IBM (US), SAS Institute (US) and Optum (US) are Leading Players in the Healthcare Analytics Market
The global healthcare analytics market is projected to reach USD 75.1 billion by 2026 from USD 21.1 billion in 2021, at a CAGR of 28.9% during the forecast period. Healthcare analytics is the efficient use of data and related business insights developed through statistical, quantitative, predictive, comparative, cognitive, and other emerging applied analytical models. Healthcare analytics tools help reveal and understand historical data patterns, predict future outcomes, and provide actionable insights to drive fact-based decision-making for improved clinical, financial, and operational performance of healthcare organizations. The use of analytics helps healthcare systems reduce healthcare costs and improve the quality of care. However, high costs of healthcare analytics software and services and a dearth of skilled professionals are likely to challenge market growth in the coming years.
Some of the prominent players operating in the healthcare analytics market are IBM (US), Optum (US), Cerner (US), SAS Institute (US), Allscripts (US), McKesson (US), MedeAnalytics (US), Inovalon (US), Oracle (US), Health Catalyst (US), SCIO Health Analytics (US), Cotiviti (formerly Verscend Technologies) (US), CitiusTech (US), Wipro (India), and VitreosHealth (US) among others.
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Top Healthcare Analytics Market Player
IBM is one of the prominent players in the healthcare analytics market. The company’s strong position in this market can be attributed to its robust healthcare analytics product portfolio, including IBM Content, Predictive Analytics for Healthcare, IBM Cognos, and IBM Smarter Analytics Signature. The company also offers quality services such as business analytics, optimization services, and analytics consulting services. IBM has a strong presence in the commercial and government healthcare payer markets. It also has a robust sales and distribution network across more than 175 countries. IBM invests a significant amount of its revenue in research activities to continuously improve its product portfolio.
SAS Institute 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 variety 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.
Optum is another prominent player in the healthcare analytics market. With around 40 years of experience, the company offers high-quality solutions for analytics in the healthcare industry. Its products include Optum One, Optum Risk Reporting, population management tools, RCM solutions for hospitals, RCM solutions for physicians, impact intelligence, and health management and population analytics.
Related Reports:
Healthcare Analytics Market by Type (Descriptive, Prescriptive, Cognitive), Application (Financial, Operational, RCM, Fraud, Clinical), Component (Services, Hardware), Deployment (On-premise, Cloud), End-user (Providers, Payer) - Global Forecast to 2026
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