Healthcare Analytics Market Statistical Forecast, Trade

Healthcare Analytics Market || 2024-2031

The Global Healthcare Analytics Market is projected to grow at a compound annual growth rate (CAGR) of 11.7% during the forecast period of 2024 to 2031.

Healthcare analytics involves examining existing and recorded industry data to predict trends, improve outreach, and effectively manage disease spread. This field covers a broad range of applications, offering insights at both macro and micro levels. Healthcare analytics uncovers opportunities to enhance patient care quality, refine clinical data and diagnosis, and optimize business management within healthcare organizations.

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Market Trends:

The growing need for data analytics in healthcare and new product introductions is boosting the global healthcare analytics market growth.

The increasing demand for healthcare data management is propelling the global healthcare analytics market. Data analytics and management in healthcare are particularly challenging due to the overwhelming influx of complex data, which can be daunting to handle without specific tools. Without these tools, healthcare organizations struggle to derive meaningful insights that could enhance service quality and improve operational efficiency. Analytical tools are therefore essential for converting vast healthcare data into valuable information, ultimately enhancing patient care and organizational effectiveness. According to a survey, over 90% of healthcare organizations acknowledge the impact of data analytics on healthcare.

Moreover, the development of new data management solutions is driving market growth. For instance, in August 2022, Apixio launched Apicare ChartSpace, a health data management solution that provides real-time access to centralized medical charts, speeds up chart and audit file retrieval, and offers actionable insights across value-based care programs.

However, data security concerns and associated costs may impede market growth. Frequent hacking incidents and security breaches pose significant data security risks, potentially leading to high costs for healthcare companies and unethical disclosure of patient data without consent. Additionally, the costs associated with licensing or subscribing to data analytics tools can create a financial burden for healthcare organizations.

Market Segmentation:

By Components: Software, Hardware, Services.

By Application: Clinical Management, Financial Management, Operations Management, Population Health Management.

By Product: Descriptive, Predictive, Prescriptive.

By End-User: Clinics, Hospital, and Others.

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Major Key Players:

• McKesson

• IBM

• OptumHealth

• Oracle

• Verisk Analytics

• Centene

• MedeAnalytics

• Enlitic

• Allscripts Healthcare Solutions

• Cerner

Product Portfolio:

McKesson Corporation, founded in 1833 and headquartered in Texas, United States, is a leading American company specializing in the distribution of pharmaceuticals, health information technology, medical supplies, and care management tools. As one of the largest pharmaceutical distributors in North America, McKesson is responsible for delivering one-third of all pharmaceuticals used in the region. The company plays a crucial role in the healthcare supply chain, ensuring that medicines and medical products reach pharmacies, hospitals, and healthcare providers efficiently.

Regional Analysis:

The global Healthcare Analytics Market report focuses on six major regions: North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa. The report offers detailed insight into new product launches, new technology evolutions, innovative services, and ongoing R&D. The report discusses a qualitative and quantitative market analysis, including PEST analysis, SWOT analysis, and Porter’s five force analysis. The Healthcare Analytics Market report also provides fundamental details such as raw material sources, distribution networks, methodologies, production capacities, industry supply chain, and product specifications.

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