The North America Healthcare Analytics Market would witness market growth of 28.2% CAGR during the forecast period (2021-2027).
Healthcare analytics enables experts in the field to identify opportunities to improve operations, care delivery, patient engagement, and clinical outcomes. Additionally, healthcare data analytics combines real-time and historical data in order to foresee trends, uncover actionable insights, improve medical care, and drive long-term growth. Moreover, healthcare analytics systems make use of massive volumes of data to present enterprises with useful information.
The growth of the healthcare analytics market is being fueled by an increase in the use of big data in healthcare organizations, as well as a growing number of government programs to encourage the use of electronic health records (EHRs) by healthcare organizations. However, the healthcare analytics market is projected to be hampered by factors like massive deployment costs and a scarcity of experienced workers. On the other hand, the increased acceptance of augmented analytics in the healthcare industry, as well as the utilization of cloud-based analytics across various healthcare providers, is likely to give lucrative prospects for market expansion throughout the forecast period.
Various federal mandates in the United States, such as the American Recovery and Reinvestment Act of 2009 (ARRA) and the implementation of ICD-10 code sets, are encouraging healthcare organizations to adopt EHRs, focus on the quality of care required to conform with pay-for-performance initiatives, and enhance information exchange between different health systems. Such programs include assisting clinicians in collecting patient data electronically, as well as aiding data integration and chronic disease management. As a result, hospital readmissions and stays, as well as claims fraud and abuse, are reduced. It also improves patient health and lowers healthcare expenses. Other federal requirements in the United States, like the Health Insurance Portability and Accountability Act (HIPAA) and the Patient Protection and Affordable Treatment Act (PPACA), compel healthcare businesses to focus on digitization and care quality.
The US market dominated the North America Healthcare Analytics Market by Country in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $26,234.7 million by 2027. The Canada market is anticipated to grow at a CAGR of 31.1% during (2021 - 2027). Additionally, The Mexico market would witness a CAGR of 29.9% during (2021 - 2027).
Based on Component, the market is segmented into Services, Software, and Hardware. Based on Type, the market is segmented into Descriptive Analytics, Predictive Analytics, Prescriptive Analytics, and Cognitive Analytics. Based on End-user, the market is segmented into Life science Companies, Healthcare Payers, and Healthcare Providers. Based on Deployment Model, the market is segmented into On-premise and On-demand. Based on Application, the market is segmented into Financial Analytics, Clinical Analytics, Operation & Administrative Analytics, and Population Health. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Healthcare Analytics Market is Estimated to reach $93.3 Billion by 2027, at a CAGR of 28.8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, Oracle Corporation, Verisk Analytics, Inc., IQVIA Holdings, Inc., AllScripts Healthcare Solutions, Inc., McKesson Corporation, UnitedHealth Group, Inc. (Optum, Inc.), Health Catalyst, Inc., Cerner Corporation, and SAS Institute, Inc.
By Component
By Type
By End-user
By Deployment Model
By Application
By Country
Companies Profiled
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