The global healthcare analytics market is projected to grow at a CAGR of 19.60% to reach US$41.728 billion by 2024, from US$14.254 billion in 2018. Healthcare Analytics pertains to collection and analysis of healthcare data relating to claims and costs, pharmaceutical research and development, medical records and patient behavior and sentiments coupled with the process of deriving insights from patterns and correlations found in healthcare big data and used to make better healthcare decisions. Health analytics extends beyond data management to finding meaning in real-time or historical data and making predictions about the future to improve the probability of success.
Factors driving the market are growing demand for better patient outcomes, availability, and accessibility of big data in healthcare, increasing government initiatives to enhance healthcare provision, Furthermore, shifting focus towards medicine customization, value-based healthcare services and increased in the number of patients and medical records have made healthcare analytics imperative. Geographically, North America is expected to witnesses the highest market growth over the projected period owing to advanced Information and Communication Technology and the presence of large IT firms, followed by Europe.
The "Global Healthcare Analytics Market – Forecasts from 2019 to 2024” is an exhaustive study that aims to present the key market trends through various chapters focusing on different aspects of the market. The study provides a detailed market overview through the market dynamics sections which detail key market, drivers, restraints, and opportunities in the current market. The report analyzes key opportunity regional markets, and the current technology penetration through lifecycle analysis. The report also analyzes the market through comprehensive market segmentation by type, solution, deployment model, application, end-user, and geography.
Based on type, the market has been segmented as Prescriptive Analytics, Predictive Analytics, and Descriptive Analytics. On the basis of solution, the market is segmented into hardware, software, and others. On the basis of deployment model, the market is segmented as on-premise and cloud. Based on End-Users, the market has been segmented as Healthcare Professionals, Pharmaceutical Companies and research organizations.
Regional analysis has been provided with detailed analysis and forecast for the period 2019 to 2024. The global market has been broken down into North America, South America, Europe, Middle East and Africa, and the Asia Pacific regions. The report also analyzes major countries across these regions with thorough analysis and forecast along with prevailing market trends and opportunities which each of these countries present for the manufacturers.
Major players in the healthcare analytics market have been covered along with their relative competitive position and strategies. The report also mentions recent deals and investments of different market players over the last year. The company profiles section details the business overview, financial performance for the past three years, key products and services being offered along with the recent developments of these important players in the healthcare analytics market.