Market Research Analysts at Market Data Forecast predicted the Healthcare Analytics Market Size to reach USD 27.7 billion by 2023 from USD 8.93 billion in 2018 witnessing a CAGR of 25.41%.
The "Healthcare Analytics Market Analysis - By Type (Predictive Analytics, Descriptive/Retrospective Analytics And Prescriptive Analytics), By Application (Financial Analytics, Clinical Analytics, Operational & Administrative Analytics), By End-user (public Health Systems, Healthcare Providers, Private Healthcare Providers, Monitoring Agencies, Health Insurance Companies, Clinical And Medical Research Bodies, Technology Vendors) and By Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa) - Industry Analysis on Size, Share, Trends, Growth and Global Forecast to 2023" report published by Market Data Forecast provides a detailed account of the Market Trends via Customized Research presented as Strategic Analyses, Company Profiles, Competitive Landscape etc.
Among the end-users, the healthcare providers segment is expected to grow at the highest CAGR during the forecast period. Federal mandates, such as the employment of EHRs and ICD-10 code sets, interest towards value-based medicine, and the mounting pressure for quality care and reduced costs are propelling the growth of this segment.
Geographically, North America represents the largest share of the global market in 2015 and it continues to dominate the market during the period in the discussion, mainly owing to the federal mandates supporting the Healthcare IT acceptance in this region
Besides, operational advantages to the healthcare industry in terms of consolidation of the health records and revenue management cycle, there are more than a few other domains where healthcare analytics can be used effectively. It has become an effective tool in targeting a horde of issues and challenges present in the current market scenario like increasing regulatory pressures on healthcare providers & insurance companies, resource crises, disease surveillance and identification of people at risk amidst global pandemics.
With several big as well as emerging market players present in the market, the healthcare analytics market is highly competitive. Some of the companies involved are SAS Institute, Inc., Optum, Inc., IBM Corporation, Cerner Corporation, Truven Health Analytics Inc., Verisk Analytics, Inc., Allscripts Health Solutions, McKesson Corporation, Oracle Corporation, MedeAnalytics, Inovalon, Inc. and Health Catalyst.