The healthcare cloud based analytics market is expected to register a CAGR of over 20%, during the forecast period, 2018 to 2023. Analytics has had significant impact on healthcare business and cloud-based analytics have had their impacts on the industry.
Over the past decade, electronic health records have been widely adopted in hospitals and clinics worldwide. Important clinical knowledge and a deeper understanding of patient disease patterns can be studied from such data. It will help to improve patient care and improve efficiency. Big Data in healthcare is being used to predict epidemics, cure disease, improve quality of life and avoid preventable deaths. With the world’s population increasing and everyone living longer, models of treatment delivery are rapidly changing, and many of the decisions behind those changes are being driven by data. The drive now is to understand as much about a patient as possible, as early in their life as possible hopefully picking up warning signs of serious illness at an early enough stage that treatment is far simpler (and less expensive) than if it had not been spotted until later. These advancements along with other factors, such as need of high computing power, lower IT cost burden on healthcare provider will help boost the growth of healthcare cloud based analytics market.
In case of healthcare Cloud Based analytics, the capital required to setup up the equipment for analytics is very expensive as there is a lot of high end computing involved. Also, in case of AI technology the initial deep learning stage is time consuming and expensive as there is no return of investment involved. Also, the cost of labor is very high a sit requires very skilled labor, which is very expensive as the operations involved are complex and high-end IT professionals are often highly paid. Along with other factors, like data theft and lack of properly skilled IT professional in the healthcare industry will act as restraining factors for the market.
In 2017, North America is expected to account for the largest share of the market followed by Europe. This regional segment is expected to register the highest CAGR during the forecast period. Factors, such as growing federal healthcare mandates to curb rising healthcare costs and provide quality care; increasing regulatory requirements; and rising government initiatives focusing on personalized medicine, population health management, and value-based reimbursements are expected to drive market growth in North America.
The major payers include – Allscripts Healthcare Solutions, Inc., Cerner Corporation, CitiusTech, HP, IBM, McKesson, Optum Health, Oracle and Verisk Analytics, among others.
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