Global Healthcare Analytics Market: Overview
The commercialization of the healthcare industry has caused an uptick in the demand for healthcare analytics. Although the domain of healthcare analytics can facilitate better patient and care management as well, it is primarily being used by hospitals to ensure operational and functional growth. The healthcare industry has unlocked several growth opportunities for various data-centric service providers, creating a sustainable pathway for revenue inflow across key industries. In addition to this, the ease of data collection across various healthcare verticals has also helped in driving demand within the global healthcare analytics market.
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Over the course of the past decade, several countries have developed dedicated healthcare transformation programs and strategies. These strategies are aimed at creating a congenial healthcare industry, characterised by cost-efficiency, patient care, and remote care delivery. Therefore, the global healthcare analytics market has a formidable growth opportunity at hand in the current scenario.
In this review by TMR Research (TMR), the global healthcare analytics market has been reviewed, analysed, and assessed in the context of the existing healthcare trends. The growth of the global healthcare analytics market is a function of digital transformation initiatives taken across the global healthcare sector. Furthermore, the use of new models of care delivery across the medical and healthcare industries has also enabled the inflow of fresh revenues into the healthcare analytics market. The development of a data-centric healthcare domain is slated to benefits multiple entities including stakeholders, government bodies, and healthcare decision makers. Therefore, healthcare analytics is gaining the support of various heads within the industry.
Global Healthcare Analytics Market: Notable Developments
- In a staggering industrial move, Centene Corporation has acquired Apixio, the renowned healthcare analytics platform. This move has come at a time when healthcare analytics and machine learning are fast getting integrated into the healthcare sector. Centene, with its strategic acquisition, aims to ramp up its portfolio of offerings by adding fresh capabilities in data analysis and artificial intelligence. This move is expected to cause formidable disruptions and entropy across the global healthcare analytics market.
- Several other market entities have also endorsed and embraced the use of analytics and AI in developing a robust healthcare services portfolio. The relevance of advanced analytics in patient diagnosis, medical research, clinical trials, and patient management has created fresh opportunities for the vendors operating in the healthcare analytics market. The growing propensity of the healthcare industry towards becoming a patient-centric sector has also driven market demand. The leading vendors in the healthcare analytics market are projected to invest in advanced data analytics and computing in order to reap benefits existing industry trends.
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- OptumHealth, Inc.
- IBM Corp.
- Oracle Corp.
- MEDai, Inc.
- Verisk Analytics, Inc.
- MedeAnalytics, Inc.
Global Healthcare Analytics Market: Growth Drivers
- Importance of Advanced Care Delivery
The emergence of new models of care delivery such as remote patient monitoring (RPM) and telemedicine has created new avenues for growth across the global healthcare analytics market. As countries look to unify their healthcare records, it is extremely important for the healthcare sector to leverage healthcare analytics for storing, processing, and analysing medical data.
- Leveraging Healthcare Data for Improved Patient Outcomes
The importance of healthcare data in the field of diagnosis, treatment, and prescription is creating sound opportunities for market growth. Besides, e-health models that prioritize patient safety and wellbeing have also garnered the attention of the masses in recent times. The aforementioned factors are contributing to accelerated expansion of the global healthcare analytics market.
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