Healthcare analytics is the analysis of data collected through various sources to designate the trends and patterns that help to effectively improvise healthcare.
Currently, Latin America Healthcare Analytics is a $0.4544 Billion market in 2015 and is expected to reach $1.090 Billion by the end of 2020 with a CAGR of 19.12%.
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Fuelling of the growth in analytics is enabled through the advancements of IT in healthcare segment over the past many year. Through the analysis of the chronological data, future trends can be predicted along with evaluating decisions and measuring the business performance that helps in improving the outcomes.
This advancements also helps in improving accuracy, service delivery and efficiency of healthcare system with better clinical outcome laterally reducing the healthcare cost and readmissions.
The concerns regarding the security issues, breaching of confidential information, cultural and technological barriers, and lack of skilled workforce may hinder the growth of the healthcare analytics industry around the globe. And also, barriers associated in creating a network for analytics as a result of weekend international political and economic relations may also turn out to be a major threat towards the growth of the market.
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The segmentations of the healthcare analytics market are based on types, applications, components, end users, regions and delivery modes. Based on type, the market is again categorized into descriptive/retrospective analytics, predictive analytics and prescriptive analytics.
On the basis of application it is further divided into Financial Analytics, Operational & Administrative Analytics and Clinical Analytics. Based on end-users the market is analysed as Medical research bodies, public health systems, private healthcare providers, healthcare providers, Monitoring agencies, Health Insurance companies, Clinical and, technology vendors.
Amongst end users, the healthcare providers segment is a vital market among the end-users as it is expected to grow at the higher CAGR during the predicted period. As the result of mandatory federal regulations, there were implementation of ICD-10 code sets and EHRs, swing towards value-based medicine, and the increased focus on quality care and reduced costs are propelling the growth of this segment.
On the basis of geography, the Latin America Market is analysed under various regions namely, Brazil, Mexico and Rest of Latin America. Latin America accounts to only about XX% of the global healthcare analytics market in 2015 but is predicted to witness a comparatively low growth rate in the forecast period.
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The healthcare analytics market is highly competitive, with several big as well as emerging market players present in the market which include SAS Institute, Inc., Optum, Inc., IBM Corporation, Truven Health Analytics Inc., Cerner Corporation, Verisk Analytics, Inc., McKesson Corporation, Allscripts Health Solutions, Oracle Corporation, MedeAnalytics, Inovalon, Inc. and Health Catalyst.
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