The global healthcare analytics market size was valued at USD 11.59 billion in 2018 and is projected to reach USD 80.21 billion by 2026, exhibiting a CAGR of 27.5% during the forecast period.
The Healthcare Analytics Market research report for 2026 highlights the important market trends in the industry. In addition to looking at entry barriers, sales channels, distributors, and Porter's Five Forces Analysis, this market analysis also looks at market size, market share, growth rate, future trends, market drivers, opportunities, challenges, and risks. The research shows changes in CAGR figures over the market's projection period. The leading brands or companies are generally accountable for the modifications in the market landscape through their innovations, product launches, joint ventures, mergers, and acquisitions, which modify the perception of the industry's global face.
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Major Market Players Profiled in the Report include:
- Cerner Corporation
- IBM Corporation (IBM Watson)
- Flatiron Health
- Linguamatics
- Allscripts Healthcare, LLC
- Epic Systems Corporation
- Health Catalyst
- Inovalon
- Others
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Market Drivers:
Focusing More on Personalised Medicines by Healthcare Providers to Accelerate Market Growth
The established healthcare industry tends to produce enormous amounts of patient data along with the rising adoption of EHR systems. Healthcare providers and payers use this data for strategic decision-making and analyse the current trend with predictive analytical tools. Nowadays, a lot of healthcare professionals favour medications that are individualised. The need for healthcare analytics is growing as a result of the recently released advanced analytics devices, which help to understand management quality, patient health, and patient decision-making.
In some cases, data privacy concerns have been raised as a result of the daily rise in online fraud. Patient information has been stolen and used fraudulently in other ways. In the upcoming years, it is anticipated that the stated reason will restrain the growth of the healthcare predictive analytics market.
Regional Analysis:
In order for North America to dominate the market, the number of patients with chronic diseases must rise.
North America held the largest market share for healthcare predictive analytics in 2021, with a value of USD 3.30 billion. The region's dominance is due to the rising number of patients with chronic illnesses.
The market's second-best region is Europe. Projects started by the government and a high level of knowledge about healthcare solutions are anticipated to maintain market share.
The region with the highest CAGR is expected to be Asia Pacific during the estimated time frame. A mobile app for patients and EHR systems for pharmacies and clinics make up the new solution.
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
Competitive Environment:
Market players prioritise the launch of new products to improve their market position.
Leading providers of healthcare predictive analytics are competing to gain market share by providing solutions that are specific to their respective sectors. To gain a foothold in the region, these players strategically work with and subjugate regional rivals. In order to capture a larger market share, these businesses concentrate on creating cutting-edge products and effective marketing strategies. It is anticipated that the growing amount of international trade will present lucrative opportunities for market participants.
This Report Aims To Provide:
An analysis, both qualitative and quantitative, of the dynamics, trends, and projections for the years 2023 to 2030.
The use of analysis tools like SWOT analysis and Porter's five force analysis helps to explain how capable buyers and suppliers are of making decisions that will strengthen their companies’ bottom lines.
The current market opportunities are identified through a thorough analysis of market segmentation.
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Questions Answered in the Healthcare Analytics Market Research Report
- Which are the leading players active in the Healthcare Analytics Market size?
- What are the detailed impacts of COVID-19 on the market?
- What current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What future projections would help in taking further strategic steps?
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