iCrowd Newswire – Jul 23, 2020
Healthcare/Medical Analytics Market size in 2019 is estimated to be $13.6 billion, growing at a CAGR of 27% during the forecast period 2020-2025. Healthcare analytics can be used to reduce time to treatment, improve performance of healthcare providers and also eliminates the need of conducting additional diagnostic tests. Healthcare analytics provide medical claim processing services that help to reduce the cost of treatment. Precision health analytics provides a range of tools for data storage, integration and visualized in web application. Growing demand for better patient outcomes and increasing usage of Big Data technologies are the major factors driving the growth of the market. Moreover, increasing government initiatives, growing value-based healthcare services further enhance the overall market demand for healthcare analytics during the forecast period 2020-2025.
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Type- Segment Analysis
Based on the type, Healthcare/Medical Analytics Market is segmented into Descriptive Analytics, Predictive Analytics, and Prescriptive Analytics. The descriptive analytics segment is forecast to be the fastest-growing segment and is estimated to grow at a CAGR of 20.6% during the forecast period 2020-2025. Descriptive analytics are mostly used for process optimization and administrative activities. Moreover, it tells us about the progression of an event, which has occurred in the past that are contributing the growth of this segment.
By Delivery Mode – Segment Analysis
Based on the Delivery Mode, Healthcare/Medical Analytics Market is segmented into On-Premise, On-Demand. In 2019, On-Premise held the largest share in the Healthcare/Medical Analytics market. This is mainly owing to ease of customization and cost effectiveness. Moreover, it provides proper security and privacy for extra sensitive information of companies is also contributing to the growth of this segment.
Geography – Segment Analysis
North America dominated the Healthcare/Medical Analytics market share accounting for 43% of the market in 2019. This is mainly owing to increasing cases of payment frauds, growing demand to reduce healthcare costs. According to Securities and Exchange Commission, it is estimated that number of fraud cases are increased by 33% which has increased the usage of health analytics in North America.
However, the Asia-Pacific region is forecast to be the fastest-growing during the forecast period 2020-2025. This is owing to the presence of supportive government initiatives to improve the medical infrastructure.
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Drivers – Healthcare/Medical Analytics Market
- Growing Demand for Better Patient outcomes
Increasing demand for better patient outcomes and awareness among patients about treatment are some factors driving the growth of Healthcare/Medical Analytics market. Moreover, increasing demand from consumers for improved healthcare quality, reduction of costs, improve better outcomes are also set to increase the market growth.
- Technological Advancements
Technological Advancements and increasing healthcare expenditure are some factors driving the growth of the market. Moreover, increasing EHR adoption, increasing usage of data-driven decision-making and increasing appearance of big data in healthcare system further contributing the growth of Healthcare/Medical Analytics market.
Challenges – Healthcare/Medical Analytics Market
Growing security issue and lack of skilled professional are challenging the growth of the market. Moreover, increasing security issues, technological and cultural barriers at the data source point are further restraining its market growth during the forecast period 2020-2025.
- On 9 December 2019 Optum Inc. has collaboration with FLINT Mich to improve health outcomes and provides specialty pharmacy care and infusion services.
- On 2 June 2020 Cerner Corporation launches behavioral health technology to implement its Electronic Health Record (EHR) and provides better healthcare facilities.
- In 2019, North America dominates the Healthcare/Medical Analytics market owing to increasing cases of payment frauds, growing demand to reduce healthcare costs.
- Growing demand for better patient outcomes and increasing usage of Big Data technologies is driving the market growth of healthcare analytics.
- Detailed analysis of the Strength, Weakness, and opportunities of the prominent players operating in the market will be provided in the Healthcare/Medical Analytics market report.
- Growing security issue and lack of skilled professional are challenging the growth of the market.
Healthcare/Medical Analytics Industry Outlook
Product launches, Merger & Acquisitions, joint ventures and R&D activities are key strategies adopted by players in the Healthcare/Medical Analytics Market. Healthcare/Medical Analytics top 10 companies are IBM Corporation, Optum, Inc., Cerner Corporation, SAS Institute, Inc., McKesson Corporation, MedeAnalytics, Inc., Inovalon, Verscend Technologies, Inc., CitiusTech, Inc., and Wipro Limited.
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