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Healthcare analytics is a division of analysis that focuses on offering insights into hospital management, patient records, diagnoses, costs, and several more. Market dynamics and competitive pressures require an enhanced understanding of underlying trends and a path to differentiation. Building analytics competency will enable healthcare organizations to deliver better outcomes to set their future vision and create actionable insights. Analytics improves effectiveness and efficiency. From managing small issues to larger processes, these analytics aids in the assessment and discovery of innovative insights, which ultimately help design and plan policy, improve service delivery operations, enhance sustainability, mitigate risk and evaluating critical organizational data.
Healthcare Analytics Market: Drivers and Restraints
Currently, the global healthcare industry is experiencing a fundamental transformation to a value-based business from a volume-based business. With the increasing demand from consumers for improved healthcare quality and enhanced value, the healthcare providers and payers around the world are challenged by reduction of costs, improve better outcomes, provide more with less and be more patient-centric. Similarly, the cost dynamics of the healthcare industry are changing drastically, which is mainly driven by the prevalence of chronic and infectious diseases, and defensive medicine practices. A large number of new market entrants and innovative healthcare approaches to deliver the treatments is increasing the complexity and competition. As a result, the healthcare industry is becoming more and more complex over the next few years. This immense complexity could challenge the global healthcare industry implementing smarter and more informed decisions, to deliver better value and improved outcomes.
In addition, the increasing regulatory presence of government creates an additional focus on accountability, governance, and oversight on the industry. Some of the restraining factors that could hinder the growth of the market include data breach or security issues, technological and cultural barriers at the data source point, confidentiality issues and lack of skilled personnel across the globe. In addition, associated breakpoints in creating global healthcare analytics network due to fragmented international political and economic relations may also pose a major threat towards the growth of the healthcare analytics market.
Healthcare Analytics Market: Regional Analysis
North America dominates the healthcare analytics market, which is evident from the presence of key market players in the United States. Moreover, the large market share is attributable to the impact of legislation in the U.S such as Electronic Health Records (EHR), and incentives funded by the Health Information Technology for Economic and Clinical Health (HITECH). Healthcare analytics is widely being implemented in North American such as the U.S. and Canada that boost the market growth in this region. Europe holds the second largest market in the healthcare analytics market owing to the technological advancements in the healthcare industry and increasing focus on data management and governance. The Asia Pacific is expected to be the fastest growing market during the forecast period. The major factor that would drive the market in Asia Pacific regions is the growing medical tourism in this region and the increased efficiency provided by the healthcare analytics to manage concerns in the healthcare sector.
Healthcare Analytics Market: Competitive Landscape
The report provides profiles of the companies in the market such as Cerner Corporation, Inovalon Holdings Inc., IBM Corporation, Athenahealth Inc., Optum Inc., Change Healthcare Intermediate Holdings, Inc., Mckesson Corporation, Tenet Healthcare Corporation, Allscripts Healthcare Solutions Inc., Computer Programs and Systems Inc., and Other Companies.
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