Global Healthcare Financial Analytics Market - Segmented by Application, Component, End-user, and Geography - Growth, Trends, and Forecast (2022 - 2030)
The healthcare financial analytics market is expected to register a CAGR of 24.5%, during the forecast period, 2018 to 2023. North America dominates the market due to growing market of big-data analytics.
Emergence of Big Data in the Healthcare Industry to Boost the Market growth
Big data analytics is the fast emerging topic in the healthcare analytics. The emerging blend of Bioinformatics and Health Informatics has encouraged research in all the healthcare segments, such as target drug, personalized medicine, and clinical decision support and population health management. The demand for big data analytics integrates most recent innovation in machine learning, logical methodologies, computational intelligence and data mining. Many of the healthcare experts including payers, providers are now starting to analyze big data to obtain detail knowledge, even though these efforts are still in the early stages, this efforts would collectively help to tackle the industry related problems regarding inconsistency in healthcare quality and escalating healthcare expenditures. The improvement in the quality of people's daily health and life activities as well as big data analytics to support and promote such research activities are some of the factors driving the market growth. Additionally, demand of better claims and revenue management system in healthcare, growing awareness for digital technologies, and technological advancements making data handling easy are further driving the market growth.
High Costs of Investment
Health IT investments have accelerated as providers seek to mine data to meet quality and cost targets under new value-based payment models, such as accountable care contracts. This has heightened demand for professionals capable of leading sophisticated data-analysis programs that identify waste and find opportunities to improve the health of enrolled populations. However, the software used for such analytics cost hugely to the end users which is the major restraining factor of the market. Also, the lack of properly trained IT professionals in Healthcare may lead to slow growth of this market.
North America to Dominate the Market
North America dominates the healthcare financial analytics market, owing to high requirement of management of big data generated from the healthcare data from hospitals and other healthcare facilities. Technological advancement in analytics and growing popularity of software in management of data as it is more efficient and reduces the use of manpower in the region leading to growing adoption of healthcare financial analytics.
Key Developments in the Market
• June 2017: IBM launched the first suite of cognitive solutions to help financial institution professionals manage their regulatory and fiduciary responsibilities
Major Players: IBM, ALLSCRIPTS HEALTHCARE SOLUTIONS INC., CERNER, GRAY MATTER ANALYTICS, MCKESSON CORPORATION, MEDASSETS INC., OPTUM, INC., ORACLE, SUTHERLAND HEALTHCARE SOLUTIONS, VERISK ANALYTICS, amongst others.
Reasons to Purchase this Report
• Current and future healthcare financial analytics market outlook in the developed and emerging markets
• Analysis of various perspectives of the market with the help of Porter’s five forces analysis
• The segment that is expected to dominate the market
• Regions that are expected to witness fastest growth during the forecast period
• Identify the latest developments, market shares, and strategies employed by the major market players
• 3 months analyst support, along with the Market Estimate sheet (in Excel)
Customization of the Report
• This report can be customized to meet your requirements. Please connect with our representative, who will ensure you to get a report that suits your needs
Emergence of Big Data in the Healthcare Industry to Boost the Market growth
Big data analytics is the fast emerging topic in the healthcare analytics. The emerging blend of Bioinformatics and Health Informatics has encouraged research in all the healthcare segments, such as target drug, personalized medicine, and clinical decision support and population health management. The demand for big data analytics integrates most recent innovation in machine learning, logical methodologies, computational intelligence and data mining. Many of the healthcare experts including payers, providers are now starting to analyze big data to obtain detail knowledge, even though these efforts are still in the early stages, this efforts would collectively help to tackle the industry related problems regarding inconsistency in healthcare quality and escalating healthcare expenditures. The improvement in the quality of people's daily health and life activities as well as big data analytics to support and promote such research activities are some of the factors driving the market growth. Additionally, demand of better claims and revenue management system in healthcare, growing awareness for digital technologies, and technological advancements making data handling easy are further driving the market growth.
High Costs of Investment
Health IT investments have accelerated as providers seek to mine data to meet quality and cost targets under new value-based payment models, such as accountable care contracts. This has heightened demand for professionals capable of leading sophisticated data-analysis programs that identify waste and find opportunities to improve the health of enrolled populations. However, the software used for such analytics cost hugely to the end users which is the major restraining factor of the market. Also, the lack of properly trained IT professionals in Healthcare may lead to slow growth of this market.
North America to Dominate the Market
North America dominates the healthcare financial analytics market, owing to high requirement of management of big data generated from the healthcare data from hospitals and other healthcare facilities. Technological advancement in analytics and growing popularity of software in management of data as it is more efficient and reduces the use of manpower in the region leading to growing adoption of healthcare financial analytics.
Key Developments in the Market
• June 2017: IBM launched the first suite of cognitive solutions to help financial institution professionals manage their regulatory and fiduciary responsibilities
Major Players: IBM, ALLSCRIPTS HEALTHCARE SOLUTIONS INC., CERNER, GRAY MATTER ANALYTICS, MCKESSON CORPORATION, MEDASSETS INC., OPTUM, INC., ORACLE, SUTHERLAND HEALTHCARE SOLUTIONS, VERISK ANALYTICS, amongst others.
Reasons to Purchase this Report
• Current and future healthcare financial analytics market outlook in the developed and emerging markets
• Analysis of various perspectives of the market with the help of Porter’s five forces analysis
• The segment that is expected to dominate the market
• Regions that are expected to witness fastest growth during the forecast period
• Identify the latest developments, market shares, and strategies employed by the major market players
• 3 months analyst support, along with the Market Estimate sheet (in Excel)
Customization of the Report
• This report can be customized to meet your requirements. Please connect with our representative, who will ensure you to get a report that suits your needs
Frequently Asked Questions
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