Global healthcare analytics market size is expected to grow significantly over the forecast period. It is anticipated that the market held a market value of USD 12,126.70 million in 2018 and is projected to grow at a CAGR of 27.1% over the forecast period. Healthcare analytics is one of the major segment of analysis that primarily focuses on providing insights into hospital management, costs, patient records, diagnoses, and various other data. The field covers all the segments of the healthcare industry, providing insights on both the macro and micro level. The global healthcare/medical analytics market growth is expected to grow at a rapid pace due to factors such as high adoption of technological advancements in the field of healthcare, increasing demand for reducing paperwork, better treatment plans in collaboration with pharmaceutical organizations, increasing availability of low cost technology, to improve patient care efforts, better services, and improve existing procedures.
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For improve, treatment plans in association with pharmaceutical organizations are one of the major factors for analytics-driven revolution in healthcare. With more access to wide and in-depth information, pharmaceutical organizations can come up with better formulations for diseases. With the help of more data and analytics, pharmaceutical organizations will be able to assure their formulations positively. This will eventually move the trend from volume discounts to evidence-based outcome models. However, with these advantages of healthcare analytics driving the growth of the market, few restraints are hampering the growth of the market including; data security, high cost of analytical solutions, and technology challenged the user.
Healthcare Analytics Market Segmentation
The global healthcare/medical analytics market has been segmented into type, component, delivery model, application and end user.
Based on type, market segmented into descriptive analytics, predictive analytics, prescriptive analytics, and cognitive analytics.
Based on component, market segmented into software, hardware, and services.
Based on delivery mode, market segmented into on-premise and on-demand.
Based on application, the healthcare/medical analytics market is segmented into Financial Analytics (Claims Processing, Revenue Cycle Management (RCM), Payment Integrity & Fraud, Waste, and Abuse (FWA), Risk Adjustment & Assessment), Clinical Analytics (Quality Improvement & Clinical Benchmarking, Clinical Decision Support (CDS)), operational & administrative analytics, population health analytics
Based on end user, healthcare analytics market segmented into Payers (Private Insurance Companies, Government Agencies, Employers and Private Exchanges), Providers (Hospitals & Clinics, Post-Acute Care Organizations, Ambulatory Settings), Others.
The global healthcare analytics market by region has been segmented, into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The Healthcare Analytics market in the Americas has further been segmented into North America and South America, with the North American market divided into the US and Canada.
The European Healthcare Analytics market has been segmented into Western Europe and Eastern Europe. Western Europe has further been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe.
The Healthcare Analytics market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. The Healthcare Analytics market in the Middle East & Africa has been segmented into the Middle East and Africa.
Healthcare Analytics Market Key players
Some of the prominent players in the global Healthcare/Medical Analytics market are Cerner, Allscripts Healthcare Solutions, SAS Institute Inc., IBM, Wipro, Inovalon, Cotiviti, Citiustech, Health Catalyst, Mckesson, Optum, Oracle, SCIO Health Analytics, Vitreoshealth, Medeanalytics, Others.
Healthcare Analytics Regional Market Summary
Geographically, the Americas is anticipated to dominate the global healthcare/medical analytics market share owing to the presence of major players in the region, well-established acceptance of technological advancements, increasing adoption of healthcare IT, for instance, according to reports by the Centers for Disease Control and Prevention in 2017, approximately 86.9% of the hospital-based physicians used the EMR/EHR system. This growing inclination towards healthcare IT to offer efficient care and rising government initiatives would fuel upmarket growth during the forecast period. Moreover, to reduce medical errors, clinicians have resorted to the use of big data and mhealth tools which is likely to enhance the growth of the healthcare analytics market in the region.
Europe is expected to hold the second largest position in the global healthcare/medical analytics market.
The healthcare analytics market in Asia-Pacific region consists of countries namely China, Japan, Republic of Korea, India, Australia and Rest of Asia-Pacific. The Asia-Pacific region is expected to be the fastest growing region owing to the increasing need to reduce medical errors is propelling the growth of the healthcare/medical analytics market. The number of new vendors involved in healthcare analytics is also expected to increase over the forecast period, as there are many niche market players who are trying to leverage the market share in the region. The Middle East and Africa market for healthcare analytics is expected to grow at a steady pace.
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