Meticulous Research®, leading global market research company published a research report titled “Healthcare Analytics Market by Type (Descriptive, Predictive, Prescriptive), Component (Service, Software), Application (Clinical, RCM, Claim, Fraud, SCM, PHM), Delivery (On premise, Web, Cloud), End User (Payer, Hospital, ACO, MCO) – Global Forecast to 2023”. According to this latest publication from Meticulous Research®, the healthcare analytics market is expected to grow at a CAGR of 25.5% from 2018 to 2023 to reach USD 33.8 billion by 2023, driven by growing investments by venture capitalists, continued pressure to curtail rising healthcare costs, growing demand to improve care quality, the implementation of Affordable Care Act in the U.S., and trend towards value-based care.

Moreover, growing digitization in emerging countries, improving HCIT infrastructure and adoption of HCIT solutions such as EMRs and HIE, increasing focus on personalized medicine, advancing IT & big data capabilities, government support for connected care, and proliferating accountable care organizations (ACO) further propels the adoption of healthcare analytics.
One of the prime factors for this healthcare analytics market is the increased pressure on healthcare provides to reduce the cost of care and ensuring the improved quality of care Patient safety is often considered a component of quality, so that practices designed to improve patient safety usually led to an improvement in overall quality of care. The global healthcare analytics market industry is under significant pressure to reduce costs and more efficiently manage resources while improving patient care.
In the U.S., the Patient Protection and Affordable Care Act (PPACA) also known as ACA, signed into law in March 2010 by the ex-president Barack Obama, primarily aimed to expand health care. The transition from a fee-for-service (FFS), volume-based reimbursement system to a value-based care (VBC) system is transforming the healthcare landscape, aligning incentives for providers and insurers, and placing a focus on improving outcomes, reducing costs and improving patient satisfaction.
On the basis of end-user, the healthcare analytics market is segmented into provider analytics, payer analytics, and ACOs & MCOs. Payer analytics were the largest end users; whereas, provider analytics segment is expected to register the highest CAGR during the forecast period. This is primarily attributed to the growing health IT and EHR adoption, growing investments by venture capitalists, increasing pressure to provide quality care and control healthcare costs, rising big data in healthcare, and technological advancements.
Geographically, the global healthcare analytics market is segmented into five major geographies namely, North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America holds the largest share in the global healthcare analytics market in 2017, followed by Europe, and Asia-Pacific. This is mainly due to rising demand for information by healthcare stakeholders and increasing need to manage large, diverse data sets, and innovations ranging from precision medicine to value based care to population health management. Moreover, increasing need to curtail healthcare costs, implementation of the ACA, and significant growth in adoption of EHRs and growth in Accountable Care Organizations (ACOs) and health information exchange (HIEs) further propels the adoption rate of healthcare analytics market in this region.
Healthcare analytics market is one such platform that aims to allow for the examination of patterns in various healthcare data in order to determine how clinical care can be improved while limiting excessive spending and improves the overall patient outcomes which helps the medical community to mitigate the rising healthcare costs across the globe. Thus, increasing need to curtail healthcare costs while improving quality of care drives the adoption of analytics tools.
Browse in-depth Report on https://www.meticulousresearch.com/product/healthcare-analytics-market/

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