The global healthcare analytics market is currently estimated at $4,430.9 million in 2013 and is expected to reach $21,346.4 million by 2020, growing at a CAGR of 25.2% from 2013 to 2020, according to a new market report published by Market and Markets.
Analytics solutions help healthcare systems in regulatory compliance, reduction of hospital readmissions and hospitals stays, prediction and prevention of chronic diseases, quality care, claims processing, and fraud detection. Collectively, this helps the healthcare industry in reducing costs and providing quality care. With the stringent regulations and initiatives being taken by the governments across the globe to reduce healthcare costs, analytics is increasingly being adopted by healthcare systems to serve this purpose and to gain a competitive edge (PR Newswire, 12/13).
- Meaningful Use
- ICD-10 implementation
- The Patient Protection and Affordable Care Act (PPACA)
The healthcare analytics market is a highly fragmented market with some major players such as
- IBM Corporation
- Oracle Corporation
- Truven Health Analytics, Inc.
- Verisk Health, Inc.
- Optum, Inc.
- MedeAnalytics, Inc.
- McKesson Corporation
- SAS Institute, Inc.
- LexisNexis Risk Solutions
- Inovalon, Inc.
- Predixion Software
- iHealth Analytics, Inc.
- Predilytics
- Cerner Corporation
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