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Healthcare Analytics Market to Exhibit a CAGR of 27.5% by 2026; Emergence of Big Data to Spur Business Opportunities

April 15, 2020 | Healthcare

The global healthcare analytics market size is predicted to reach USD 80.21 billion by 2026. The rising government initiatives for superior healthcare facilities and Electronic Health Record (EHR) will enable speedy growth of the market in the forthcoming years. The advent of data-enriched tools such as eHealth and mHealth along with predictive analytics will have a positive impact on the healthcare analytics market trends during the forecast period, mentioned in a report, 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 market size stood at USD 11.59 billion in 2018 and is expected to exhibit a CAGR of  27.5% between 2019 to 2026.


Launch of Analytics Tools by GE Healthcare to Boost Development


GE Healthcare, an American multinational conglomerate and manufacturer and distributor of diagnostic imaging agents headquartered in Chicago, Illinois unveiled an innovative analytics solution for the Olympic Winter Games PyeongChang 2018 and also for the Olympic Games Tokyo 2020.  With the partnership of International Olympic Committee (IOC), the new analytical tool incorporates valuable information, such as athlete injury and illness data, with venue, sport and training procedures. The new pioneering tool can be vital factor in accelerating the healthcare analytics market growth during the forecast period as it will aid healthcare professional while also ensuring a comprehensive view of the patient’s health to make a quick rapid treatment decision. Furthermore, the growing focus of key player towards the development of advanced healthcare solutions will stimulate growth of the market in the foreseeable future. For instance, Clarivate Analytics, a global leader in insights and analytics announced the launch of Cortellis Digital Health Intelligence solution. The trailblazing and powerful Cortellis Digital Health Intelligence is first-of-its kind concealing the global digital health ecosystem. The solution will provide assistance to, device, and technology developers to navigate the digital health scenario while focusing on patients and health-centric solutions in real-time.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/healthcare-analytics-market-102641


Advent of Big Data to Transform Healthcare Analytics Market Space


The emergence of big data has led a colossal change in healthcare data and technologies, which, in turn, has created opportunities for the market. For instance, big data comprises of data generated through digitization of innumerable sources, which is then combined and analyzed by specialized technologies. The utilization of big data in healthcare analytics has mitigated the risks of outbreaks, and reduced costs besides benefiting treatment processes. Furthermore, big data analytics aids hospitals and healthcare providers to get a better overview of hospital admissions, thus identifying problems such as excessive readmissions and implementing new practices to cutback similar outcomes in the future. In addition, the thriving healthcare industry and rising patient population will spur demand for healthcare analytics in the forthcoming years owing to the requirement for administration and application of data for healthcare professionals.


Emphasis on Dynamic Analytics Solutions by Key Players to Consolidate Business


The market is dominated by Cerner Corporation owing to its strategic analytics solutions for the healthcare industry. The rising focus of the company towards health analytics solutions will aid clinical, operational, population health, and financial operations, which, in turn, will enhance market competition in the foreseeable future. The emphasis on strategic acquisitions and partnerships to strengthen its market potential in the market. For instance, in August 2019 Cerner and duke announced that they have entered into a partnership to automate and improve data collection of clinical trials for chronic diseases. In addition, the growing innovation in healthcare analytics will augur well for the market.


The Report Lists the Main Companies in the Healthcare Analytics Market



  • Cerner Corporation

  • IBM Corporation (IBM Watson)

  • Flatiron Health

  • Linguamatics

  • Allscripts Healthcare, LLC

  • Epic Systems Corporation

  • Health Catalyst

  • Others


Further Report Findings:



  • Regional Analysis: The market in North America is predicted to witness the highest growth owing to the well-established healthcare infrastructure and growing venture capital funding.  The increasing adoption of electronic health records across healthcare organizations will further enable growth of the market in North America.

  • Leading Segment: Descriptive analytics is predicted to hold the largest share in the market during the forecast period. The descriptive analytics have the advantage to analyze historical data and gain actionable forthcoming insights.


The Healthcare Analytics Market is Segmented into:











































 ATTRIBUTE



 DETAILS



Study Period



  2015-2026



Base Year



  2018



Forecast Period



  2019-2026



Historical Period



  2015-2017



Unit



  Value (USD billion)



 


 


 


 


 


 


 


Segmentation



By Product



  • Descriptive Analytics

  • Predictive Analytics

  • Prescriptive Analytics



By Application



  • Financial Analytics

  • Population Health Analytics

  • Clinical Analytics

  • Operations and Administrative analytics



By End User 



  • Payers

  • Providers

  • Others



By Geography



  • North America (U.S. and Canada)

  • Europe (U.K., Germany, and Rest of Europe)

  • Asia Pacific (Japan, China, and Rest of Asia Pacific)

  • Latin America (Brazil, Mexico, and Rest of Latin America)

  • Middle East & Africa (South Africa, Rest of the Middle East & Africa)


Healthcare Analytics Market
  • PDF
  • 2018
  • 2015-2017
  • 132

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