24 Apr 2020
Healthcare Analytics Market is valued at USD 12.2 Billion in 2018 and expected to reach USD 63.2 Billion by 2025 with the CAGR of 28.3% over the forecast period.
Healthcare Analytics is a combination of advanced technologies and skill set to manage the clinical and programmatic insights for the reduction of data complexities. Healthcare analytics enables the managers and healthcare professionals to operate better by providing correct real time information that can deliver the appropriate results and actionable insights. New methods which are introduced in healthcare analytics are used to drive the clinical and operational improvements to meet business challenges. Healthcare analytics from an operational management helps to improve the healthcare quality and operational efficiency by determining the physician performance, total cost of care and also professional can easily get insights for a more successful health management.
Healthcare Analytics Market report is segmented on the basis of type, component, deployment, application, end-user and regional & country level. Based upon type, healthcare analytics market is segmented into cognitive, predictive and prescriptive. Based upon component, healthcare analytics market is segmented into hardware, software and services. On the basis of deployment, healthcare analytics is segmented into on-premises and cloud-based. Furthermore, based upon application, healthcare analytics market is segmented into clinical analytics, financial analytics, operational analytics and administrative analytics. On the basis of end-user, healthcare analytics is segmented into payers, providers and third-party administrators (TPAs).
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The regions covered in this Global Healthcare Analytics market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of global healthcare analytics market is sub divided into U.S., Mexico, Canada, UK, France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Key Players – Some major key players for Healthcare Analytics market are Health Catalyst, IBM, OptumHealth, McKesson Corporation, Allscripts Healthcare Solutions, Cerner Corporation, Athenahealth, Inovalon, Computer Programs and Systems, Change Healthcare, Tenet Healthcare Corporation, GE Healthcare, Evolent Health, Influence Health and others.
Increasing Demand for Handling the Large Quantity of Electronic Health Record (EHR) is Expected to Drive the Market Growth.
The healthcare analytics market has witnessed a significant growth from the past few years. The healthcare industry is under significant pressure to reduce the overall cost and efficiently manage all the in-between processes while improving patient care is the major factor driving the demand for healthcare analytics. Increasing incidences of chronic diseases, aging population and shortage of skilled personnel are the other factors behind the increased adoption of healthcare analytics. In addition to this, big data in healthcare analytics is evolving at a promising pace due to the fact of providing insight from very large data sets and improving patient’s outcomes while reducing costs. For example; the Centers for Medicare and Medicaid Services (CMS) has used healthcare analytics to reduce the hospital readmission rates and avoid nearly USD 115 million fraud payments.
In healthcare analytics, the emergence of big data can effectively handle the large quantities of electronic health record (EHR), administrative claims and clinical trials as well as collect the data from several devices. Furthermore, among all these applications, predictive analytics is continually taking a upsurge growth momentum both in the statistics and medicine globally and it is expected to cover around USD 2.3 billion market by the end of 2019. Globally, healthcare expenditure was reached about USD 7.72 trillion in 2017 and is expected to increase approximately USD 10.13 trillion in 2022 with an annual rate of 5.4% from 2017-2022. However, in healthcare analytics accuracy related issues and skilled professionals required to operate the whole software and hardware devices may hamper the growth of this market.
North America is Expected to Dominate the Global Healthcare Analytics Market.
North America is estimated to dominate the global healthcare analytics market during forecast period. North American healthcare providers are facing some serious issues regarding provision of an excellent productivity and to reduce the healthcare cost which contributes to the growth of healthcare analytics market in this region. Additionally, the advancement of technology and other factors are compelling healthcare providers to continue to adopt the well-equipped systems across their clinical environments. Asian countries have started to set the new avenues of advanced technologies in response to the rising population by meeting the positive health outcomes.
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Cognitive, Predictive, Prescriptive
Hardware, Software, Services
Clinical Analytics, Financial Analytics, Operational Analytics, Administrative Analytics
Payers, Providers, Third-party Administrators (TPAs)
North America (US., Canada), Europe (UK., France, Germany, Italy), Asia Pacific (China, Japan, India, Southeast Asia), Latin America (Brazil, Mexico), Middle East and Africa (GCC, Africa, Rest of Middle East and Africa)
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