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.
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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.
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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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