Practice Analytics can be defined as the capability to evaluate and examine the state of a practice in a business, it is also a tool that is essential to support and produce a business. Practice analytics is an easy to use report writing and business intellect tool that can be utilized by directors, managers, providers and support staff. In practice analytics, analysing data in detail and summarizing it, preparing reports and presentation graphics, along with generating data files for exports to other applications are major driving factors responsible for growth of this market. Increasing in SaaS (Software as a Service) based analysis and SQL database which is a more demanding database language will also boost the growth of this market.
Analysing the data is too time consuming which may hamper the growth of this market.
The global practice analytics market is expected to grow at a CAGR of 11.5% during forecasted period of 2017-2023.
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Global Practice Analytics Market - Competitive Analysis
Characterized by the presence of several well-established and small players, the global practice analytics market appears to be highly competitive and fragmented. International players are increasingly expanding their footprint in the developing economy, making it difficult for regional vendors to compete with them, especially in terms of features such as product differentiation, product portfolios, quality, and pricing. The market is witnessing intensified competition which is expected to get more intensified further during the forecast period. The intense competition prevalent in the market dictates the consolidation among marketers.
Well established players incorporate acquisition, collaboration, partnership, expansion, and product launch in order to gain competitive advantage in this market and to maintain their market position.
In November, 2017- Greenway Health, a leading health information technology and services provider, announced that all three of its electronic health record and practice management solutions received 2015 ONC Health IT certification. The certified editions of Prime Suite v18.00, Intergy v11.00 and SuccessEHS v9.0, were certified in June, became available to help the customers to succeed in value-based care programs such as the Merit-based Incentive Payment System (MIPS) and Alternative Payment Models.
In January, 2017- Medisys Health Group Inc. which is Canada’s only national provider of preventive and executive health services, announced that it has completed the acquisition of Tri Fit Incorporated. This accelerated Medisys’ pathway into a leadership position in Canadian corporate wellness.
In April, 2018- Cardinal Health announced that it has entered into a definitive agreement to acquire Medtronic's Patient Care, Deep Vein Thrombosis and Nutritional Insufficiency businesses for USD 6.1 billion in cash. The purchase price did not included cash tax benefits of at least USD 100 million. The acquisition is expected to be financed with a combination of USD 4.5 billion in new senior unsecured notes and existing cash. The transaction is expected to close in the first quarter of Cardinal Health's fiscal year 2018.
In December, 2016- McKesson Corporation, a leading international healthcare services and information technology company, announced that it has completed the acquisition of Rexall Health for USD 2.9 billion CAD. This was followed by the agreement reached with the Competition Bureau of Canada for the acquisition of Rexall Health and approval received under the Investment Canada Act.
In August, 2016- Harris’ Healthcare group announced that it has completed the acquisition of digiChart Inc. digiChart is a provider of electronic medical records (EMR) and practice management solutions for Obstetricians and Gynecologists practices in the U.S.
Global Practice Analytics Market - Regional Analysis
On regional basis, the practice analytics market is segmented into Americas, Europe, Asia Pacific and Middle East & Africa. North America commanded the largest market. Increasing use of information technology in healthcare industries and rising industrialization followed by the development of IT industries are the major drivers for the market growth of the market within the region. Following the similar trends of North America, Europe stands second in the market. On the other hand Asia Pacific is estimated to be the fastest growing market. The Middle East and Africa have the lowest market share due to lack of technical knowledge and poor medical facilities.
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