In 2019, North America is expected to account for the largest share of the Healthcare Analytics Market, followed by Europe.

Northrook, IL -- (SBWire) -- 11/19/2019 --The growing adoption of data-driven decision-making and the implementation of initiatives to increase EHR adoption by governments in several countries are the major factors driving the growth of this market. Some of the other major factors supporting market growth include the emergence of big data in healthcare, rising pressure to reduce healthcare spending while improving patient outcomes, and the increasing number of patient registries.

What the Market Looks Like?

Predicted to grow at a CAGR of 28.3% during the forecast period, the Global Healthcare Analytics Market is estimated to reach USD 50.5 Billion by the end of 2024.

Based on type, the market is segmented into descriptive, predictive, prescriptive, and cognitive analytics. Descriptive analytics is expected to account for the largest share of the market in 2018, while the Prescriptive Analytics segment is projected to grow at the highest CAGR during the forest period. Descriptive analytics is expected to dominate the market during the forecast period because it forms the base for the effective application of predictive or prescriptive analytics.

By application, the market has been segmented into financial analytics, clinical analytics, operational & administrative analytics, and population health analytics. The Financial Analytics segment is estimated to dominate the market in 2019, due to a rising focus of payers on the early detection of fraud and reducing preventable costs. The market for financial analysis is expected to register significant growth during the forecast period.

Based on the deployment model, the market is segmented into on-premise and on-demand models. In 2019, the on-premise models segment is expected to account for the largest share of the global market. This can be attributed to the easily customizable nature of on-premise solutions, as compared to on-demand models.

On the basis of end user, the market is segmented into payers, providers, and ACOs, HIEs, MCOs, and TPAs. In 2019, the payers segment is expected to account for the largest share of the global market. Factors such as rising healthcare costs; the growing need to increase memberships; curb fraudulent claims, optimize provider networks, and operational costs; and increasing competition are compelling healthcare payers to adopt analytics solutions.

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What Drives the Market?

The growth of the global market for Healthcare Analytics is primarily influenced by the following factors:

- Government Initiatives to Increase EHR Adoption
- Growing Venture Capital Investments
- Growing Pressure to Curb Healthcare Spending and Improve Patient Outcomes
- Big Data in Healthcare
- Growing Focus on Real-World Evidence

Geographical growth scenario of Healthcare Analytics Market;

Geographically, the market is dominated by North America, followed by Europe, Asia, and RoW. The market in North America is expected to witness the highest growth during the forecast period. The high growth of the North American market is attributed to growing federal healthcare mandates to curb rising healthcare costs; increasing regulatory requirements; growing EHR adoption; and rising government initiatives focusing on personalized medicine, population health management, and value-based reimbursements.

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Leading market players and strategies adopted;

The prominent players in the Healthcare Analytics market include IBM Corporation (US), Optum, Inc. (US), Cerner Corporation (US), SAS Institute, Inc. (US), Allscripts Health Solutions (US), McKesson Corporation (US), MedeAnalytics, Inc. (US), Inovalon (US), Oracle Corporation (US), Health Catalyst (US), SCIO Health Analytics (US), Verscend Technologies, Inc. (US), CitiusTech, Inc. (US), Wipro Limited (India), and VitreosHealth (US).

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