Healthcare Analytics Market 2019
Healthcare Analytics offer insights into hospital records and management, patient records, costs, diagnoses, and other clerical and clinical data. It is a branch of analysis which provides useful and actionable information on both a micro and macro level. Healthcare analytics provide results based on the data collected in four areas of the healthcare industry. These areas are claims and cost data, pharmaceutical and research and development (R&D) data, clinical or medical records data, and patient behaviour and sentiment data. In the US, the healthcare analytics market is expected to grow to $31 billion by 2022.
The Top Companies covered in this report
Allscripts Healthcare Solutions
Cotiviti (Verscend Technologies)
SAS Institute Inc.
SCIO Health Analytics (An EXL Company)
The information gathered from healthcare analytics allows decision-makers in the industry to make well-researched informed decisions based upon actionable insights. The main objective is to provide affordable healthcare and improve its quality while limiting excessive spending. For hospitals, healthcare analytics can help them improve their existing medical procedures, bring in new and better equipment, and provide better services in their patient care efforts. The yearly budgets of many healthcare providers is the donations they receive. Healthcare analytics help them decide what would be the best use of the donations and which department would benefit the most out of it.
Healthcare analytics are a useful tool in the hands of insurance companies. The information can help them adjust their policies according to the current scenario of the healthcare market. It also helps them track claims and premiums, and provide better price for services. Healthcare analytics can also be used to identify high risk patients and provide early medical intervention.
Segmentation in the report:
The study of the healthcare analytics market is segmented into four parts by type – Descriptive Analysis, Predictive Analysis, Prescriptive Analysis, and Cognitive Analysis. Descriptive Analytics provide a report on quantified events in the past and explain what has happened previously. They allow us to learn from past behaviors and trends in the healthcare industry. Predictive Analysis uses data generated from descriptive analysis to forecast what might happen in the future. Predictive analytics are the foundation of understanding ways to tackle medical emergencies in the most cost-effective way possible. Prescriptive Analysis gives power to the insights of predictive analysis by providing capability and actionable ways to tackle them. Cognitive Analysis explains the process involved in decision making.
The Healthcare Analytics market is globally categorised into six regions – North America, Europe, Asia, the Pacific region, Latin America, and the Middle East and Africa. Currently, North American accounts for the major share in the healthcare industry owing to the positive adoption of healthcare analytics healthcare providers. The second on this list is Europe.
The Healthcare Analytics market is expected to grow at a CAGR of 28.3% from 2019-2024. As of September 2019, organizations are using healthcare analytics to reduce readmission rates (86.6%) and controlling infections among patients (78%).
Table of Contents –Analysis of Key Points
1 Healthcare Analytics Market Overview
2 Manufacturers Profiles
3 Global Healthcare Analytics Market Competition, by Players
4 Global Healthcare Analytics Market Size by Regions
5 North America Healthcare Analytics Revenue by Countries
6 Europe Healthcare Analytics Revenue by Countries
7 Asia-Pacific Healthcare Analytics Revenue by Countries
8 South America Healthcare Analytics Revenue by Countries
9 Middle East and Africa Revenue Healthcare Analytics by Countries
10 Global Healthcare Analytics Market Segment by Type
11 Global Healthcare Analytics Market Segment by Application
12 Global Healthcare Analytics Market Size Forecast (2019-2024)
13 Research Findings and Conclusion
List of Tables and Figures
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