Dublin, Sept. 14, 2023 (GLOBE NEWSWIRE) -- The "Global Healthcare Analytics Software Market (2023-2028) by Type, Application, End User, Delivery Mode, and Geography, Competitive Analysis, Impact of Covid-19 and Ansoff Analysis" report has been added to ResearchAndMarkets.com's offering.
The Global Healthcare Analytics Software Market is estimated to be USD 40.14 Bn in 2023 and is expected to reach USD 103.43 Bn by 2028, growing at a CAGR of 20.84%.
Introduction:
Healthcare analytics software plays a pivotal role in empowering healthcare professionals to identify opportunities for improving care delivery, medical outcomes, operational efficiency, and patient engagement. This technology integrates real-time and historical data to forecast healthcare trends, uncover actionable insights, and drive long-term growth.
Applications:
Healthcare analytics systems utilize vast volumes of data to provide organizations with valuable insights. The healthcare industry has faced challenges such as suboptimal patient care, rising treatment costs, lower patient retention, and engagement. Consequently, healthcare analytics is being integrated across the industry to enhance patient care and operational efficiency. These factors are driving the growth of the healthcare analytics sector.
Market Drivers:
- Government Initiatives and Big Data Utilization: Increasing government initiatives and the utilization of big data in healthcare organizations are encouraging the adoption of electronic health records (EHRs) and contributing to the growth of healthcare analytics.
- Cost Reduction Needs: The need for healthcare organizations to reduce unnecessary expenses significantly impacts the global healthcare analytics market's growth.
- Technological Advancements: Rapid technological advancements and substantial investments by the healthcare industry in IT development and digitization have led to substantial growth in healthcare analytics.
- Improved Patient Management: Analytical platforms deployed by healthcare institutions globally have improved patient management, retention, and overall care delivery, reducing the burden on healthcare providers.
Market Challenges:
- High Costs of Analytics Solutions: The high costs associated with healthcare analytics solutions can hinder adoption, especially for smaller healthcare providers.
- Lack of Technical Experts: The shortage of technical experts skilled in healthcare analytics poses challenges to implementation.
Market Opportunities:
- Increased Funding: Growing funding in the healthcare sector and the integration of advanced analytics like AI, ML, and Big Data offer significant opportunities for market growth.
- Precision and Personalized Medicine: The use of analytics in precision and personalized medicine presents new avenues for expansion.
Companies Mentioned:
- BioAssistant
- BlueSemi
- Epic Systems Corp
- Health Catalyst
- HealthifyMe
- HealthPlix
- IBM Corp.
- IndoHealth Software Solutions Pvt
- Innovaccer
- McKesson Corp
- MedeAnalytics, Inc.
- Niramai
- Optum and Change Healthcare
- Optum, Inc.
- Oracle Corp.
- SAP SE
- SAS Institute, Inc
- SigTuple
- Tricog
- United Health Group
Market Segmentation:
The Global Healthcare Analytics Software Market is segmented based on:
Type:
- Descriptive Analytics
- Predictive Analytics
- Prescriptive Analytics
Application:
- Clinical Analytics
- Financial Analytics
- Population Health Analytics
- Operational & Administrative Analytics
End User:
- Academic Organizations
- Biotechnology Industry
- Healthcare Payers
- Healthcare Providers
Delivery Mode:
- Cloud-based
- On-premises
Geography:
- Americas
- Europe
- Middle-East & Africa
- Asia-Pacific
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 196 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $40.14 Billion |
| Forecasted Market Value (USD) by 2028 | $103.43 Billion |
| Compound Annual Growth Rate | 20.8% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/2lq7hi
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