Healthcare Financial Analytics Market:
The Global Financial Analytics Market size is expected to grow from USD 6.8 billion in 2018 to USD 12.59 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 10.7% during the forecast period.
The emergence of big data in the healthcare industry to boost market growth:
The rapidly evolving subject in health care analytics is big data analytics. Bioinformatics and Health Informatics evolving mix has motivated studies across all healthcare sections, such as target drug, personalized medicine, and support for clinical decision-making and population health leadership. Big data analytics demand incorporates the latest development in machine learning, logical methodologies, computational intelligence, and information mining.
Many healthcare specialists, including payers, suppliers, are now beginning to evaluate big data to gain detailed understanding, although these attempts are still in the early phases, this effort would jointly assist address industry-related issues of inconsistency in the quality of healthcare and increasing healthcare expenditure. Some of the factors driving the market growth are improving the quality of the daily health and life operations of people as well as big data analytics to support and encourage such study operations.
In addition, demand for better healthcare claims and revenue management system increased understanding of digital technologies, and technological advances that make information handling simple further drive market growth.
High costs of investment Based on fresh value-based payment models, such as responsible care agreements, health IT investments have accelerated as suppliers seek to mine data to fulfill quality and price objectives. This has increased demand for experts capable of guiding advanced data-analysis programs that identify waste and find possibilities for registered populations to enhance their health. The software used for such analytics, however, costs end customers enormously, which is the market’s significant restrictive factor. Furthermore, the absence of correctly qualified healthcare IT experts can contribute to this market’s slow development.
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North America to dominate the market:
North America dominates the healthcare financial analytics market, owing to a high requirement of management of big data generated from the healthcare data from hospitals and other healthcare facilities. Technological advancement in analytics and growing popularity of software in the management of data as it is more efficient and reduces the use of manpower in the region leading to the growing adoption of healthcare financial analytics.
Key developments in the market:
June 2017: IBM introduced the first cognitive solution suite to assist experts in financial institutions to handle their regulatory and fiduciary duties to strategically profile the key players and comprehensively analyze their growth strategies.
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