The practice analytics market share is expected to grow at a CAGR of 11.80% during the forecasting period (2022-2030). Practice analytics serves as a basic tool for providing essential support to produce business. It can be defined as the capability to evaluate and examine the state of practice in a business. Practice analytics in healthcare involves examination of actionable information from sets of the patient data, which are collected from the revenue cycle management system and the electronic health records (EHRs). The increasing advancements in technology has led to the growing digitalization in the healthcare industries, rising advances in medical science, increasing awareness about software for analyzing and summarizing data are the major drivers for the growth of the market during the forecast period. Moreover, growing demand for SaaS (Software as a Service) based analysis and SQL database is also expected to contribute to the market growth. Despite the drivers, analysis of huge amount of data is time consuming which is anticipated to be major restraint for the growth of the market during the assessment period.
Competitive Landscape:
Accenture
AGS Health
Practice Analytics
Greenway Health
MediSys Health Group Inc
Cardinal Health Inc
McKesson Corporation
Harris dogcart
Meditab
UroGPO
The global practice analytics market is characterized by the presence of several well-established and small players, the market appears to be highly competitive and fragmented. Multinational players are increasingly expanding their regional footprint in the developing economy, making it difficult for regional vendors to compete with them, especially in terms of features such as product differentiation, diverse product portfolios, and quality. The well-established market players are engaged in strategic acquisitions, collaborations, partnerships, global expansion, and product launches to gain competitive advantage in this market and to maintain their market position.
Segmentation:
Global practice analytics is segmented by its module type and on the basis of application.
On the basis of module type, it is segmented in to clinical module, front office module, and business module.
On the basis of application, it is segmented into standard reports, graphical user interface design, SQL database and others.
Regional Analysis:
Geographically, the global practice analytics market is segmented into the Americas, Europe, Asia-Pacific and Middle East Africa. North America is anticipated to hold the largest market share during the assessment period. The market growth in this region is attributed to the growing use of information technology in healthcare industries, high adoption of technology, and rising industrialization followed by the development of IT industries. Following North America, Europe is the second largest market due to growing investments in the IT industries coupled with increasing research and development activities in the healthcare IT sector. Additionally, Asia-Pacific is estimated to be the fastest growing market owing to the increase in IT skills and outsourcing, rising prevalence of chronic diseases, and increasing development in healthcare IT sector in this region. The Middle East Africa is expected to have the lowest market share due to lack of technical knowledge and poor medical facilities, especially in the African region.
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