Healthcare Analytics Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2020 - 2030

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Healthcare Analytics Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2020 - 2030

Status : March, 2023 | Healthcare IT

Report Digest

Healthcare Analytics Market – Overview

The healthcare analytics market has been anticipated to experience novel growth avenues in the near future. The growth opportunities in the global market are attributed to the effectiveness of healthcare analytics to use data and other related business insights that are developed with the help of cognitive, comparative, predictive, quantitative, statistical, and some other emerging models for applied analytics. Thus, based on these factors, the market has been predicted to grow at a noteworthy speed in the coming years.

The tools from the market are also helpful to reveal and understand the historical data patterns and to predict future outcomes. In addition to this, these tools are also used to provide actionable insights in order to drive fact-based decision-making for the improvement of performance in clinics, finance, and operations. Along with this, these analytics are also used to reduce the costs of healthcare and to improve the quality of healthcare. Thus, based on these factors, the global market is predicted to experience novel growth avenues in the forthcoming years.

Healthcare Analytics Market – Key Drivers

Various healthcare organizations across the world are encouraging healthcare organizations in order to adopt EHRs and to concentrate on quality care in order to comply with the pay-for-performance initiatives. In addition to this, these organizations are also emphasizing enhancing the information exchanges between numerous health systems. These initiatives have been estimated to help the service providers to gather data of the patients through electronic medium. Further, it is also helpful to support data integration and management of chronic diseases. These steps are estimated to prevent the number of hospital readmissions and to reduce the stays at hospitals. Along with this, these initiatives are also providing assistance to minimize claims abuse and fraud, reduce healthcare costs, and improve patient health. Thus, based on these benefits, the healthcare analytics market has been expected to grow at a rapid pace in the forthcoming years.

On the flip side, the high adoption and maintenance cost of these systems is likely to limit the adoption of these services. This factor is predicted to curtail the growth avenues in the healthcare analytics market in the near future.

Healthcare Analytics Market – Recent Developments and Key Players

The key players serving in the healthcare analytics market have been adopting numerous strategies to develop novel growth opportunities in the near future. Mergers and acquisitions, expansion of company network, partnerships or agreements, and novel product launches are some of these market strategies to create growth impetuses. The companies are using the mergers and acquisitions in order to utilize respective strengths, for instance, capture the untapped markets, enhance company portfolio, develop novel products, distribution network, and intense R & D activities.

For instance, Flatiron has established a partnership with Foundation Medicine, Inc. in June 2021. The motive of this initiative is to integrate the company’s solutions with OncoEMR in order to offer integrated genomic profiling to the consumers.

Some of the key players in the healthcare analytics market are:

  • BM
  • Cotiviti
  • Optum
  • McKesson
  • Cerner
  • Health Catalyst
  • SAS Institute
  • Allscripts
  • Inovalon
  • Oracle

Healthcare Analytics Market – Regional Assessment

The healthcare analytics market has been divided into North America, Europe, Latin America, Asia Pacific, and the Middle East & Africa on the basis of geographical areas. North America has been projected to hold a dominating position in the global market. The growth impetuses in the regional market are attributed to the rising concentration on PHM, technological advancements, increasing pressure in order to reduce healthcare costs, and high service and product availability. Along with this, implementation of the federal health mandates to encourage the adoption of HCIT solutions and increasing investment in the VC solutions are also fueling the growth avenues in the regional market.

The reports at TMR Research provide qualitative solutions that break the barriers of doubt or uncertainties when the stakeholders plan to expand their growth reach. The researchers compile the necessary information that enlightens the CXOs about the current growth opportunities in a specific market and enables them to make the most of the opportunities.

TMR Research is a leader in developing well-researched reports. The expertise of the researchers at TMR Research makes the report stand out from others. TMR Research reports help the stakeholders and CXOs make impactful decisions through a unique blend of innovation and analytical thinking. The use of innovation and analytical thinking while structuring a report assures complete and ideal information of the current status of the market to the stakeholders.

TMR Research has rich experience in developing state-of-the-art reports for a wide array of markets and sectors. The brilliance of the experts at TMR Research and their alacrity to conduct thorough research and create phenomenal reports makes TMR Research better than others.

5-Point Growth Formula

The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.

The 5-point growth formula includes the following points:

  • Current and Future Threats
  • Accurate Trend Analysis
  • Regional Assessment
  • Industrial Analogy
  • COVID-19 Impact

Current and Future Threats

Along with studying the opportunities necessary for growth, threats are also an important aspect to look upon for the companies and stakeholders in a specific sector. TMR Research studies every negative aspect that will hinder the growth of a specific area of business and includes it in the report. The stakeholders and CXOs will have the benefit of assessing the threat and take the necessary steps to prevent the hindrance caused due to the threats.

Accurate Trend Analysis

Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.

Regional Assessment

Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.

Industrial Analogy

The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.

COVID-19 Impact

The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.

The reports offer answers to the top 7 questions that revolve around the growth of the market

  • What are the diverse growth parameters influencing the market?
  • Which regions will contribute largely to the growth of the market
  • What are the recent innovations and technological advancements in the market?
  • What are the emerging trends across the market?
  • How has COVID-19 affected the market?
  • What will be the post-pandemic scenario of the market?
  • What are the major threats that will dent the growth prospects of the market?