The global healthcare analytics market is projected to reach value of USD 90.84 Billion by 2027, according to a current analysis by Emergen Research. The global healthcare analytics market is projected to expand significantly during the forecast period. Rapid growth of the market can be attributed to the increasing demand to improve efficiency in the healthcare industry by decreasing unwanted expenses. Growing introduction of Big Data in the healthcare industry is anticipated to boost the global healthcare analytics market further during the forecast period. Furthermore, rising integration of Big Data analytics with mHealth applications is likely to propel the global healthcare analytics market during the forecast period.
One of the fundamental components of the latest report is the exhaustive coverage of the COVID-19 impact on the Healthcare Analytics business landscape. Remarkable changes in the market dynamics and trends have followed the viral outbreak. The global health emergency has brought about unprecedented changes to the global economic scenario, while adversely impacting the Healthcare Analytics market. Apparently, the pandemic has disrupted the Healthcare Analytics market’s supply chains and caused acute volatility in the prices and demands for the top products. Therefore, the report analyzes the market segments beleaguered by the aftereffects of the pandemic. However, our analysts speculate that the market will regain momentum in the post-COVID era.
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Additionally, the Healthcare Analytics market research report comprehensively examines the key elements of the Healthcare Analytics market that influence its growth over the projected timeframe. The report’s authors leveraged a set of analytical tools, such as SWOT analysis, Porter’s Five Forces analysis, feasibility analysis, and investment return analysis, to offer strategic recommendations to the new market entrants on how to overcome the entry-level barriers. The global market has been categorized on the basis of product type, application gamut, end-user industries, and the competitive hierarchy. The report inspects the current market scenario, its past performance, demand and supply ratios, production and consumption rates, sales, and numerous growth opportunities available in the market. It further entails a clear outline of the market’s intensely competitive atmosphere to help businesses and industry stakeholders decipher the optimal business moves and achieve their business goals.
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Key Geographies Profiled in the Report:
· North America (the U.S., Mexico, and Canada)
· Asia Pacific (China, Japan, India, and Rest of Asia Pacific)
· Europe (the U.K., France, Germany, and Rest of Europe)
· Latin America (Brazil and Rest of Latin America)
· Middle East & Africa (GCC Countries and Rest of Middle East & Africa)
The key industry participants include:
Key market participants include Health Catalyst Inc., MedeAnalytics, Inc., Athenahealth Inc., Tenet Healthcare Corporation, Evolent Health, Oracle Corporation, Verisk Analytics, Inc., Epic Systems Corporation, TIBCO Software Inc., and SAP SE
Key Highlights of Report
- In October 2020, TIBCO Software Inc. declared to have reached a contract to acquire Information Builders, Inc., a pioneering data analytics software provider. Through the addition of Information Builders, TIBCO would have exposure to a more extensive range of analytics and techniques, significantly improving the company’s ability to support other companies in overcoming the most difficult data quality issues.
- The hardware segment is expected to lead the market throughout the forecast period. Healthcare analytics entail a robust networking infrastructure to collect, analyze, and deliver a large volume of data. High-cost of hardware components, such as computers’ components, is driving the segment.
- The on-premises segment is expected to lead the market during the forecast period. Although a unit is located within the premises, it can also be conveniently accessible from distant locations, offering high energy use, reduced costs, and benefits in terms of operating.
- The descriptive analytics segment is anticipated to lead the market in the next few years. Capabilities of descriptive analytics to evaluate historical insights and to gain viable future analyses are projected to fuel the segment in the near future.
- The financial analysis segment is projected to retain the largest market share during the forecast period, due to growing utilization of the analytics to minimize health care costs and provide better treatment quality to patients.
- The healthcare payer segment is estimated to hold the largest market share during the forecast period. Such programs help payers identify improvement points in clinical practice, incorporate new approaches to address high-risk patients, and promote observable outcomes.
- North America is projected to lead the global market for healthcare analytics during the forecast period, due to increasing implementation of electronic health records (EHRs) and rising federal legislations on clinical care to mitigate healthcare expenses and offer improved treatment to patients.
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Emergen Research has segmented the global healthcare analytics market in terms of component, deployment, solution, application, end-use, and region.
Component Outlook (Revenue, USD Billion; 2017–2027)
- Software
- Hardware
- Services
Deployment Outlook (Revenue, USD Billion; 2017–2027)
- Cloud-based
- On-premises
Solution Outlook (Revenue, USD Billion; 2017–2027)
- Predictive Analytics
- Descriptive Analytics
- Prescriptive Analytics
Application Outlook (Revenue, USD Billion; 2017–2027)
- Clinical Analysis
- Financial Analysis
- Administrative & Operational Analysis
End-use Outlook (Revenue, USD Billion; 2017–2027)
- Healthcare Provider
- Healthcare Payer
Key reasons to buy this report:
· The report offers valuable insights into the major drivers, limitations, opportunities, and challenges faced by the global Healthcare Analytics market and its leading players.
· It offers an in-depth study of the Healthcare Analytics industry and forecasts the market shares and sizes over the projected years.
· The report underscores the prominent market contenders, focusing on their business strategies and long-term business expansion plans.
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