APAC to Witness Robust Growth in Healthcare Analytics Market through 2025

Emergence of big data in healthcare to drive the growth of global healthcare analytics market

According to TechSci Research report, “Global Healthcare Analytics Market By Component (Hardware, Software, Service), By Deployment Mode (On-premise v/s Cloud), By Type (Predictive Analytics, Prescriptive Analytics, Descriptive Analytics, Cognitive Analytics), By Application (Financial Analysis, Operational & Administrative Analysis, Clinical Analysis, Population Health Analysis, Others), By End User (Healthcare Providers, Pharmaceutical Industry, Biotechnology Industry, Academic Organization, Others), By Region, Forecast & Opportunities, 2025”, the global healthcare analytics market is expected to grow at a robust rate during the forecast period on account of the  growing awareness and focus of different governments around the globe on personalized medicine solutions. Additionally, replacement of manual records by electronic records is further expected to propel the market over the next few years. Furthermore, increasing venture capital investments are expected to positively impact the market growth. Besides, healthcare analytics provide crucial insights into the risk and revenue models to the various end users. Also, growing need to improve the quality of healthcare facilities at an affordable cost is expected to spur the market over the next few years. Moreover, the use of analytical tools helps in closing the performance gaps in healthcare delivery systems. However, lack of data integration and data security & privacy issues can hamper the growth of market during forecast period. Additionally, lack of skilled IT personnel can further restrict the market growth over the next few years. Also, lack of organizational procedures for data sharing and integrity might negatively impact the market growth. Furthermore, the reimbursement policies are quite uncertain especially in the developing world which hinder the growth of market through 2025.

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The global healthcare analytics market is segmented based on component, deployment mode, type, application, end user, company and region. Based on component, the market can be categorized into hardware, software and service. The service segment is expected to register the highest growth over the next few years owing to the increasing requirement for business analytics services and introduction of technologically advanced healthcare analytics software. Based on deployment mode, the market can be bifurcated into on-premise and cloud. The on-premise segment is expected to grow significantly during forecast period on account of the easily nature of on-premise models. Based on type, the market can be categorized into predictive analytics, prescriptive analytics, descriptive analytics and cognitive analytics. The prescriptive analytics segment is expected to register the highest CAGR through 2025. This can be ascribed to its inherent ability to predict possible outcomes and its implications on crucial business metrics. Based on application, the market can be grouped into financial analysis, operational & administrative analysis, clinical analysis, population health analysis and others. The financial analysis segment is expected to dominate the market on account of the growing focus of major players operating in the market on early detection of frauds and reducing healthcare costs. Additionally, increasing focus on cost cutting and increasing profitability further drives the growth of segment. The clinical analysis segment is expected to witness significant growth through 2025 since it enables to reduce the healthcare spending by using different data analytics solutions and improves access to healthcare provider networks. Based on end user, the market can be fragmented into healthcare providers, pharmaceutical industry, biotechnology industry, academic organization and others. The healthcare providers segment is expected to dominate the market over the next few years. This can be accredited to the use of healthcare analytics in various healthcare institutions to cut down on administrative costs, reduce fraudulent and incorrect payments, among others. Additionally, the use of analytics helps physicians identify the areas for patient care improvement and promote evidence based practices within the healthcare system.

Allscripts Healthcare Solutions Inc., Cerner Corporation, Citius Tech, Inc., Cotiviti (Verscend Technologies Inc.), Health Catalyst, IBM Corporation, Innovalon, McKesson Corporation, MedeAnalytics, Inc., Optum Inc., Oracle Corporation, SAS Institute Inc., SCIO Health Analytics, Viteros Health, Wipro Limited, Philips Healthcare, Ikon Tech IQVIA, The General Electric Company, Medtronic Plc., Verisk Analytics, Inc. and others are some of the leading players operating in global healthcare analytics market. The companies operating in the market are using organic strategies such as product launches, mergers and collaborations to boost their share.

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“Asia-Pacific is expected to witness significant growth in the healthcare analytics market during the forecast years, owing to the improving healthcare IT infrastructure in the region. Additionally, growing adoption of electronic medical health records and personalized medicine in the region is further anticipated to spur the market until 2025. Also, the key vendors operating in the market are expanding their business in the region creating lucrative opportunities for the growth of market.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Global Healthcare Analytics Market By Component (Hardware, Software, Service), By Deployment Mode (On-premise v/s Cloud), By Type (Predictive Analytics, Prescriptive Analytics, Descriptive Analytics, Cognitive Analytics), By Application (Financial Analysis, Operational & Administrative Analysis, Clinical Analysis, Population Health Analysis, Others), By End User (Healthcare Providers, Pharmaceutical Industry, Biotechnology Industry, Academic Organization, Others), By Region, Forecast & Opportunities, 2025”, has evaluated the future growth potential of global healthcare analytics market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global healthcare analytics market.

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