Northbrook, IL -- (SBWIRE) -- 01/05/2021 -- According to the new market research report"Healthcare Analytics Market by Type (Predictive, Prescriptive, Cognitive) Application (Clinical, RCM, Claim, Fraud, Waste, Supply Chain, PHM) Component (Service, Software) Delivery (On-demand, Cloud) End User (Payer, Hospital) - Global Forecast to 2024" published by MarketsandMarkets™

Revenue Growth Opportunities and Growth Drivers?

The Healthcare Analytics Market is expected to reach $50.5 billion by 2024 from $14.0 billion in 2019, at a CAGR of 28.3% during the forecast period.

Growth Boosting Factors:

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

Recent Developments in Industry:

- In August 2018, Verscend Technology (US) acquired Cotiviti Holdings, Inc. (US), a leading provider of payment accuracy and analytics-driven solutions focused primarily on the healthcare industry.

- In March 2018, Verscend Technology (US) acquired General Dynamics (US) to add the latter's solutions for tracking healthcare fraud, waste, and abuse (FWA) to its portfolio. This acquisition also enabled Verscend to strengthen its payer quality analytics and reporting solutions.

- In July 2018, Health Catalyst (US) acquired Medicity, a PHM company offering solutions for HIEs, business intelligence, and provider and patient engagement.

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Leading Key Players in the Worldwide Industry:

The healthcare analytics market is highly competitive in nature, with several big as well as emerging players. Prominent players in this 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).

Geographical Regions Mapped in Report:

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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Market Segmentation in Detailed:

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.