New report added on Healthcare Analytics Market with top trends, key insights, industry analysis, forecast by end users, various application from medical and healthcare sector and company profiles
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 forecast period. Increasing government initiatives to increase EHR adoption, growing pressure to curb healthcare costs, availability of big data in healthcare, increasing venture capital investments, rising focus on improving patient outcomes, and technological advancements are driving growth of healthcare analytics market.
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The 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 healthcare analytics market. This can be attributed to the easily customizable nature of on-premise solutions, as compared to on-demand models.
“A growing focus on cost-cutting & implementation of practices to ensure profitability has made financial analytics highly significant.”
Factors such as government initiatives to increase EHR adoption, growing venture capital investments, growing pressure to curb healthcare spending and improve patient outcomes, the emergence of big data in healthcare, and the rising importance of real-world evidence are expected to drive the growth of the market.
North America to witness high growth during the forecast period. In 2017, North America is expected to account for the largest share of the market followed by Europe. This regional segment is expected to register the highest CAGR during the forecast period. The healthcare analytics market is segmented into 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.
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Healthcare analytics market study is focues clinical analytics, financial analytics, operational & administrative analytics, & population health analytics. Financial analytics market is segmented into revenue cycle management; claims processing; payment integrity & fraud, waste and risk adjustment and risk assessment.
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).
- In August 2018, Verscend Technology (US) acquired Cotiviti Holdings, Inc. (US), a leading provider of payment accuracy and analytics-driven solutions focused primarily on the healthcare industry.
- In March 2018, Verscend Technology (US) acquired General Dynamics (US) to add the latter’s solutions for tracking healthcare fraud, waste, and abuse (FWA) to its portfolio. This acquisition also enabled Verscend to strengthen its payer quality analytics and reporting solutions.
- In July 2018, Health Catalyst (US) acquired Medicity, a PHM company offering solutions for HIEs, business intelligence, and provider and patient engagement.
Download Complete Report Now 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” Report at https://www.reportsnreports.com/purchase.aspx?name=208654 .
Report highlighted by application, healthcare analytics market has been segmented into financial analytics, clinical analytics, operational & administrative analytics, and population health analytics. The financial analytics segment is estimated to dominate market in 2019, due to a rising focus of payers on early detection of fraud and reducing preventable costs. Market for financial analysis is expected to register significant growth during the forecast period.
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