Healthcare Analytics Market Worth 24.55 Billion USD by 2021

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PUNE, India, Nov 03, 2016 (PR Newswire Europe via COMTEX) — PUNE, India, November 3, 2016 /PRNewswire/ —

According to a new market research report “Healthcare Analytics/ Medical Analytics Market by Application (Clinical, RCM, Claim, Fraud, Supply Chain, HR, PHM), Type (Prescriptive), Component (Service, Software), Delivery (On-premise, Cloud), End User (Hospital, Payer, ACO, TPA) – Forecasts to 2021”, published by MarketsandMarkets, the global market is expected to reach USD 24.55 Billion by 2021 from USD 7.39 Billion in 2016, at a CAGR of 27.1% during the forecast period.

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The growth of this market is mainly driven by factors such as increasing government initiatives to enhance EHR adoption, rising pressure to curb healthcare spending and need for improved patient outcomes, availability of big data in healthcare, rise in venture capital investments, and technological advancements. Moreover, use of analytics in precision and personalized medicine, increasing focus on value-based medicine and cloud-based analytics, increasing number of patient registries, and emergence of social media and its impact on the healthcare industry provide significant growth opportunities in the market. However, lack of skilled professionals, high cost of analytics solutions, and operational gaps between payers and providers may hinder the growth of this market during the forecast period.

The report segments the Healthcare Analytics Market based on type, application, component, delivery model, end user, and region. Based on type, the Healthcare Analytics Market is segmented into descriptive, predictive and prescriptive analytics. The descriptive analytics segment is expected to account for the largest share of the Healthcare Analytics Market in 2016. The significant usage of descriptive analytics by healthcare providers to gain a better understanding of the past trends and event occurring in real-time, is expected to drive the growth of the descriptive analytics market during the forecast period. Based on delivery model, the Healthcare Analytics Market is segmented into on-demand and on-premise models. The on-demand model segment is expected to grow at the highest CAGR during the forecast period due to its advantages such as growing demand for self-driven analytics, lack of upfront capital investments for hardware, extreme capacity flexibility, and the pay-as-you-go pricing of this model.

Based on region, the Healthcare Analytics Market is segmented into North America, Europe, Asia, and the Rest of the World (RoW). In 2016, North America is expected to dominate the market, followed by Europe. North America is poised to be the fastest-growing region during the forecast period. Factors such as growing federal healthcare mandates to curb rising healthcare costs and provide quality care; increasing regulatory requirements; growing EHRs adoption; and rising government initiatives to focus on personalized medicine, population health management, and value-based reimbursements will drive market growth in North America.

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The Healthcare Analytics Market is a highly fragmented market, with several big and emerging players. Key market players include IBM Corporation (U.S.), Optum, Inc. (U.S.), Cerner Corporation (U.S.), SAS Institute, Inc. (U.S.), Allscripts Health Solutions (U.S.), McKesson Corporation (U.S.), MedeAnalytics, Inc. (U.S.), Inovalon (U.S.), Oracle Corporation (U.S.), Verisk Analytics (U.S.), and Health Catalyst (U.S.).

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