Global Healthcare Analytics Market report delivers future development strategies, key companies, Possibility of competition, major challenges analysis. The reports elaborate the expansion rate of the Healthcare Analytics market supported the highest company profile analysis. This report providing an in-depth analysis, market size, and evaluation for the developing segment among the industry. Healthcare Analytics Market report will help you take expert decisions, recognize opportunities, plan effective professional tactics, plan new schemes, analyse drivers and restraints and give you a vision on the Healthcare Analytics Market forecast.
The Healthcare Analytics Market report discusses the primary industry
growth drivers and challenges that the vendors and the market as a whole face
and provides an overview of the key trends emerging in the market. It also
talks about the market size of different segments and their growth aspects
along with key leading countries in Americas, Asia-Pacific, Europe, the Middle
East, and Africa regions.
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Global Healthcare Analytics Market size is expected to
reach USD 53.65 billion by 2025. Healthcare analytics (HA) implies analyzing
data collected from various sources; to improve healthcare facilities.
Increasing need to reduce healthcare expenditure among hospitals and the other
healthcare providers is expected to drive the market growth in the upcoming
period. The market size is anticipated to grow at a high CAGR in the upcoming
period as the scope, product types, and its applications are increasing across
the globe.
With the advent of data-enriched tools such as eHealth,
mHealth, mobile applications, and electronic health records (EHR), the
communication gap between patients and caregivers has reduced. These tools
generate tremendous data, which is used for personalized treatments. Now
hospitals are using healthcare analytics to manage the number of workers
working in a shift. The market based on
the types is classified into descriptive, prescriptive, and predictive.
Descriptive analytics is widely used amongst the three and held the largest
share in 2016. Mostly these systems are used for administrative and process
optimization activities. Moreover, the “predictive” analytics is expected to
witness large market share during the forecast period. This method is widely
used by organizations such as insurance providers, government organizations,
hospitals, clinics and life science companies.
Delivery modes of healthcare analytics include web based,
on-premises, and cloud based delivery. The “on-premises” delivered services
contributed 48% market share in 2015. On the other hand, the “cloud based
analytics” is expected to hold the highest market share in the forthcoming
period. Real-time data tracking, avoidance of complex physical ecosystem and
remote access to data are the benefits associated with cloud-based systems.
The application segment includes clinical, operational
& administrative, financial and others. The “operational &
administrative” services dominated the large market share in 2015. This can be
attributed to their wide applications encompassing supply chain management,
strategic analytics and workforce. However, the “financial” application is
expected to hold the largest market share over the forecast period due to their
growing adoption in private as well as government health settings.
The factors that play an important role in the growth of
healthcare analytics market include increasing demand, growing population,
increasing urbanization & industrialization, growing digitalization of
healthcare data, increasing government initiatives to increase EHR (Electronic
Health Records) adoption, availability of big data in healthcare, growing
pressure to curb healthcare costs, rising focus on improving patient outcomes,
increasing venture capital investments, technological advancements and
stringent government rules & regulations.
However, issues related to data integrity & safety,
lack of skilled IT professionals and the other high pricing are negatively
impacting the growth of healthcare analytics industry. The market is widely
analyzed based on different regional factors such as gross domestic product
(GDP), demographics, acceptance, inflation rate and others. The market is
categorized based on type, component, application, delivery mode, end-use and
geography. The market is classified into component such as hardware, software
and services. The “services” segment held the large share in 2015 and is
anticipated to grow at a high CAGR in the next couple of years. Outsourcing of
big data services is projected to dominate the service segment.
North America is anticipated to hold the largest market
share in the upcoming period due to growing demand to reduce rising healthcare
costs, increasing cases of payment frauds, high per capita healthcare cost.
However, Asia Pacific is expected to witness high market share during the
forecast period owing to the increasing government initiatives to improve the
medical infrastructure, growing population and promote economic growth.
The key players contributing to the robust development of
the healthcare analytics market include IBM Corporation, SAS Institute Inc.,
Oracle Corporation, Allscripts Healthcare Solutions Inc., Cerner Corporation,
MEDai Inc., Optum Health Inc., MedeAnalytics, Wipro, CitusTech, Verscend,
VitreosHealth, SCIO Health and Verisk Analytics Inc.These market players are
focusing on inorganic growth to sustain themselves amidst fierce competition.
As such, mergers, acquisitions, and joint ventures are the need of the hour.
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