San Francisco, 26 October 2018: According to a report
by Grand View Research, Inc., global healthcareanalytics market is anticipated to value USD 53.65 billion by
2025. Growing requirement to reduce healthcare expenditure associated with
inefficiencies in hospital workflow and flaw in medical products can surge
demand for healthcare analytics. It is likely to identify clinically meaningful
outcomes related to costs through investigational mining of electronic patient
records for identifying inherent medical inaccuracies in system. This, in turn,
can offer cost-effective treatment to patients while reducing amount of
resources wasted.
Growing adoption of advanced methods such as
predictive analytics in government organization such as healthcare financing
systems to prevent payment frauds can influence growth of market. Continual
technological advancements in healthcare analytics can boost usage of these
methods in multiple applications. This, in turn, can fuel market growth over
the forecast period (2014 to 2025).
The healthcare analytics market can be
segregated on the basis of type, component, delivery mode, application,
end-use, and region. Based on type, the market can be categorized into descriptive,
prescriptive, and predictive. In 2016, descriptive analytics segment accounted
for substantial market share and is likely to be most used system over the
forecast period. These systems can be used for administrative activities and
process optimization. The descriptive method can tell us about progression in
an event, which has occurred in past.
On the contrary, predictive analytics is likely
to witness significant growth over the forecast period. This method can be used
for improvising and framing strategies to fuel business growth. In addition, it
can aid in maintenance of electronic health records, diagnosis, and support in
determination of personalized clinical solutions.
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Research Report of Healthcare Analytics
Market@ www.grandviewresearch.com/industry-analysis/healthcare-analytics-market
Based on component, the market can be
classified into software, hardware, and services. In 2015, services segment
dominated the market and is expected to grow at similar pace over the forecast
period. Outsourcing of big data services can dominate services segment. It can
save time, cost, and can offer qualified staff that eliminates need for
training. Services can be followed by hardware components in terms of market
share. High cost associated with infrastructures such as computer system and
high speed internet can fuel growth of segment.
Based on delivery mode, the market can be
segmented into on-premise, web-based, and cloud-based. In 2015, on-premise
segment contributed to 45% market share. However, cloud based analytics is
expected to witness significant growth over the forecast period. Benefits of
cloud based systems such as real-time data tracking, remote access to data, and
avoidance of complex physical ecosystem are likely to surge demand for such
systems.
Based on application mode, the market can be
divided into financial, clinical, and operational & administrative. In
2015, operational & administrative segment dominated the market attributed
to their wide applications encompassing workforce, supply chain management, and
strategic analytics.
Similarly, financial applications are likely to
exhibit maximum growth during the forecast period. Growing adoption in private
health settings and government sector can fuel growth. Major financial
applications of healthcare analytics can include claim settlement, revenue
cycle management, fraud prevention, and risk assessment & prevention.
Browse more reports of this category by Grand View
Research at: www.grandviewresearch.com/industry/healthcare-it
Based on end-use, the market can be split into
healthcare payers, healthcare providers, and others. In 2015, healthcare payers
segment accounted for substantial market share. However, healthcare providers segment
is likely to grow well over the forecast period. Growing adoption of these
systems in hospitals is likely to influence growth of market.
Healthcare payers are expected to use analytics
for settlement of insurance claims, fraud prevention, and risk assessment. High
risk patient population and management of high utilizer can be challenges for
payers. In addition, increasing healthcare expenditure can create pressure on
payers to reduce costs.
Regional segmentation includes Europe, North
America, Asia Pacific, Latin America, and Middle East & Africa. In 2016,
North America dominated the market and accounted for 60% market share. Rising
per capita healthcare cost coupled with growing cases of payments frauds can
fuel growth of market. In addition, high demand to reduce rising healthcare
costs can fuel market growth over the forecast period.
On the contrary, Asia Pacific is expected to
grow at CAGR of 29% over the forecast period. Favorable initiatives taken by
local governments to promote economic growth and improve medical infrastructure
can surge demand for healthcare analytics in the region.
Some of the leading companies offering
healthcare analytics are Oracle Corporation; IBM Corporation; McKesson
Corporation, Inc.; Truven Health Analytics, Inc.; and Cerner Corporation.
Access
Press Release of Healthcare Analytics Market@ www.grandviewresearch.com/press-release/global-healthcare-analytics-market
About
Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research
reports, and consulting services. To help clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
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