Healthcare Analytics Market
Delivered October 22, 2019. Contributor: Benjamin H.
Goals
To obtain the market size, growth, and competitive landscape for analytics or machine learning platforms/tools in healthcare. This research would be used in evaluating ClosedLoop for potential investment. Early Findings
- According to MarketsandMarkets, by 2024, the global healthcare analytics market is predicted to reach $50.5 billion.
- Currently (2019), this market is worth $14 billion. The healthcare analytics industry is expected to grow at a CAGR of 28.3% during the 2019-2024 forecast period.
- North America, especially the United States, offers significant growth opportunities for players in this market.
- This market is highly competitive, with numerous established brands as well as emerging players. Major players in the healthcare analytics market include IBM Corporation (US), Cerner Corporation (US), Optum, Inc. (US), SAS Institute, Inc. (US), and Allscripts Health Solutions (US).
- MarketsandMarkets mentions that "IBM is the leading player in the market".
- The healthcare analytics market in the United States is expected to exceed $10.920 billion by 2025.
- In 2018, the United States accounted for the largest share and is predicted to grow at a CAGR of 12.5% over the 2018-2025 projected period.
Proposed next steps:
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Our background search has provided the market size, growth, and major players in the healthcare analytics market. We recommend further research to provide a competitive analysis of ClosedLoop, IBM Corporation, and Optum, Inc.
For each company, we would provide the following: i) description of its healthcare analytics product/service offerings ii) funding history iii) revenue iv) number or size of customers (if available) v) estimated number of employees.
Also, we recommend further research to provide a SWOT (strengths, weaknesses, opportunities, and threats) analysis of the United States healthcare analytics market.