Healthcare analytics market Overview
Healthcare analytics is an evidence-based approach for data collection from multiple sources and its analysis which designate certain trends and patterns for effective and improvised healthcare interventions. This has also been helpful in solving many challenges in the healthcare industry.
Integrated healthcare mandates across the globe, the emergence of big data, increasing adoption of IT in the sector, emerging fields of predictive, prescriptive analytics, the digitization of world commerce, and capital investments are powering the healthcare analytics market growth of this sector. Security issues, issues with confidentiality of the information, technological and cultural barriers at the data source point, and healthcare death of skilled workforce may restrain the growth of this industry across the world. Furthermore, associated hurdles in creating global analytics network due to fragmented international political and economic relations may also act as a major threat towards the market growth.
Healthcare analytics market Forecast Report (2018-2023)
Global Healthcare analytics market is estimated at $8.93 Billion in 2018 and is poised to reach $27.7 Billion by 2023 at a CAGR of 25.41%.
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Healthcare analytics market Segmentation
The report segments the healthcare analytics market based on types, components, applications, end users, delivery modes, and regions. On the basis of type, the market is segmented into predictive analytics, descriptive/retrospective analytics, and prescriptive analytics. By application, it is segmented into Financial Analytics, Clinical Analytics, and Operational& Administrative Analytics. It can also be segmented by end-users such as public health systems, health care providers, private healthcare providers, Monitoring agencies, Health Insurance companies, Clinical and Medical research bodies, technology vendors. Amongst end users, the health care providers segment is anticipated to grow at the highest CAGR during the forecast period. Federal mandates, for instance, the implementation of EHRs and ICD-10 code sets, swing towards value-based medicine, and the increased focus on quality care and reduced costs are propelling the growth of this segment.
On the basis of geography, the market is analyzed under various regions namely North America, Europe, Latin America, Asia-Pacific, and Middle-East & Africa. North America accounts for the largest share of the global market in 2015 and it continues to dominate the healthcare analytics market during the period in discussion, mainly owing to the federal mandates reassuring Healthcare IT acceptance in this region.
The major companies dominating this market for its products and services are
- SAS Institute, Inc.,
- Optum, Inc.,
- IBM Corporation,
- Truven Health Analytics Inc.,
- Cerner Corporation,
- Verisk Analytics, Inc.,
- McKesson Corporation,
- Allscripts Health Solutions,
- Oracle Corporation,
- Inovalon, Inc.
- Health Catalyst.
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