Asia-Pacific healthcare analytics market would exhibit the highest CAGR of 19.4% during 2021-2030.

BANGALORE, INDIA, September 16, 2021 /EINPresswire.com/ -- According to the latest report by Valuates Reports, titled, “Healthcare Analytics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2030“. The global healthcare analytics market size was valued at $23.51 billion in 2020 and is projected to reach $96.90 billion by 2030, growing at a CAGR of 15.3% from 2021 to 2030.

Rise in adoption of big data in healthcare organizations and surge in government initiatives to increase the adoption of electronic health records (EHRs) among healthcare organizations boost the growth of the healthcare analytics market. In addition, pressure among the healthcare organizations to curb the unnecessary expenses positively impacts the growth of the market. However, factors such as high implementation cost and lack of skilled labors is expected to hamper the healthcare analytics market growth. On the contrary, use of cloud-based analytics across various healthcare providers and rise in adoption of augmented analytics among the healthcare industry is expected to offer remunerative opportunities for the expansion of the market during the forecast period.

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The healthcare analytics industry attained significant growth during the COVID-19 pandemic, owing to increase in need for deployment of analytics solution among healthcare organizations for managing different complexities and to support healthcare organization during critical situation in the pandemic situation. In addition to this, enormous amount of data generated during the pandemic has given researchers and healthcare providers the opportunity to analyse trends, monitor patient populations, and begin to rectify longstanding issues in the healthcare industry, which is driving the growth of the market.

Depending on application, the financial analysis segment dominated the market share in 2020, and is expected to continue this trend in the upcoming years. This is attributed to rise in need to improve the claims response time among the healthcare organization and to reduce fraudulent activities across the healthcare sector. However, the clinical analysis segment is expected to witness the highest growth rate during the forecast period, owing to rapid adoption of artificial intelligence and machine learning technology among the healthcare providers and rise in need to reduce medical error among the healthcare professionals.

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Region wise, the healthcare analytics market was dominated by North America in 2020, and is expected to retain its position during the forecast period. The key factors that drive the North America market include growth in demand for healthcare analytics solutions among the large organizations and rise in investment in healthcare analytics across the region. However, Asia-Pacific is expected to witness significant growth rate during the forecast period, owing to development of healthcare and IT infrastructure, and increasing public & private funding to support the adoption of advanced analytics solutions.

The key players profiled in the healthcare analytics market analysis are Allscript Healthcare Solution, Cerner Corporation, Health Catalyst, HMS (Vitreoshealth)IBM Corporation, McKesson Corporation, MedeAnalytics, Inc., Oracle Corporation, Optum, Inc., and SAS, Institute. These players have adopted various strategies to increase their market penetration and strengthen their position in the healthcare analytics industry.

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