Westford, USA, Sept. 13, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that Healthcare Analytics Market will attain the value of USD 212.3 Billion by 2031, with a CAGR of 25.6% during the forecast period (2024-2031). 

The global healthcare analytics market is an unexpectedly growing market pushed through growing demand for the healthcare and growing healthcare costs. Several key factors include increased adoption of the electronic health records (EHRs) and increased use of artificial intelligence technologies in healthcare research is expected to drive the market growth. However, despite these challenges, including the high cost of implementing healthcare analytics solutions and data security and privacy concerns, this market is expected to continue to grow due to numerous opportunities because of its existence. Another trend in the market is the widespread use of real-time analytics, which allows healthcare organizations to monitor patient data in real time.

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Healthcare Analytics Market Segmental Analysis
Global Healthcare Analytics Market is segmented by Type, Application, Component, Deployment Model, End User, and region. 

Based on Type, the market is segmented into Descriptive Analytics, Predictive Analytics, Prescriptive Analytics, Cognitive Analytics. 
Based on Application, the market is segmented into Clinical Analytics (Quality Improvement & Clinical Benchmarking, Clinical Decision Support, Reporting & Compliance, Comparative Analytics/Effectiveness, Precision Health, Medical Imaging Analytics), Financial Analytics (Claims Processing, Revenue Cycle Management, Payment Integrity & Fraud, Waste, And Abuse (Fwa), Risk Adjustment & Assessment), Operational & Administrative Analytics (Supply Chain Analytics, Workforce Analytics, Strategic Analytics), and Population Health Analytics. 
Based on Component, the market is segmented into Services (Support Services, Business Analytics Services), Hardware, and Software. 
Based on Deployment Model, the market is segmented into On-premise, On-demand. 
Based on End User, the market is segmented into Payers (Private Insurance Companies, Government Agencies, Employers & Private Exchanges), Providers (Hospitals, Physician Practices and Idns, Post-Acute Care Organizations, Ambulatory Settings), and ACOs, HIEs, MCOs and TPAs. 
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.

Healthcare Analytics Market Overview:

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Prominent Players in Healthcare Analytics Market  

• IBM 
• SAS Institute Inc. 
• Optum, Inc. 
• Allscripts Healthcare, LLC 
• CitiusTech Inc. 
• Health Catalyst 
• CVS Health 
• McKesson Corporation 
• MedeAnalytics, Inc. 
• Oracle 
• EXLService Holdings, Inc. 
• Wipro 
• Enlitic, Inc. 
• Komodo Health, Inc. 
• HealthEC, LLC 
• Sema4 OpCo, Inc.
  
  

Descriptive Analytics Segment to Dominate Due to Increasing Number of Organizations  

Descriptive analytics dominated the global market. This is largely due to the extensive use of this analysis type during the COVID-19 pandemic to study historical data and patient histories to understand the spread of the virus. Descriptive analytics’ ability to transform historical data into actionable insights has been a key driver of growth in this sector. Hospitals have also used descriptive analysis tools to assess the performance of insurance claims by identifying errors and errors in claims and increasing number of organizations are adopting descriptive analytics.

Healthcare Organizations Segment to Drive Market Due to Rising Adoption of Financial Applications

Healthcare organizations face high costs in terms of insurance coverage, which can also be fraudulent. To mitigate these risks and decrease the occurrence of fraud, healthcare groups use analytics tools to carry out predictive and descriptive analytics this permits them to offer best affected person care whilst decreasing administrative charges all reduce coverage fraud. The importance of financial performance has been a main factor within the adoption of monetary packages in healthcare.

North America is Dominating Due to Increasing Burden of Chronic Diseases

North America dominated the global market. This can be attributed to the region’s adoption of advanced healthcare and sophisticated technological initiatives, both of which contributed to market growth. Increasing burden of chronic diseases, increasing elderly population requiring hospitals and other organizations to adopt screening tools. 

Asia Pacific is expected to register the fastest growth. Rapid sector growth, population and disposable income have all contributed to the market's rapid growth. The tremendous growth and development of the healthcare sector in the region has played an important role in its development. Increased consumer and healthcare reliance on ICT has increased the use of analytics tools in the region. 
 
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Drivers

• Growing Adoption of Electronic Health Records (EHRs) and Big Data in Healthcare
• Increasing Demand for Personalized Medicine and Predictive Analytics
• Rising Healthcare Costs Driving the Need for Efficiency and Cost Reduction

Restraints

• High Implementation Costs for Healthcare Analytics Solutions
• Data Privacy and Security Concerns
• Lack of Skilled Professionals to Manage Complex Analytics Systems

Key Questions Answered in Healthcare Analytics Market Report

• How big is the Global Healthcare Analytics Market? 
• What are the key drivers of Global Healthcare Analytics Market size? 
• Which is the fastest growing region in the Global Healthcare Analytics Market?
  
  

This report provides the following insights:

• Analysis of key drivers (growing adoption of electronic health records (EHRs) and big data in healthcare, increasing demand for personalized medicine and predictive analytics, rising healthcare costs driving the need for efficiency and cost reduction), restraints (high implementation costs for healthcare analytics solutions, data privacy and security concerns, lack of skilled professionals to manage complex analytics systems), opportunities (integration of artificial intelligence (AI) and machine learning (ML) in healthcare analytics for advanced decision-making), influencing the growth of Healthcare Analytics Market. 
• Market Dynamics: Comprehensive information about the various products offered by the dominant players in the Healthcare Analytics Market. 
• Product Development/Innovation: An overview of emerging trends, R&D activities and product launches in the Healthcare Analytics Market.  
• Market Growth: Detailed information on profitable growing industries.  
• Market Trends: Complete information about new products, emerging geographical areas and recent developments in the market. 
• Competitive Analysis: An in-depth analysis of the market segments, growth strategies, revenue analysis, and products of the key market players. 

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We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific. 

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