McKesson Corporation emerges as the largest company in the healthcare analytics market, says TBRC report (Companies: IBM, Oracle Corporation, McKesson Corporation, Truven Health Analytics, And Others)
The global healthcare analytics market was valued above $11 billion in 2017. North America was the largest region in the healthcare analytics market with over 35% of the market. The USA was the largest country in the IoT enabled medical devices market, accounting for nearly 29% of the market.
Analytics is the systematic use of data and related insights developed through analytical models such as statistical, cognitive, contextual, predictive, quantitative and other emerging models, to initiate fact-based decision making for planning, measurement, management and learning. These analytics may be predictive, descriptive, or prescriptive.
Currently, the global healthcare industry is experiencing a fundamental transformation from a volume-based business to a value-based business. With the increasing demand from consumers for improved healthcare quality and enhanced value, healthcare providers and payers are challenged by consumer requirements to reduce costs, improve outcomes, provide more with less, and be more patient-centric. Similarly, the cost dynamics of the healthcare industry are changing drastically, which is mainly due to two factors: greater prevalence of chronic rather than infectious diseases in an increasing proportion of elderly patients, and problems such as defensive or exploitative medicine practices.
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Healthcare Analytics Market Size
The global healthcare analytics market size is expected to grow to over $34 billion in 2022 at an annual rate of about 24%. With the increasing demand from consumers for improved healthcare quality and enhanced value, healthcare providers and payers are challenged by consumer requirements to reduce costs, improve outcomes, provide high quality healthcare at low costs, and be more patient-centric. Similarly, the cost dynamics of the healthcare industry are changing drastically, which is mainly due to two factors: greater prevalence of chronic diseases than infectious diseases in an increasing proportion of elderly patients, and problems such as defensive or exploitative medicine practices.
McKesson Corporation was the largest competitor with around $1.9 billion of the healthcare analytics market revenue, followed by Oracle Corporation, Truven Health Analytics, and Cerner Corporation (exact figures are mentioned in report).
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Company profiles included in the healthcare analytics market report are IBM, Oracle Corporation, McKesson Corporation, Truven Health Analytics, Cerner Corporation.
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