Increasing investment and growing HIT in the healthcare analytics industry are the key factors propelling the growth of the market. For instance, the Society of Actuaries dedicated over 15% of their budget to predictive analytics in 2018, a 5% increase from 2017. Predictive analytics is expected to save 15% of operational and financial costs of healthcare organizations in next five years Moreover, increased technical advancements and awareness to use data analytics in healthcare sector, and increasing digitalization are also contributing to the growth of the market. For instance, new technologies, including machine learning and big data analytics are being used in order to efficiently analyze huge amount of data being generated by the healthcare sector.
Lack of skilled professionals, high cost of analytical solutions, easy and free conventional exchange of information are the major factors hindering the growth of the healthcare analytics market.
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Geographically, the healthcare analytics market is classified into North America, Europe, Latin America (LATAM), Asia-Pacific (APAC), and Middle East and Africa (MEA). North America holds the largest market share as there has been an increase in adoption of electronic health record (EHR) in the U.S. and Canada. This has led to an increase in healthcare data, which in turn, will help the growth of the market. Moreover, strict legislations for the implementation of HIT, and presence of a large number of IT companies in the region are also playing significant role in the growth of the market.
APAC is the fastest growing market for healthcare analytics. This is mainly due to increasing research and development (R&D) investments, and growing presence of international HIT players in the region.
The study provides the historical as well the forecast market size data for various countries including the U.S., Canada, Spain, Italy, the U.K., France, Germany, Japan, China, India, Brazil, Mexico, and South Africa.
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