Market Highlights
Global healthcare analytics market 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.
The global healthcare analytics market is growing at a rapid pace, the major factors influencing the growth of the market include; increasing penetration of information technology in the field healthcare, better treatment plans in collaboration with pharmaceutical organizations, increasing availability of low-cost technology, and increasing use of EHR/EMR and clinical decision support system CDSS.
There have been increasing technological advancements in the past decade, and now this technology is available at a low cost. The technology including Cloud, SaaS and IaaS, and various others are proving to be a great advantage for the healthcare industry. These low-cost technologies have been putting economic and scalable tools into the hands of care providers. Furthermore, from data and analytics, the technology is also providing better transparency, making it feasible for payors and regulators to use healthcare analytics. The rising access to accurate data has already encouraged more than 70% of payors in the US to interchange to outcome-based plans.
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Regional Analysis
Geographically the market has been segmented into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
Geographically, the Americas is anticipated to dominate the global healthcare analytics market owing to presence of well-established players in the, well-established penetration of information technology in the field of healthcare, 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. However, the Asia-Pacific region is expected to grow at the fastest growth rate. The major factors influencing the growth of the in the region include; increasing need to reduce medical errors is driving the growth of the healthcare analytics market. An increasing number of new vendors involved in healthcare analytics is also expected to drive the growth of the market over the forecast period.
Segmentation
The global healthcare 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 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), and others.
Key Players
Some of the major players operating in the global healthcare analytics market are SAS Institute Inc., Cerner, Allscripts Healthcare Solutions, Citiustech, Health Catalyst, McKesson, Optum, Oracle, IBM, SCIO Health Analytics, Vitreoshealth, Wipro, Inovalon, Cotiviti, Medeanalytics, and others.
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