Healthcare Analytics Market Overviews
Healthcare analytics is the process of collecting, managing, and analyzing healthcare data to uncover insights, trends, and patterns that are used to make informed decisions and improve patient outcomes. This involves the use of various quantitative and qualitative techniques to transform raw data into meaningful information that is used to enhance healthcare delivery, reduce costs, and optimize patient care. By leveraging health data analytics, healthcare organizations are able to better understand patient populations, identify high-risk individuals, optimize resource allocation, and develop personalized treatment plans. This approach leads to improved patient outcomes, reduced healthcare costs, and enhanced overall efficiency which drives healthcare market growth.
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Healthcare Analytics Market Scope and Methodology:
Big data analytics is part of healthcare analytics which helps to detect the emergence of infectious disease outbreaks by sourcing data from public health records, social media reports, and internet searches. This allows for real-time tracking and mapping of outbreaks which helps the healthcare analytics market grow. The Centers for Medicare and Medicaid Services prevented over $210 million in healthcare fraud in one year using predictive analytics. Digitizing medical records through EHRs helps in substantial cost savings. An integrated EHR system has already saved an estimated $1 billion from reduced office visits and lab tests. Connected devices and wearables collect patient information such as heart rates and sleep habits which are used with other medical records for faster, more accurate diagnoses. big data analytics in healthcare help significant cost savings, improving EHRs, and engaging patients which has a positive impact on the market.
Healthcare Analytics Market Regional Insights
North America held the largest market share healthcare analytics market. This is due to region's cutting-edge healthcare facilities, widespread adoption of advanced platforms, and robust technological infrastructure. The increasing prevalence of chronic diseases and the aging population in North America have created a need for hospitals and other organizations to adopt healthcare analytics solutions to lower operational costs, promote innovations, and enhance the quality of care delivered. More than two-thirds of all deaths in the US are caused by chronic diseases. Chronic diseases account for 75% of the country's healthcare spending or an estimated $5,300 per person annually. Technological advancements in data analytics and the high density of prominent players operating in the regional market are further driving the expansion of the North America healthcare analytics market.
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Healthcare Analytics Market Segmentation
Based on type Descriptive analytics held the highest market in 2023. The Healthcare Analytics Market is driven primarily by rising demand to improve patient outcomes in the healthcare sector. Descriptive analytics plays a crucial role in evaluating patient demographic information, healthcare facilities are able to better understand the needs of diverse populations and tailor their services accordingly. descriptive analytics help optimize resource allocation, reduce waste, and identify cost-saving opportunities by examining patterns in equipment, supply, and financial data. Descriptive analysis of claims data helps identify fraudulent or abusive billing patterns. By understanding typical utilization patterns, insurers are able to detect anomalies for further investigation.
Healthcare Analytics Market Key Players
Health Catalyst
MedAssets
McKesson Corporation
Truven Health Analytics
IBM.
Allscripts Healthcare Solutions
Cerner Corporation
SAS Institute
Microsoft Corporation
Oracle Corporation
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Key questions answered in the Healthcare Analytics Market are:
- What is Healthcare Analytics ?
- What was the Healthcare Analytics market size in 2023?
- What is the growth rate of the Healthcare Analytics Market?
- Which are the factors expected to drive the Healthcare Analytics market growth?
- What are the different segments of the Healthcare Analytics Market?
- What growth strategies are the players considering to increase their presence in Healthcare Analytics ?
- What are the upcoming industry applications and trends for the Healthcare Analytics Market?
- What are the recent industry trends that can be implemented to generate additional revenue streams for the Healthcare Analytics Market?
- Who are the leading companies and what are their portfolios in Healthcare Analytics Market?
- What segments are covered in the Healthcare Analytics Market?
- Who are the key players in the Healthcare Analytics market?
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2022)
- Past Pricing and price curve by region (2018 to 2022)
- Market Size, Share, Size & Forecast by Different Segment | 2024−2030
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation – A detailed analysis by segment with their sub-segments and Region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of Business by Region
- Lucrative business opportunities with SWOT analysis
- Recommendations
About Stellar Market Research:
Stellar Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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