Global Healthcare Analytics Software Market Surges at 20.84% CAGR, Transforming Healthcare Delivery and Cost Reduction Initiatives

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Sep 11, 2023, 11:30 ET

DUBLIN, Sept. 11, 2023 /PRNewswire/ -- The "Global Healthcare Analytics Software Market (2023-2028) by Type, Application, End User, Delivery Mode, and Geography, Competitive Analysis, Impact of Covid-19 and Ansoff Analysis" report has been added to ResearchAndMarkets.com's offering.

The Global Healthcare Analytics Software Market is estimated to be USD 40.14 Bn in 2023 and is expected to reach USD 103.43 Bn by 2028, growing at a CAGR of 20.84%.

Introduction:

Healthcare analytics software plays a pivotal role in empowering healthcare professionals to identify opportunities for improving care delivery, medical outcomes, operational efficiency, and patient engagement. This technology integrates real-time and historical data to forecast healthcare trends, uncover actionable insights, and drive long-term growth.

Applications:

Healthcare analytics systems utilize vast volumes of data to provide organizations with valuable insights. The healthcare industry has faced challenges such as suboptimal patient care, rising treatment costs, lower patient retention, and engagement. Consequently, healthcare analytics is being integrated across the industry to enhance patient care and operational efficiency. These factors are driving the growth of the healthcare analytics sector.

Market Drivers:

Government Initiatives and Big Data Utilization: Increasing government initiatives and the utilization of big data in healthcare organizations are encouraging the adoption of electronic health records (EHRs) and contributing to the growth of healthcare analytics.
Cost Reduction Needs: The need for healthcare organizations to reduce unnecessary expenses significantly impacts the global healthcare analytics market's growth.
Technological Advancements: Rapid technological advancements and substantial investments by the healthcare industry in IT development and digitization have led to substantial growth in healthcare analytics.
Improved Patient Management: Analytical platforms deployed by healthcare institutions globally have improved patient management, retention, and overall care delivery, reducing the burden on healthcare providers.

Market Challenges:

High Costs of Analytics Solutions: The high costs associated with healthcare analytics solutions can hinder adoption, especially for smaller healthcare providers.
Lack of Technical Experts: The shortage of technical experts skilled in healthcare analytics poses challenges to implementation.

Market Opportunities:

Increased Funding: Growing funding in the healthcare sector and the integration of advanced analytics like AI, ML, and Big Data offer significant opportunities for market growth.
Precision and Personalized Medicine: The use of analytics in precision and personalized medicine presents new avenues for expansion.

Companies Mentioned:

BioAssistant
BlueSemi
Epic Systems Corp
Health Catalyst
HealthifyMe
HealthPlix
IBM Corp.
IndoHealth Software Solutions Pvt
Innovaccer
McKesson Corp
MedeAnalytics, Inc.
Niramai
Optum and Change Healthcare
Optum, Inc.
Oracle Corp.
SAP SE
SAS Institute, Inc
SigTuple
Tricog
United Health Group

Market Segmentation:

The Global Healthcare Analytics Software Market is segmented based on:

Type:

Descriptive Analytics
Predictive Analytics
Prescriptive Analytics

Application:

Clinical Analytics
Financial Analytics
Population Health Analytics
Operational & Administrative Analytics

End User:

Academic Organizations
Biotechnology Industry
Healthcare Payers
Healthcare Providers

Delivery Mode:

Cloud-based
On-premises

Geography:

Americas
Europe
Middle-East & Africa
Asia-Pacific

For more information about this report visit https://www.researchandmarkets.com/r/jkc116

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