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Healthcare Analytics Market to reach $293.3 billion by 2025 | Planet Market Reports

Healthcare Analytics Market Reports

Healthcare analytics Market

Healthcare Analytics Market Research Reports

Healthcare Analytics Market to reach $293.3 Billion by 2025 by type (Prescriptive, Descriptive, Predictive) Delivery mode (On-premise, Web-based, cloud-based), Component (software, hardware and services), Application (clinical, financial and operational and administrative), End-users (Healthcare Payers, Healthcare Providers and Other end-users) and Regional Forecasts 2018-2025

Global Healthcare Analytics Market valued approximately USD 8.8 billion in 2017 is anticipated to grow with a healthy growth rate of more than 28.3 % over the forecast period 2018-2025. The advent of electronic records, mobile applications and eHealth has reduced the communication gap between healthcare providers and patients which is considered as a major growth trend for the global healthcare analytics market.

Key drivers for the healthcare analytics market are the integration of big data analytics in healthcare along with the government programs to promote the adoption of EHR. According to the Massachusetts Technology Collaborative Mass Tech in 2015, Massachusetts research universities, hospitals, and institutions have received grants over $115 million from the federal government in the form of prime grants to fund 194 different big data projects. A majority of these grants were funded by the Department of Health and Human Services, as well as the National Science Foundation, NASA and NOAA among others. Most highly funded projects work to combine disparate data sets for highly complex analysis. Through this funding, almost half of these centers use data-driven, analytical research methods to develop technologies, create computational tools and provide insight into the field of healthcare and life sciences. Thus, the government is making efforts to explore the advantages of big data analytics in various industries including healthcare to enhance operational efficiency, thereby supplementing the adoption & growth healthcare analytics. Furthermore, the growing demand for analytics in personalized and precision medicine is expected to create lucrative growth prospects of the healthcare analytics market across the globe. However, the high cost associated with analytics solutions acts as a key restraint for the market during the forecast period.

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On the basis of segmentation, the healthcare analytics market is segmented into type, component, delivery mode application and end-user. On the basis of type segment, the market is sub-segmented into prescriptive, descriptive, predictive of which descriptive analytics held the holds the major share owing to its applications and uses in various organizations. The component segment is classified into software, hardware and services of which service segment dominates the market due to growing demand for outsourcing these big data services. On the basis of delivery mode, the market is bifurcated into on-premise, web-based, cloud-based. The application segment is diversified into clinical, financial and operational and administrative. On the basis of end-user segment the market is classified into healthcare providers, healthcare payers, and other end-users out of which healthcare payers is expected to grow at a lucrative rate.

The regional analysis of Healthcare analytics Market is considered for the key regions such as North America, Europe, Asia Pacific, Latin America and ROW. North America holds the leading position in healthcare analytics market due to increasing healthcare expenditure coupled with advanced healthcare infrastructure. Whereas, Asia-Pacific is expected to emerge as the fastest growing region in terms of market share. The growth of Asia-Pacific region is witnessed owing to the untapped opportunities in countries such as India and China.

The leading market players include-

Allscripts Healthcare Solutions
Cerner
Health Catalyst
IBM
Mckesson
SAS Institute Inc.
Oracle
Wipro
Optum
Medeanalytics

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.

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The detailed segments and sub-segment of the market are explained below:

Global Healthcare Analytics Market By Type