North America dominate the healthcare payer analytics market during the forecasting period. This is attributed to the rise in the prevalence of chronic diseases in this region.
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For instance, according to the International Diabetes Federation, December 2022 report, in 2021, around 14 million people living in Mexico were diabetic, this accounted for a rise of 10% in the past two years. Further, as per the above-mentioned source, an additional 11 million people living in the country have Impaired Glucose Tolerance (IGT), which further increases the chances of developing type 2 diabetes. Further, the rise in the geriatric population would create the need for the adoption of healthcare analytics by hospitals and other organisations. This would reduce the cost and improve the overall quality of patient care. Thus, with rising prevalence of chronic diseases and the rise in the geriatric population are anticipated to boost the growth in this region.
Healthcare Payer Analytics Revenue (2020-2028) – USD Mn
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Based on product technology, the market is segmented into descriptive analytics, predictive analytics, and prescriptive analytics. The predictive analytics segment dominates the global market in 2021. Descriptive analytics has been proven to be a valuable tool due to its ability to analyse historical data and turn it into valuable insights that can impact the decision-making process. It is widely used in hospitals to monitor the performance of insurance claims by detecting minor irregularities and errors.
Based on application, the market is segmented into operation management, financial management, population health management, and clinic management. The financial management segment dominates the market growth during the forecast period. This is attributed towards the shifting focus of the healthcare institution and organization to improve patient outcomes and minimize the cost of treatment.
Based on components, the market is segmented into hardware, software and services. The service segment dominates the market in 2021. Many healthcare companies lack analytical components in their companies, owing to this they outsource their data to the service providers. This factor is responsible for the growth of this segment.
Global Healthcare Payer Analytics Market Segmentation
Market Insight, by Product Technology
o Descriptive Analytics
o Predictive Analytics
o Prescriptive Analytics
MARKET INSIGHTS BY APPLICATION
o Operation Management
o Financial Management
o Population Health Management
o Clinical Management
MARKET INSIGHTS BY COMPONENT
o Hardware
o Software
o Service
MARKET INSIGHTS BY DEPLOYMENT MODE
o Cloud-Based
o Web-based
o On-Premise
MARKET INSIGHTS BY END-USER
o Healthcare Payers
o Healthcare Providers
o Life Science Companies
MARKET INSIGHTS BY REGION
· North America Market
o U.S.
o Canada
o Rest of North America
· Europe Market
o UK
o Germany
o France
o Italy
o Spain
o Rest of Europe
· Asia-Pacific Market
o China
o Japan
o India
o Rest of APAC
o Rest of the World Healthcare Payer Analytics Market
COMPANY PROFILED
o CloudMedx Inc.
o Amitech
o IBM
o SAS Institute Inc.
o Optum, Inc,
o Oracle
o Veradigm LLC
o CVS Health
o Inovalon.
o MCKESSON CORPORATION
