Healthcare Analytics Market

Healthcare Analytics Market - New Report by Marketsandmarkets

The market for healthcare analytics is expected to reach $50.5 billion by 2024 from $14.0 billion in 2019, at a CAGR of 28.3% during the forecast period. The growth of this market is mainly driven by the implementation of government initiatives to increase EHR adoption, growing pressure to curb healthcare spending and improve patient outcomes, and growing importance of real-world evidence.

The healthcare analytics market is highly competitive in nature, with several big as well as emerging players vying for market shares. Prominent players in the market include IBM Corporation (US), Optum, Inc. (US), Cerner Corporation (US), SAS Institute, Inc. (US), Allscripts Health Solutions (US), McKesson Corporation (US), MedeAnalytics, Inc. (US), Inovalon (US), Oracle Corporation (US), Health Catalyst (US), SCIO Health Analytics (US), Verscend Technologies, Inc. (US), CitiusTech, Inc. (US), Wipro Limited (India), and VitreosHealth (US).

These players have adopted various strategies, such as partnerships, agreements, collaborations, and product launches & enhancement, to further expand their presence in the global healthcare analytics market. Agreements, partnerships, and collaboration have been the key growth strategies adopted during 2017 to 2024, by top players such as Allscripts (US), Cerner (US), Health Catalyst (US), IBM (US), Inovalon (US), McKesson (US), MedeAnalytics (US), Optum (US), Oracle (US), SAS (US), Wipro (India), CitusTech (US), VitreosHealth (US), and SCIO Health (US).

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IBM is one of the key players in the healthcare analytics market and provides a comprehensive range of solutions. Its R&D expenditure increased substantially in 2017 as compared to 2016. In 2017, it invested 7.3% of its annual revenue in R&D activities. This significant investment allows the company to offer innovative solutions, such as the Cognos Analytics platform that enables companies to access, analyze, and share business performance data across the organization. Apart from this, IBM also launches and upgrades its products regularly to hold the competitive edge in the market and meet the demands of its consumer base. Some recent launches by the firm include Watson Data Kits (March 2018), Integrated Analytics Systems with Machine Learning (November 2017), and Community Hospital Solution Suite (March 2016).

The SAS Institute is one of the key players in the healthcare analytics market. The company is known for its innovative analytics, business intelligence, and data management software and services. With a wide product portfolio and large geographic presence, SAS Institute has managed to create a unique identity in the healthcare analytics market. The company offers a robust line of analytics solutions for healthcare payers and providers, such as Advanced Analytics, SAS Visual Analytics, SAS Claims Analytics, Data Management Software, SAS Fraud Framework for Health Care, and SAS Episode Analytics. The company’s presence in around 148 countries plays an important role in increasing its market share. SAS focuses on organic and inorganic strategies such as collaborations, partnerships, and agreements to enhance its market presence. For instance, in 2017, the company renewed its partnership with International City/County Management Association to promote the use of its analytics by local governments in areas such as public health, utility management, fleet maintenance, and law. In 2016, SAS signed an agreement with Teradata to make the company an authorized reseller of SAS data management and analytics software.

Related Reports:

Healthcare Analytics Market by Type (Predictive, Prescriptive, Cognitive) Application (Clinical, RCM, Claim, Fraud, Waste, Supply Chain, PHM) Component (Service, Software) Delivery (On-demand, Cloud) End User (Payer, Hospital) - Global Forecast to 2024

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Report Code
HIT 2180
RI Published ON
1/8/2019
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