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Global Healthcare Analytics Market 2019-2026: Top Global Players IBM, Wipro Limited, Allscripts, Cerner Corporation, Health Catalyst, Inovalon, McKesson Corporation, MEDEANALYTICS, INC., Optum, Inc., Oracle

Global Healthcare Analytics Market

Global Healthcare Analytics Market report provides a unique tool for evaluating the Market, highlighting opportunities, and supporting strategic and tactical decision-making. This Report by Manufacturers, Regions, Type and Application, Forecast to 2019-2026 This report tracks the major market events including product launches, development trends, mergers & acquisitions and the innovative business strategies opted by key market players. This research report offers in-depth analysis of the market size (revenue), market share, major market segments and different geographic regions, forecast for the next seven years, key market players and industry trends.

This report studies healthcare analytics market dynamics elaborately to identify the current trends & drivers, future opportunities and possible challenges to the key stakeholders operating in the market. In addition, the market report includes regulatory scenario and competition analysis with vividly illustrated the competition dashboard to assess the market competition.

Global Healthcare Analytics Market is projected to register a healthy CAGR of 15.4% in the forecast period of 2019 to 2026.

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Major Players: Global Healthcare Analytics Market

Some of the prominent participants operating in this market are IBM, Wipro Limited, Allscripts, Cerner Corporation, Health Catalyst, Inovalon, McKesson Corporation, MEDEANALYTICS, INC., Optum, Inc., Oracle, SAS Institute Inc., SCIOInspire, Corp., Verscend Technologies Pvt. Ltd, CitiusTech Inc. Vitreos Health, Ikon Tech IQVIA, and GENERAL ELECTRIC and others

Drivers: Global Healthcare Analytics Market

GROWING NEED TO CURB HEALTHCARE SPENDING WITH BETTER CLINICAL OUTCOMES

The U.S. spends the most amount of money on healthcare than any other nation worldwide. Per person spending in the U.S is USD 10.34, this amount to about 18% of their Gross Domestic Product. The growing cost of healthcare will burden all payers in the nation that avail its healthcare facilities.

Primary care delivery through various coordinated-care models like patient-centred medical homes (PCMHs) will help in improving the quality of care and decreasing the cost. When compared with other nations, the United States higher levels of health care spending is majorly because of the increased prices for products and services instead of higher service volumes.

ENTRY OF BIG DATA INTO HEALTHCARE

  • Big data in healthcare is the massive amount of data amassed from various sources like EHR, medical devices and wearables, medical imaging etc. It has 3 basic characteristics that differentiate it from health data used for decision making in healthcare: The extraordinary volume and a high velocity and its structural variability.
  • There are few main factors that makes Big Data in enticing the authorities and encouraging its usage at a larger level are:
  • According to the Network for Excellence in Health Innovation, prescription errors amount USD 21 billion per year, leading to 7,000 deaths. Medware, an Israeli startup has partnered with healthcare organizations to use their decision support tool that uses big data to detect prescription errors before they happen.

OPPORTUNITIES:

INCREASE IN CLOUD BASED ANALYTICS

Though the use of cloud based analytics is slow at present, it is about to rise in the coming years. There are various powerful reasons for the shift to cloud based analytics that makes it ideal for usage in healthcare like scalable data storage, scalable computing power and machine-learning abilities. Also, cloud based analytics provides cyber security that is otherwise a little difficult to devote to.

CHALLENGES:

ISSUES IN DATA ACCURACY AND CONSISTENCY

As the use of integrated analytics platforms grows in healthcare, the data collection and export process have major loopholes and inconsistencies. The general understanding of what is important, what to measure, how and when to measure it and the goals to target keeps changing.

Some of the errors and inconsistencies in data are:

  • Generic diagnosis codes entered quickly or out-of-habit instead of more specific and actionable diagnosis codes appropriate to the patient
  • Inconsistent entry of standard codes, such as National Drug Catalog (NDC) for drugs, disrupting bulk analysis.

Market Trends

  • On the basis of type, the market is segmented into Prescriptive Analytics, Predictive Analytics and Descriptive Analytics
  • On the basis of Component, the market is segmented into Services, Software, and Hardware. In 2018, Software segment is growing at a Highest CAGR.

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