CHICAGO, January 10, 2019 /PRNewswire/ --
According to the new market research report"Healthcare Analytics Market by Type (Predictive, Prescriptive, Cognitive) Application (Clinical, RCM, Claim, Fraud, Waste, Supply Chain, PHM) Component (Service, Software) Delivery (On-demand, Cloud) End User (Payer, Hospital) - Global Forecast to 2024", published by MarketsandMarkets, the Healthcare Analytics Market is expected to reach USD 50.5 billion by 2024 from USD 14.0 billion in 2019, at a CAGR of 28.3% during the forecast period.
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The growth of this market is mainly driven by the implementation of government initiatives to increase EHR adoption, growing adoption of data-driven decision-making, growing pressure to curb healthcare spending and improve patient outcomes, the emergence of big data in healthcare, and the increasing number of patient registries.
The clinical analytics segment is expected to grow at the highest CAGR in the healthcare business analytics market 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.
Browse in-depth TOC on"Healthcare Analytics Market"
231 - Tables
43 - Figures
257 - Pages
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Growing demand for on-demand healthcare analytics is driving the growth of this segment
On the basis of 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.
North America is expected to lead the Healthcare Analytics Market in 2024
On the basis of region, 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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The Healthcare Analytics Market is highly competitive. Prominent players in this market include 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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