Healthcare Analytics Market by Type (Descriptive Analytics, Predictive Analytics, Prescriptive Analytics); by Delivery Model (On-Premise Models, On-Demand Models); by Application (Clinical Analytics, Financial Analytics, Operational and Administrative Analytics, Population Health Analytics); by Component (Service, Hardware, Software); by Region (U.S., Rest of North America, France, UK, Germany, Spain, Italy, Rest of Europe, China, Japan, India, Southeast Asia, Rest of Asia Pacific, GCC Countries, Southern Africa, Rest of MEA, Brazil, Rest of Latin America) – Global Insights, Growth, Size, Comparative Analysis, Trends and Forecast, 2018-2026
Healthcare analytics is a branch of analysis that mainly focusses on offering insights into hospital management, patient records, costs, diagnoses and so on. The analytics solution when combined with business intelligence and data visualization tools, helps to manage healthcare system better by providing real time information that can support clinical decisions and deliver actionable insights. In short, healthcare analytics is the application of business analytics and intelligence to the healthcare industry to determine, how a particular clinical care can be improved while limiting excessive spending of hospitals and clinics.
The Healthcare Analytics market, in terms of revenue, which was estimated at US$ 9471.85 Mn in 2017, is expected to reach US$ 31529.98 Mn by 2022.
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Healthcare Analytics market research is an intelligence report with meticulous efforts undertaken to study the right and valuable information. The data which has been looked upon is done considering both, the existing top players and the upcoming competitors. Business strategies of the key players and the new entering market industries are studied in detail. Well explained SWOT analysis, revenue share and contact information are shared in this report analysis.
Top Companies Profiled in this Report Includes; 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.
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.
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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.
European Union is expected to Hold Maximum Share in Future After North America
Patient data privacy and reimbursement issues have driven the market for healthcare analytics 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.
Healthcare Analytics Market is Fragmented Due to the Presence of Many Start-ups and Medium Scale Healthcare Companies
- 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
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