The healthcare analytics market is being driven by factors such as the rise of big data in the healthcare sector, increased emphasis on collecting and analysing data from various sources for improved customer service, technological advances, and the advent of social media and its effect on the healthcare industry. Increased support for healthcare technology companies developing mHealth applications, big data analytics, and Internet of Things (IoT) solutions would also help grow the global market. Business development is expected to be accelerated by technological innovations that promote information exchange and enhanced compliance with the Health Insurance Portability and Transparency Act (HIPAA) patient data confidentiality requirements.
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Data storage and analysis, on the other hand, necessitate the use of appropriately trained staff. A increasing capability gap is posing a challenge for the healthcare industry. A significant problem is the lack of diverse skills, knowledge, expertise, and experience needed to work in the data analytics sector.
During the forecast period, the demand for financial analysis is projected to expand significantly. North America leads the industry, followed by Europe, Asia, and the rest of the world. During the forecast era, the market in North America is expected to rise the most. Growing federal healthcare mandates to contain rising healthcare costs; increasing regulatory requirements; growing EHR adoption; and rising government policies focused on personalised medicine, population health management, and value-based reimbursements are all contributing to the North American market’s rapid growth.
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