The healthcare analytics market has been anticipated to experience novel growth avenues in the near future.
The healthcare analytics market has been anticipated to experience novel growth avenues in the near future. The growth opportunities in the global market are attributed to the effectiveness of healthcare analytics to use data and other related business insights that are developed with the help of cognitive, comparative, predictive, quantitative, statistical, and some other emerging models for applied analytics. Thus, based on these factors, the market has been predicted to grow at a noteworthy speed in the coming years.
The tools from the market are also helpful to reveal and understand the historical data patterns and to predict future outcomes. In addition to this, these tools are also used to provide actionable insights in order to drive fact-based decision-making for the improvement of performance in clinics, finance, and operations. Along with this, these analytics are also used to reduce the costs of healthcare and to improve the quality of healthcare. Thus, based on these factors, the global market is predicted to experience novel growth avenues in the forthcoming years.
Healthcare Analytics Market – Key Drivers
Various healthcare organizations across the world are encouraging healthcare organizations in order to adopt EHRs and to concentrate on quality care in order to comply with the pay-for-performance initiatives. In addition to this, these organizations are also emphasizing enhancing the information exchanges between numerous health systems. These initiatives have been estimated to help the service providers to gather data of the patients through electronic medium. Further, it is also helpful to support data integration and management of chronic diseases. These steps are estimated to prevent the number of hospital readmissions and to reduce the stays at hospitals. Along with this, these initiatives are also providing assistance to minimize claims abuse and fraud, reduce healthcare costs, and improve patient health. Thus, based on these benefits, the healthcare analytics market has been expected to grow at a rapid pace in the forthcoming years.
On the flip side, the high adoption and maintenance cost of these systems is likely to limit the adoption of these services. This factor is predicted to curtail the growth avenues in the healthcare analytics market in the near future.
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Healthcare Analytics Market – Recent Developments and Key Players
The key players serving in the healthcare analytics market have been adopting numerous strategies to develop novel growth opportunities in the near future. Mergers and acquisitions, expansion of company network, partnerships or agreements, and novel product launches are some of these market strategies to create growth impetuses. The companies are using the mergers and acquisitions in order to utilize respective strengths, for instance, capture the untapped markets, enhance company portfolio, develop novel products, distribution network, and intense R & D activities.
For instance, Flatiron has established a partnership with Foundation Medicine, Inc. in June 2021. The motive of this initiative is to integrate the company’s solutions with OncoEMR in order to offer integrated genomic profiling to the consumers.
Some of the key players in the healthcare analytics market are:
- BM
- Cotiviti
- Optum
- McKesson
- Cerner
- Health Catalyst
- SAS Institute
- Allscripts
- Inovalon
- Oracle
Healthcare Analytics Market – Regional Assessment
The healthcare analytics market has been divided into North America, Europe, Latin America, Asia Pacific, and the Middle East & Africa on the basis of geographical areas. North America has been projected to hold a dominating position in the global market. The growth impetuses in the regional market are attributed to the rising concentration on PHM, technological advancements, increasing pressure in order to reduce healthcare costs, and high service and product availability. Along with this, implementation of the federal health mandates to encourage the adoption of HCIT solutions and increasing investment in the VC solutions are also fueling the growth avenues in the regional market.
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