Global Healthcare Clinical Analytics Market Size, Trends, and Analysis - Forecasts To 2026 By Platform (Stand-alone, Integrated), By Deployment (On-Premise, Cloud-Based), By Solution (In-House, Outsourced), By End-User (Hospitals, Clinics, Insurance Companies, Government Payers, Other Payers), By Region (North America, Asia Pacific, Central, and South America, Europe, and the Middle East and Africa); End-User Landscape, Company Market Share Analysis & Competitor Analysis
Healthcare clinical analytics is a combination of financial and administrative data that makes use of real-time curative data to surmise programs to create insights, get hold of decisions, increase revenue and save costs. It is a unified system that gets rid of silos and collects and organizes data to achieve the global version of timely, effective, and outstanding care. Factors like reduced medical errors, improved population health, advancement in technology, personalized care (due to availability of smartphones), provision of clinical decision support, the advent of social media, and its effect on the healthcare industry, adoption of electronic health record(EHR), enhanced care coordination, management of hospital and foundation donation and grants, cost savings and emergence of big data in healthcare are expected to increase demand for the healthcare clinical analytics market. However, some factorsthat hinder or reduce the growth of the industry are the absence of organizational procedures for either sharing or integrating data, poor standardization, fewer data scientists, shortage of people with analytical skills, and expensive analytics.
The two categories include Stand-alone, Integrated, and others. The stand-alone platformis estimated to hold a large market share in the given period. This is due to enhanced core coordination, personalized care, reduced administrative costs, improved patient wellness, and minimized abuse and fraud.
According to the deployment analysis, the two segments are On-Premise, and Cloud-based. In terms of revenue growth, the On-Premise segment occupied a major market chunk in 2020. This is due to the personalized feature provided by the On-Premise segment, distress regarding the patient data, certainty on remotely operated workers, and cost-efficiency.
Based on the solutions, the market is split into outsourced and in-house. The in house domain would follow a higher trajectory growth path.This is due to the personalized nature available, reduced medical errors, helping managers operate better due to the real-time information available, and reduced administrative costs.
As per the end-user, the market is branched intoHospitals, Government Payers, Insurance Companies, and Other Payers. In 2020, Payers were predicted to foster the fastest growth in the market due to the increasing healthcare costs, rising traction for analytics, initiation of a payer analytics solution, and stringent government regulations to curb bogus and forged claims.
The North American region has positioned itself as a dominant player in terms of revenue generation. This is attributed to the growing electronic health record (EHR) adoption, availability, and accessibility of analytics solutions, huge capital investments in the U.S., government initiatives including reimbursements, and awareness regarding infrastructure improvement. However, due to the presence of a large number of the aging population, rising occurrences of heart diseases,and infrastructure improvements, the Asia Pacific region will grow fastest. The advancements in technology, coupled with the increasing innovation in medical therapy, are likely to augment the healthcare clinical analytics market.
Optum, MEDITECH,Cerner Corporation, Hewlett Packard Enterprise Company, Allscripts Healthcare Solutions, Inc., IBM Corporation, NextGen Healthcare, CareCloud Corporationare the major health information technology supplier companies competing in the healthcare clinical analytics market.
Please note: This is not an exhaustive list of companies profiled in the report.
In August 2018, “Verscend Technology” acquired “Cotiviti Holdings, Inc.”, the prominent supplier of analytics-driven solutions and payment accuracy.
In August 2020, CitiusTech launched the support for Out-Of-Area record collection projects aimed at simplifying payer-provider collaboration across states (“according to the Blue Cross Blue Shield Association”).
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The Global Healthcare Clinical Analytics Market has been studied from the year 2019 till 2026. However, the CAGR provided in the report is from the year 2021 to 2026. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply side analysis for the Healthcare Clinical Analytics Market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the company and customer analytics.
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