Healthcare Analytics Market Overview and Industry Analysis by Type (Predictive, Cognitive), Component (Software, Services), Delivery Model (On-Premises), Application (Financial Analysis, Clinical Analysis), End User (Payers, Hospitals) and Region, Competitive Market Size, Share, Trends and Forecast to 2027
New York, United States, July 20, 2021 (GLOBE NEWSWIRE) – Healthcare Analytics Market Overview
According to an in-depth research report published by Market Research Future (MRFR), the “Healthcare Analytics Market Information by type, component, delivery model, application, end user and region – Forecast up to 2027”, The market is expected to reach $ 51.5 billion by 2027 at a CAGR of 23%.
Healthcare analytics is a crucial section of analytics that primarily focuses on providing cost information, hospital management, diagnostics, patient records, and a lot of other data. This domain includes all segments of healthcare, providing both micro and macro levels of data. The escalation of technological advances in healthcare, the growing demand for less paperwork, improved treatment plans, the increasing availability of cost-effective technologies, the need for better patient care services and existing procedures will ensure a bright future. for the world market.
The USP market exclusively encompassed:
Best growth boosters
Technological innovations, the intensive use of analytics in sales and marketing applications, and the bewildering increase in chronic diseases are some of the major reasons for the sustained growth of the market. Growing pressure on healthcare to reduce expenses and maintain standardization of several internal processes, while meeting regulatory needs, could further increase the size of the healthcare analytics market. Additionally, the COVID-19 epidemic has fostered the use of these solutions by many healthcare organizations to address challenges and complexities for optimal results. Simply put, the surging demand in the healthcare industry to improve patient outcomes and also reduce total healthcare spending is expected to do wonders for the global market in the future.
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In addition, the growing emphasis on value-based care rather than volume-based care has driven the demand for analytics solutions among various end users. IBM’s report titled “2019 Payers Analytics Market Trends Report” reveals that payers are gradually using analytics to facilitate the shift from fee-for-service / FFS to value-based care / VBC. In addition, the availability of various pay-for-performance (P4P), risk and income sharing, and fee-for-service (P4R) programs has strengthened the investments of paying agencies for uses that facilitate quality balance. -cost via a better understanding of the health requirements as well as the risks.
Competitive Landscape of Healthcare Analytics Market:
The top competitors in the global healthcare analytics market include:
The majority of companies strive to expand their geographic reach and launch newer and more advanced solutions through numerous strategies, such as product launches, collaborations, partnerships and acquisitions. To illustrate, in June 2021, Netsmart acquired SimpleLTC, a data analytics company, from Briggs Healthcare. The acquisition of SimpleLTC solutions should help strengthen the Netsmart CareFabric platform in areas related to predictive analytics, reimbursement optimization, quality measurement and regulatory compliance, while optimizing submission efficient data in Medicaid, Medicare and health plans.
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High costs can weaken the demand for analytics among small and medium healthcare companies with low budgets. This is a common case in particular in developing countries, where budgets allocated to healthcare IT solutions are limited.
COVID 19 analysis
The Covid-19 outbreak has posed a number of challenges for the health sector, weighing it down as the number of cases increases. This, in turn, has increased the demand for analysis in the global healthcare industry. Post-pandemic technological innovations have exploded and have helped the healthcare industry deliver advanced solutions to address the physical limitations of labor and capital. For example, IBM and Moderna widely use cloud computing, blockchain solutions, and artificial intelligence to help manage COVID-19 vaccines.
The major segments specified in the MRFR for Healthcare Analytics Market include type, component, delivery model, application, and end-user.
The different types of healthcare analytics are predictive analytics, descriptive analytics, cognitive analytics, and prescriptive analytics. Descriptive analysis offers a host of benefits such as assessing the member or patient population and detecting irregularities or errors in insurance claims to assess their performance. These advantages are driving the adoption rate of descriptive analytics solutions by an increasing number of organizations, resulting in substantial market growth.
When it comes to components, the global market is for hardware, services and software.
Depending on the delivery method, key segments are on-site as well as on-demand.
The main applications of healthcare analytics include financial analysis (Revenue Cycle Management (RCM), Claims Handling, Risk Adjustment and Assessment, Payment Integrity and Fraud, Waste and Abuse (FWA), Analytics clinical (clinical decision support (CDS quality improvement and benchmarking), population health analysis, operational and administrative analysis, and more.
The main end-users of healthcare analysis are payers (government agencies, employers and private scholarships, private insurance companies), providers (post-acute care organizations, hospitals and clinics, outpatient settings), etc. .
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The US market could take the lead in the coming years as the region is home to a large pool of healthcare analytics developers as well as frequent technological innovations. The rapid emergence of information technology in healthcare, the increasing use of EMR / EHR systems, and strong government support for healthcare would also increase market share in the region. In addition, to reduce the number of medical errors, doctors and clinicians are increasingly using mhealth and big data tools, which is having an incredible impact on the healthcare analytics market in the world. region.
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