The global Healthcare Data Analytics Market was valued at US$ 13,200 million in the year 2018 and is expected to reach US$ 39,643 million by the year 2023
— The global healthcare data analytics market was valued at US$ 13,200 million in the year 2018 and is expected to reach US$ 39,643 million by the year 2023, growing at a CAGR of approximately 24.6%. The increasing investment in healthcare is also one of the reasons for the growth of the market during the forecast period.
The emergence of big data and other analytics techniques in the healthcare industry has resulted in increased focus on gathering and analysing data from different sources for better patient care.
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Healthcare analytics comprehensively uses data for the purposes quantitative and qualitative analysis. The healthcare industry is shifting from volume-based medicines to value-based medicines. The improved quality of healthcare analytics services results in the reduction of the length of stay in hospitals, fraud detection, and other benefits, which in turn, will drive the growth of the market in the future.
On the basis of the type of analytics, the global healthcare data analytics market is segmented as descriptive analytics, predictive analytics, and prescriptive analytics. Descriptive analytics helps to understand what problems with the case are. Predictive analytics helps to understand what trends will be in the future for the case, while prescriptive analytics helps to understand what suggested solution will be available for a particular problem.
According to the delivery mode, the on-demand delivery accounts for the highest share in the global healthcare data analytics market, owing to its highly adaptable nature, affordability, and the ease of use.
On the basis of applications, the market is segmented as clinical, operations, financial, and others. The clinical segment is holding the highest share in the healthcare data analytics market, owing to increased spending in this sector.
Geographically, North America is holding the dominating position in the global healthcare data analytics market, owing to the increasing healthcare spending and the growing adoption of personalized medicine and value-based reimbursement policies.
The major players of the healthcare data analytics market are:
Allscripts Health Solutions (US), Cerner Corporation (US), CitiusTech, Inc. (US), Health Catalyst (US), IBM Corporation (US), McKesson Corporation (US), MedeAnalytics, Inc. (US), Oracle Corporation (US), SAS Institute, Inc. (US), SCIO Health Analytics (US), Verscend Technologies, Inc. (US), and Wipro Limited (India), amongst others. In September, 2018, EPSi and Allscripts Healthcare Solutions entered into a partnership with MPA Healthcare Solutions. This kind of strategic partnerships will help the healthcare data analytics market by providing innovative ideas for new product offerings.
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