Global Healthcare Analytics Market is Expected to be US$ 31529.98 Mn by 2022 Owing to Emergence of Big Data in Healthcare.
The global research report titled Healthcare Analytics Market has recently been published by Absolute Markets Insights. The study provides an overview of current statistics and future predictions of the Healthcare Analytics Market. The base year considered for the study is 2019 and forecast period is 2020-2027. The study complies effective research methodologies such as primary and secondary research methodologies for the presentation of its effective study. Top level industries have been profiled to get better insights into the businesses. The report also enlists significant market companies which provide useful market insights into product types, features, capacity, and productivity.
The emergence of big data in the health care industry is driving the global healthcare analytics market as it is helping healthcare providers to provide more proactive care to their patients by constantly monitoring patient’s vital signs. The data from various monitors can be analyzed in real time and can be used to send alerts to care providers so they know instantly about changes in a patient’s condition. Also, the investments by governments, nonprofit entities, and the private sector in EHR projects at both regional and local levels is aiding the growth.
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Healthcare Analytics Market is Fragmented Due to the Presence of Many Start-ups and Medium Scale Healthcare Companies
Healthcare Analytics Market participants include SAP SE, McKesson Corporation, Microsoft Corporation, Oracle Corporation, IBM Corporation, SAS Institute Inc., OptumHealth Inc., LexisNexis Risk Solutions Inc., MedeAnalytics, Inc., Cerner Corporation, Allscripts Healthcare Solutions, Inc. and Inovalon amongst others. In April 2016, SAS Institute Inc. launched SAS Viya next-generation high performance analytics and visualization architecture in the market. The simple and powerful architecture of SAS Viya ensures easy deployment in the cloud or on-site. It is accessible from popular programming languages and public APIs
Adoption of cloud-based healthcare analytics system by small and medium level companies is providing major opportunity to the market. Small hospitals have discovered cloud storage to be the safest for storing hospital’s private and confidential data. Even the problems associated in storing back-up clinical data is reduced, when cloud-based healthcare analytics system is implemented by companies.
Predictive Analytics Accounted For a Larger Share in 2017
Predictive analytics is the type of healthcare analytics that operates only on present data and helps doctors to predict future by observing patterns in data. The University of Chicago Medical Center (UCMC) is currently using predictive analytics to tackle the problem of operating room (OR) delays. The institute combined real-time data with processing algorithms to improve workflows and create notifications. The effort decreased waiting time by 15% to 20% and it is helping the hospital to save up to US$ 600,000 annually.
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European Union is expected to Hold Maximum Share in Future After North America
Patient data privacy and reimbursement issues have driven the Healthcare Analytics Market in Europe. Healthcare data is highly valuable to hackers because they can sell it at a high price in black market and Europe has registered many cases of data theft from hospital centers. This persuaded many of the hospitals and clinics in countries such as Germany, Italy and Spain to give up their traditional systems and implement healthcare analytics.
Key Market Segments in Healthcare Analytics Market are:
- Healthcare Analytics Market – By Type
- Descriptive Analytics
- Predictive Analytics
- Prescriptive Analytics
- Market By Delivery Model
- On-premise Models
- On-demand Models
- Healthcare Analytics Market – By Application
- Clinical Analytics
- Financial Analytics
- Operational and Administrative Analytics
- Population Health Analytics
- Market By Component
- Market By Region
- North America
- Rest of North America
- The UK
- Rest of Europe
- Asia Pacific
- Southeast Asia
- Rest of Asia Pacific
- Middle East and Africa
- GCC Countries
- Southern Africa
- Rest of Middle East and Africa
- Latin America
- Rest of Latin America
- North America
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