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London, UK -- (SBWIRE) -- 02/05/2020 -- The healthcare analytics market consists of sales of healthcare analytics and related goods by entities (organizations, sole traders and partnerships) that provide healthcare analytics. Analytics is the systematic use of data and related business insights developed through various analytical models such as statistical, cognitive, contextual, predictive, quantitative and other emerging models to initiate fact based decision making for planning, measurement, management and learning. These analytics may be predictive, descriptive, and prescriptive.
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The Healthcare Analytics market is segmented by type of technology, by application, by component, and by geography.
By Type Of Technology- The healthcare analytics market is segmented by type of technology into
a) Descriptive analytics
b) Predictive analytics
c) Prescriptive analytics
The prescriptive analytics market is the emerging segment among all three, which is valued at USD 911 million in 2016 and forecast to reach USD 4,029 million in 2022f, growing at a CAGR of 28.2%.
By Application - The healthcare analytics market is segmented by application into
a) Clinical data analytics
b) Administrative & Operational
c) Financial analytics
The financial analytics segment had the largest market share of nearly 69.0% of total market in 2016, followed by the administrative and operational analytics segment, which accounted for 12.5% share of overall healthcare data analytics market. The administrative and operational analytics segment is followed by clinical data analytics and others segments accounted which for 11.0% and 7.5% respectively in 2016.
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By Component - The healthcare analytics market is segmented by component into
By Geography - The healthcare analytics market is segmented into
o North America
o Asia Pacific
o Rest of the World (RoW)
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North American market accounted for largest market share of nearly 61.2% of total market in 2016 and is followed by Europe and RoW regions, which accounted for 17.1% and 12.8% share of overall healthcare data analytics market in 2016.
Major Competitors of Global Healthcare Analytics Market are IBM (International Business Machines Corporation), Oracle Corporation, McKesson Corporation, Truven Health Analytics (Private Subsidiary), Cerner Corporation
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