Healthcare Analytics Market Overview
As per the reports published by Market Research Future (MRFR), the global healthcare analytics market has been anticipated to grow at 27.1% CAGR over forecast period. In 2018, the market held a worth of USD 12,126.70 million. Healthcare analytics is one of the key divisions of analysis that mostly focuses on extending information about costs, hospital management, diagnoses, patient records, and several other related insights. The discipline embraces all the sectors of the healthcare industry, offering information on both the micro and macro level. The worldwide healthcare analytics market growth has been estimated to expand at a fast pace. The growth can be attributed to factors such as augmenting demand for eliminating paperwork and increasing adoption of technological progressions in the arena of healthcare. Additionally, soaring availability of affordable technology, enhanced treatment schemes in association with medical service providers to, and an endeavor to propel the prevailing plans. With increased access to in-depth and wide information, pharmaceutical players are likely come up with better solutions for ailments. Improved analytics and data can be anticipated to assist in shifting the trend of bulk discounts to evidence-based outcome frameworks. However, the healthcare analytics market growth is expected to face few limitations pertaining to expensive analytical solutions, technology challenged user base, and data security.
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Market Segmentation
The global healthcare analytics market has been segmented based on component, type, end user, application, and delivery model. Based on component, the market has been segmented into hardware, services, and software. By type, the market has been segmented into predictive analytics, descriptive analytics, cognitive analytics, and prescriptive analytics. By end user, the healthcare analytics market has been segmented into providers (ambulatory settings, post-acute care organizations, hospitals & clinics), payers (government agencies, employers, private insurance companies, and private exchanges), and others. By application, the healthcare analytics market has been segmented into Payment Integrity & Fraud, Waste, and Abuse (FWA), Financial Analytics (Claims Processing, Revenue Cycle Management (RCM), Clinical Analytics (Quality Improvement & Clinical Benchmarking, Clinical Decision Support (CDS)), risk adjustment & assessment, population health analytics, and operational & administrative analytics. By delivery mode, the global healthcare analytics market has been segmented as on-demand and on-premise.
Regional Analysis
Region wise, the Americas can be anticipated to rule the global healthcare analytics market owing to the rapid acceptance of technological progresses, wide prevalence of key players in the region, and surging adoption of healthcare IT. The Centers for Disease Control and Prevention reported that in 2017, about 86.9% of the hospital-based practitioners applied the EMR/EHR system in their job to improve its efficiency. The increased inclination towards healthcare IT to extend improved care to the patients and surging administrative initiatives are anticipated to accelerate growth over the forecast period. Additionally, to curb therapeutic errors, service providers have resorted to the integration of mhealth and big data tools in their operations. The growth of healthcare analytics market in the region can be estimated to be driven by above mentioned factors. Europe has been likely to hold the second largest share in the worldwide healthcare analytics market. In Asia Pacific region, the healthcare analytics market is primarily dominant in countries such as Japan, India, Republic of Korea, China, and Rest of Asia-Pacific. Asia-Pacific region and Australia has been expected to be the fastest developing region on account of the expanding demand for eliminating therapeutic errors is substantially encouraging the healthcare analytics market growth.
Healthcare Analytics Market Key Players
The global healthcare analytics market has been dominated by prominent players such as Allscripts Healthcare Solutions, Cerner, IBM, SAS Institute Inc., Inovalon, Wipro, Citiustech, Cotiviti, Mckesson, Health Catalyst, Oracle, Optum, Medeanalytics, Vitreoshealth, and SCIO Health Analytics.
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