Rest of Southeast Asia
Rest of Asia Pacific
Middle East and Africa
Saudi Arabia
UAE
Egypt
Kuwait
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America

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