Healthcare Analytics Market to Grow at 28.3% CAGR to 2024, Led by North America- ReportsnReports
PUNE, India, January 18, 2019 /PRNewswire/ --
The healthcare business analytics market is forecasted to reach US$ 50.5 billion by 2024 from US$ 14.0 billion in 2019, at a CAGR of 28.3%, (2019-2024) driven by the clinical analytics, financial analytics, operational and administrative analytics, and population health analytics. Financial analytics market is segmented into revenue cycle management; claims processing; payment integrity and fraud, waste, & abuse (FWA); and risk adjustment and risk assessment are also growth factors.
Browse 231 Market Data Tables and 43 Figures spread through 257 Pages and in-depth TOC on " 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" https://www.reportsnreports.com/reports/208654-healthcare-analytics-medical-analytics-market-trends-global-forecasts-to-2017.html .
Top key players in healthcare analytics market drives the growth are 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).
North America to witness high growth during the forecast period. In 2019, North America is expected to account for the largest share of healthcare analytics market followed by Europe. This regional segment is expected to register the highest CAGR during the forecast period. Factors such as growing federal healthcare mandates to curb rising healthcare costs and provide quality care; increasing regulatory requirements; growing EHR adoption; and rising government initiatives focusing on personalized medicine, population health management, and value-based reimbursements are expected to drive market growth in North America.
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The services segment is expected to dominate the healthcare analytics market during the forecast period. Based on the component, the healthcare analytics market is segmented into services, software, and hardware. The services segment accounted for the largest share of the healthcare analytics market in 2018. With the increasing need for business analytics services and the introduction of technologically advanced healthcare analytics software, which requires extensive training to use as well as regular upgrades, the services segment is expected to grow at the highest CAGR during the forecast period.
By type, the Healthcare Analytics Market is segmented into descriptive, predictive, and prescriptive analytics. The prescriptive analytics segment is expected grow at a highest CAGR during the forecast period. The high growth of this segment is attributed to the ability of prescriptive analytics to ensure the synergistic integration of predictions and prescriptions.
The report provides an overview of the healthcare analytics market. It aims at estimating the market size and future growth potential of this market across different segments such as type, application, component, delivery model, end user, and region. Furthermore, the report also includes an in-depth competitive analysis of the key players in the market along with their company profiles, recent developments, and key market strategies.
Report highlighted by applications of healthcare analytics market into financial analytics, clinical analytics, operational & administrative analytics, and population health analytics. The financial analytics segment is estimated to dominate the market in 2019, due to a rising focus of payers on the early detection of fraud and reducing preventable costs. The market for financial analysis is expected to register significant growth during the forecast period.
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Based on the deployment model, healthcare analytics market is segmented into on-premise and on-demand models. In 2019, the on-premise models segment is expected to account for the largest share of the global market. This can be attributed to the easily customizable nature of on-premise solutions, as compared to on-demand models.
Key restraints for growth of healthcare analytics market include lack of skilled analysts (that limits the use of healthcare solutions), the high cost of these solutions, and operational gaps between payers and providers. The primary interviews conducted for this report can be categorized as follows:
- By Company Type - Tier 1: 37%, Tier 2: 22%, Tier 3: 41%
- By Designation - C-level: 25%, D-level: 20%, Others: 55%
- By Region - North America: 40%, Europe: 27%, Asia: 20%, RoW: 13%
Another research titled Healthcare Consulting Services Market - Global Forecast to 2023 says, The global healthcare consulting services market is expected to reach USD 15.88 billion by 2023 from USD 9.76 billion in 2018, at a CAGR of 10.2%. Geographically, the healthcare consulting services market was dominated by North America, but Asia Pacific is estimated to register the highest CAGR during the forecast period due to the increasing need for remote care and telemedicine in rural areas in the region. The key players in the healthcare consulting services market include Accenture (US), McKinsey & Company (US), Cognizant (US), Deloitte Consulting (US), and Ernst & Young (UK) are included in this 110 pages research report available at https://www.reportsnreports.com/purchase.aspx?name=1739723 .
Explore more reports on Healthcare Market at http://www.reportsnreports.com/market-research/healthcare/ .
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