Market Research Report
North America Healthcare Analytics Market - Growth, Trends, and Forecast (2019 - 2024)
|Published by||Mordor Intelligence LLP||Product code||629146|
|Published||Content info||71 Pages
Delivery time: 2-3 business days
|North America Healthcare Analytics Market - Growth, Trends, and Forecast (2019 - 2024)|
|Published: March 1, 2019||Content info: 71 Pages||
The North America healthcare analytics market is expected to register a CAGR of nearly 22.1% during the forecast period.
Healthcare analytics is one of the major service platforms used in the healthcare segment for marketing of business software and consulting services. It widely uses data, statistical, and qualitative analyses, and explanatory and predictive modeling. The analytics help the healthcare organizations in reducing the hospital stays of patients, regulatory compliance, improving quality healthcare, preclusion of chronic diseases, and fraud detection.
The Predictive Analytics Segment Holds the Largest Share
Predictive analytics, along with machine learning, is rapidly becoming one of the most discussed topics in healthcare analytics. Machine learning is a well-studied field, with a long history of success in many industries. The use of predictive analytics in healthcare can jumpstart the healthcare analytics market by improving chronic disease management, patient care, hospital administration, and supply chain efficiencies. In the healthcare industry, prediction is most useful when the predicted knowledge can be converted into action. Additionally, there is an increasing trend to utilize the available historical and real-time data, which is leading to higher adoption of predictive analysis in the health industry.
The North American healthcare analytics market is moderately fragmented, with some major players controlling a major share of the market, along with the presence of several niche players. Non-competing healthcare organizations partnering with each other, in order to manage the health of a population is a major trend that is been observed in the healthcare industry. Government payers, such as Medicare and Medicaid, are readily moving toward capitated payment and value-based-purchasing models, where outcomes may be measured and rewarded. For the success of these models, healthcare analytics is expected to be as important as the providers.
The United States Dominates the North America Healthcare Analytics Market
The United States has the largest market share in the market studied, due to factors, like growing federal healthcare mandates, to curb rising healthcare costs and increasing patient quality care. The increasing regulatory requirements and growing EHR adoption are also contributing to its growth. The healthcare infrastructure in the United States is experiencing positive trends in the healthcare analytics domain. Healthcare organizations are also realizing that social determinants of health contribute to the wellbeing of a patient more than medical issues. In 2018, social determinants of health, along with drug usage and emergency room admissions data, rapidly drove the model for identifying cost risks of population clusters. The increasing use of data-driven techniques for healthcare decision making is expected to drive the market studied during the forecast period.