Market Research Report
Global Healthcare Analytics Market Research and Forecast, 2019-2025
|Published by||Orion Market Research Pvt Ltd||Product code||839586|
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|Global Healthcare Analytics Market Research and Forecast, 2019-2025|
|Published: May 1, 2019||Content info:||
Global Healthcare Analytics Market Size, Share & Trends Analysis Report by Deployment Model (Cloud-Based, On-Premise, and Web-Based) by Application (Financial Data Analytics and Clinical Data Analytics), by End-User (Healthcare Provider & Pharmacies) and Forecast, 2019-2025
The healthcare analytics uses data, statistical analysis, quantitative method, mathematical computer-based model and information technology (IT), which allow healthcare providers to provide quality care to patient's health through fact-based decisions. According to Healthcare Information and Management Systems Society (HIMSS), healthcare analytics is the systematic use of data and related clinical and business insights developed through applied analytical disciplines which include statistical, contextual, quantitative, predictive, and cognitive spectrums to drive fact-based decision making for planning, management, measurement, and learning. The health analytics is considered to be decision support technologies for the healthcare providers and assists nurse, physicians, health officials, pharmacist, and health policymakers to achieve effective and quick health decisions.
The factors which are contributing to the growth of the healthcare analytics market include development in healthcare infrastructure, patient health outcomes, high adoption of Electronic Health Record (EHR) and increasing use of big data in healthcare. The rising government initiatives for the adoption of EHR in healthcare sector drives the global healthcare analytics market. The EHR is considered as the collection of various medical records, which is generated during the clinical encounter. The collection of medical records provides evidence-based care that boost the quick diagnosis of patient. The cloud-based analytics are easy to deploy, and access advanced information technologies such as predictive analytics and machine learning.
Geographically, the market is divided into North America, Europe, Asia-Pacific and Rest of the World (RoW). North America is expected to dominate the global healthcare analytics market during the forecast period. The growth is attributed to rising health concerns and increasing adoption of EHR in the region. However, Asia-Pacific is expected to grow significantly owing to the increasing government initiatives for the adoption of EHR. In India, the government is adopting various initiatives to promote the use of EHR. The Ministry of Health and Family Welfare has issued guidelines for EHR standards and meta-standards in India. The EHR standards for India were notified in December 2016, the purpose of EHR standard is to increase adoption of EHR and provide evidence-based care, and quick diagnosis that prevent from repeating unnecessary tests, and predictive analytics to support personalized care.
The healthcare analytics uses several analytics services such as predictive analytics, descriptive analytics, prescriptive analytics, and cognitive analytics. The predictive analytics is an advanced type of analytics, that predicts the patient's health through evaluating historical health data, detecting patterns of data. The advanced techniques such as data mining allow predictive analytics to detect hidden patterns and predict behavior and trends. There are various companies such as Health Catalyst, IBM Corp., McKesson Corp., NextHealth Technologies, Inc., MedeAnalytics, Inc., Epic Systems Corp, and Allscripts Healthcare, LLC that are contributing significantly into the growth of the market. The companies are focused on developing healthcare analytics solutions and adopting various strategies such as geographical expansion, merger & acquisition, in order to expand individual market share. For instance, in May 2017, UbiCare, a digital health company and Truven Health Analytics, integrity and advanced analytics solutions provider, entered into a partnership to improvise healthcare system.
The market study of the global healthcare analytics market is incorporated by extensive primary and secondary research conducted by a research team at OMR. Secondary research has been conducted to refine the available data to break down the market in various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior and macroeconomic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings the authenticity of our reports.
The report is intended for analytic service providers, companies, research, healthcare, investment companies, government organizations for overall market analysis and competitive analysis. The report will serve as a source for 360-degree analysis of the market thoroughly integrating different models delivering insights into the market for better business decisions.