About Text Healthcare Analytics
Text Healthcare Analytics is refer as the analytics which is applied to text to enhance the daily experiences in amazing ways, whether to search in google or if someone is looking for recommendations in Yelp. In healthcare delivery, lower than five percent of health systems are using in a truly significant way the vast trove of clinical information is been found only in free text fields like in the physician notes, nurse documentation, pathology reports and radiology reports. Analytics in healthcare sector aid organisations by reducing the patient's stays and re-admissions in clinics and hospital, improving quality care, identification of fraud and prevention of the chronic diseases.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Text Healthcare Analytics market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
IBM Corporation (United States), Optum, Inc. (United States), Cerner Corporation (United States), SAS Institute, Inc. (United States), Allscripts Health Solutions (United States), McKesson Corporation (United States), MedeAnalytics, Inc. (United States), Inovalon (United States), Oracle Corporation (United States), Health Catalyst (United States) and SCIO Health Analytics (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Verscend Technologies, Inc. (United States), CitiusTech, Inc. (United States), Wipro Limited (India) and VitreosHealth (United States).
Segmentation Overview
AMA Research has segmented the market of Global Text Healthcare Analytics market by Type (Software and Services), Application (Customer experience management, Marketing management, Governance and Risk and compliance management) and Region.
On the basis of geography, the market of Text Healthcare Analytics has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Industry, the sub-segment i.e. Pharmaceuticals will boost the Text Healthcare Analytics market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Technology, the sub-segment i.e. Descriptive Data Analysis will boost the Text Healthcare Analytics market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Deployment model, the sub-segment i.e. On-Premise Model will boost the Text Healthcare Analytics market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Text analytics is moving beyond sentiment analysis
Market Growth Drivers:
Increase in the financial analytics use in healthcare, Increased adoption of cloud computing technologies, Significance relation between text and big data and Ability to deal with the large volume of data
Challenges:
Data privacy and security concerns and Concerns about positive roI
Restraints:
Expensive analytic software and, Lack of awareness about the advantages of text analytics among the stakeholders and Misuse of information
Opportunities:
Use of text analytics in healthcare accelerates the research in healthcarre which adds to the rapid growth in the healthcare and pharmaceutical sector and Linguistic analysis approach
Market Leaders and their expansionary development strategies
In March 2024, Sagility LLC, one of the leading technology-enabled services providers in the healthcare services space, announced its acquisition of Seattle-based BirchAI. BirchAI is a healthcare technology company offering cloud-based, GenAI call technology built by experts in transformer-based natural language processing. BirchAI enables clients to reduce operational costs by providing various AI-powered real-time customer support solutions to manage complex healthcare transactions.
In October 2023, Microsoft Launched New AI Solutions To Help Unlock The Power Of Healthcare Data. The new launch integrates multiple technologies (e.g., Azure Data Factory, Power BI) to enable organizations to unlock the potential of their data.
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.