Pune , June 18, 2020 (GLOBE NEWSWIRE) -- The global healthcare analytics market is set to grow astonishingly on account of its ever-increasing usage by healthcare professionals to grab the opportunities for enhancing the health system management, diagnosis, expenditure, and patient engagement. Also, healthcare analytics blends historical and real-time information to propel long-term growth, exhibit actionable insights, and predict trends.
As per a new report by Fortune Business Insights™, titled, “Healthcare Analytics Market Size, Share & Industry Analysis, By Product (Descriptive, Predictive, and Prescriptive), By Application (Financial Analytics, Population Health Analytics, Clinical Analytics, and Operations and Administrative Analytics), By End User (Payers, Providers, and Others) and Regional Forecast, 2019-2026,” the healthcare analytics market size was USD 11.59 billion in 2018 and is projected to reach USD 80.21 billion by 2026, exhibiting a CAGR of 27.5% during the forecast period.
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This Report Answers the Following Questions:
- Which region is set to lead the market in the coming years?
- Which segment is expected to dominate the market?
- What are the current market trends?
- Which are the top players in the market?
- How will the healthcare analytics providers compete in the market?
The rapid spread of the COVID-19 pandemic has brought about huge losses for a wide range of industries. This is occurring because of the implementation of stay-at-home initiatives by the governments. It has further resulted in the complete shutdown of production processes. But, we will be able to come out of this deadly situation very soon by adopting the right preventive measures and by following the appropriate strategies. We are offering in-depth insights into the best possible ways to overcome the losses and generate more sales amidst the present scenario.
To get to know more about the short-term and long-term impacts of COVID-19 on this market, please click: https://www.fortunebusinessinsights.com/healthcare-analytics-market-102641
Drivers & Restraints-
Rising Usage of Big Data to Augment Growth
There has been a tremendous change in the way data is gathered and analyzed owing to the emergence of big data. It consists of vast amounts of data collected by digitizing several sources. It is then blended and analyzed by advanced technologies. Big data makes use of individual- or population-specific health information. It is capable of theoretically reducing costs, treating complex disorders, and eliminating the risks of epidemics. In addition to that, the governments of many countries are investing huge sums in the development of the healthcare sector. These factors are anticipated to drive the healthcare analytics market growth during the forthcoming period.
However, this sector is currently facing a challenge of collecting data from various sources in real-time. One of the reports by Protenus Breach Barometer mentions that more than 25 million patient records were breached in 2019, as compared to 2018. It proves that the rising cases of confidential data breaches in the industry are set to decline the demand for healthcare analytics.
Segment-
Descriptive Segment to Lead Stoked by its Ability to Analyze Historical Data Efficiently
Based on product, the market is divided into prescriptive analytics, predictive analytics, and descriptive. Out of these, the descriptive segment generated 47.4% healthcare analytics market share in 2018 and is likely to dominate throughout the forecast period. This growth is attributable to their ability to analyze past data and provide actionable insights for the near future. It is considered to be the most widely accepted forms of healthcare analytics.
Regional Analysis-
Adoption of Electronic Health Record to Favor Growth in North America
In 2018, North America procured USD 53.44 billion in terms of revenue. The region is set to lead the market backed by the increasing venture capital funding, presence of well-established healthcare infrastructure, adoption of electronic health records by several healthcare organizations, and recognition of unique technologies.
Asia Pacific, on the other hand, is anticipated to showcase considerable growth in the coming years owing to the increasing investment by prominent companies, rising awareness about healthcare analytics, surging spending capabilities of providers and payers, as well as rapid acceptance of advanced solutions.
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Competitive Landscape-
Key Players Launch Novel Healthcare Analytics Solutions to Gain Competitive Edge
The market houses several companies that are persistently striving to gain a competitive edge by following the strategies of mergers and acquisitions, agreements, new product launches, investments, and partnerships. Below are a couple of the latest industry developments:
- August 2019: Clarivate Analytics announced the launch of its new solution called Cortellis Digital Health Intelligence. It would help the technology, device, and drug developers to use digital technology to the fullest.
- February 2018: Infor unveiled its latest solution named Infor Healthcare Enterprise Analytics. It will help the healthcare organizations in transforming complex information into a detailed picture of population and patient health.
Fortune Business Insights™ lists out the names of all the healthcare analytics providers operating in the global market. They are as follows:
- Cerner Corporation
- IBM Corporation (IBM Watson)
- Flatiron Health
- Linguamatics
- Allscripts Healthcare, LLC
- Epic Systems Corporation
- Health Catalyst
- Inovalon
- Others
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Detailed Table of Content:
- Introduction
- Market Scope
- Market Segmentation
- Market Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Overview: in Health Analytics Market
- Snapshot of Venture Capital Investments in Health Analytics
- New Technological Advancements
- Key Industry Developments - Mergers, Acquisitions, and Partnerships
- Global Health Analytics Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product
- Descriptive Analytics
- Predictive Analytics
- Prescriptive Analytics
- Market Analysis, Insights and Forecast – By Application
- Financial Analytics
- Population Health Analytics
- Clinical Analytics
- Operations and Administrative Analytics
- Market Analysis, Insights and Forecast – By End User
- Payers
- Providers
- Others
- Market Analysis, Insights and Forecast – By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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