India Healthcare Analytics Market to Grow at a Promising Rate through FY2027
Increasing demand for accuracy in diagnosis and increasing prevalence of chronic diseases are expected to drive the demand for India healthcare analytics market for the forecast period.
According to TechSci Research report, “India Healthcare Analytics Market By Component (Hardware, Software, Services), By Deployment Mode (On-premise v/s Cloud), By Type (Predictive Analytics, Prescriptive Analytics, Descriptive Analytics), By Application (Financial Analysis, Operational & Administrative Analysis, Clinical Analysis, Population Health Analysis), By End User (Healthcare Payers, Healthcare Providers, Third Party Administrators, Others), By Company, By Region, Forecast & Opportunities, FY2027”, India healthcare analytics market is expected to witness steady growth for the next five years. Rise in geriatric population and ever-rising demand for accuracy in diagnosis are bolstering the demand for healthcare analytics in the country. Healthcare analytics refers to the collection of data by many organizations in order to provide the insights for fact-based decision-making process. Healthcare analytics also aids in providing safe medications to consumers and make treatments more effective for patients. With the help of healthcare analytics treatment failures and ineffectiveness of the medications can be treated at an early stage. Healthcare analytics also assists researchers and physicians to improve their efficiency by providing them the medical historical data of the patients and analysis of the data to take informed decisions. Also, the shortage of primary physician and nurses at hospitals is putting more burden on overworked professionals. Entry of new market players and adoption of new approaches by existing market players is influencing the market growth for the forecast period. Healthcare analytics reduces the patient wait time by leveraging staffing procedures and staffing facility.
However, increase in prevalence of cybercrime due to digitalization process at healthcare industry may hamper the market growth in the forecast period.
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India healthcare analytics market is segmented into component, deployment mode, type, application, end user, region, and company. Based on type, healthcare analytics market is categorized into predictive analytics, prescriptive analytics, and descriptive analytics. Descriptive analytics is expected to hold the majority of market share during the forecast period due to adoption of digital technology and subsequently the large volumes of data generated by healthcare organizations. It also facilitates analysis of structured and unstructured data to generate the needful insights to aid for better decision-making process. Based on end user, market is divided into healthcare payers, healthcare providers, third party administrators and others. Healthcare payers segment is expected to hold the largest share in market during the forecast period owing to increase in costs for availing healthcare facilities, surge in demand for increasing memberships and optimization of operational costs. Based on component, market is fragmented into hardware, software, and services. Hardware segment is anticipated to witness considerable growth in the forecast period owing to high costs associated with installation of hardware infrastructures. Cost of integrating electronic devices with the system is going to decline in the upcoming years which is anticipated to fuel the demand for hardware market in India. Based on application, market is divided into financial analysis, operational & administrative analysis, clinical analysis, and population health analysis. The financial segment is accounted to register significant growth during the forecast period due to the need to reduce the financial burden over the healthcare industry by unmasking the opportunities which may aid for this process. Financial Analysis segment includes risk adjustment and assessment, fraud analysis and financial settlement claims.
Allscripts India Pvt. Ltd., Cerner Healthcare Solutions India Private Limited, Citius Tech India Pvt. Ltd., IBM India Pvt. Ltd., McKesson Corporation, Philips India Healthcare Ltd., Medtronic India Pvt. Ltd., Oracle India Pvt. Ltd., Wipro Ltd., Optum Health and Technology India Pvt. Ltd. are the leading players operating in India healthcare analytics market. Companies are increasingly focusing on research and development process to fuel higher growth in the market. To meet evolving customer demand with respect to better efficiency and durability, several healthcare analytics service providers are coming up with their technologically advanced offerings.
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“Healthcare analytics aids in providing personalized treatment and monitoring patient health conditions remotely. The data generated by data analytics is used by government authorities to make healthcare policies and programs relating to a particular demography by identifying the disease patterns and trends in the country. Also, adoption of emerging technologies such as artificial intelligence, big data analytics and machine learning by healthcare industry for better market assessment, customer outreach and brand marketing is anticipated to propel the market growth till FY2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“India Healthcare Analytics Market By Component (Hardware, Software, Services), By Deployment Mode (On-premise v/s Cloud), By Type (Predictive Analytics, Prescriptive Analytics, Descriptive Analytics), By Application (Financial Analysis, Operational & Administrative Analysis, Clinical Analysis, Population Health Analysis), By End User (Healthcare Payers, Healthcare Providers, Third Party Administrators, Others), By Company, By Region, Forecast & Opportunities, FY2027” has evaluated the future growth potential of India healthcare analytics market and provided statistics & information on market size, shares, 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 India healthcare analytics market.
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