The healthcare sector is among the most crucial industries as far as government investment is concerned. Both private and public sector enterprises are aggressively pursuing the use of technology for patient care. There has been a substantial increase in the quantity of data being dealt by the healthcare providers. In 2020, estimates show that there was around 2,314 exabytes of healthcare-related data. Separation of useful data from a pile of unstructured data can be both time and resource consuming. The growth of cloud computing technology is enabling healthcare providers to leverage powerful computing engines to generate useful insights from structured data. The healthcare industry is moving towards outcome and value-based payment initiatives, wherein patients can save money based on the services that are offered to them. Data analytics through cloud computing can help healthcare providers identify patient health patterns, and provide them with a suitable treatment plan. Furthermore, the use of data analytics for evaluating the general health of the populace is gaining traction. Sisense Inc., for instance, provides population health analytics systems that help in breaking down patient data which are obtained from disparate health information systems (HIS). More importantly, companies are increasingly providing solutions that enables even non-technical employees to analyze data. Sisense's ElastiCube technology, for example, allows people from a non-IT background to structure, assemble and evaluate healthcare-related data with any formal technical training. The digitization of patient records is massively helping in the growth of the healthcare analytics market. Patient health patterns are being drawn from their health records, which in turn is fed to a predictive analytics algorithm. Predictive analytics is helping in the isolation of patients with chronic illnesses, especially during crisis situations. Hence, the increasing demand for data-driven patient care, especially with the advent of AI, amongst medical providers is expected to provide opportunities for growth in the global healthcare analytics market.
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The healthcare industry has been overloaded as a result of the COVID-19 crisis. Millions of individuals have been affected by the pandemic. Predictive analytics is being increasingly used to generate models that helping in combating the spread of the virus. Models that rely on predictive analytics to determine the chances of survival of a patient are already in use. New York-based Mount Sinai Health System, for instance, is using an analytics model that studies parameters such as the patient's age, type of patient's encounter, and minimum oxygen saturation to predict the survival rate of patients. Optimal allocation of medical resources can also be achieved using analytical models. In Israel's Sheba Medical Center, forecasting models based on data analytics are being used for the allocation of medical personnel in areas that are categorized as high-risk. The prediction of virus outbreak, and the identification of high risk individuals can be optimized with the use of data analytics. AI is being increasingly used for faster prediction and image classification in the healthcare industry. The diagnosis of the novel coronavirus is being carried out using image analysis based on AI. The technology has managed to reduce diagnostics time of CT scan results to about 20 seconds, as compared to 5 minutes in the earlier models. Therefore, analytical models are being preferred by government bodies to tackle the pandemic, which is turn is leading to the growth of the global healthcare analytics market.
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The detailed research study provides qualitative and quantitative analysis of the global healthcare analytics market. The healthcare analytics market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America
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Global Healthcare Analytics Market
- By Type
- Descriptive Analytics
- Predictive Analytics
- Prescriptive Analytics
- By Delivery Model
- On-premise Models
- On-demand Models
- By Application
- Clinical Analytics
- Financial Analytics
- Operational and Administrative Analytics
- Population Health Analytics
- By Component
- Software
- Hardware
- Services
- By Region:
- North America
- U.S.
- Canada
- Mexico
- Rest of North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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