Meticulous Research® – leading global market research company published a research report titled “Healthcare Analytics Market by Type (Descriptive, Predictive, Prescriptive), Component (Service, Software), Application (Clinical, RCM, Claim, Fraud, SCM, PHM), Delivery (On premise, Web, Cloud), End User (Payer, Hospital, ACO, MCO) – Global Forecast to 2023”.
According to this latest publication from Meticulous Research®, the healthcare analytics market is expected to grow at a CAGR of 25.5% from 2018 to 2023 to reach USD 33.8 billion by 2023, driven by growing investments by venture capitalists, continued pressure to curtail rising healthcare costs, growing demand to improve care quality, the implementation of Affordable Care Act in the U.S., and trend towards value-based care. Moreover, growing digitization in emerging countries, improving HCIT infrastructure and adoption of HCIT solutions such as EMRs and HIE, increasing focus on personalized medicine, advancing IT & big data capabilities, government support for connected care, and proliferating accountable care organizations (ACO) further propels the adoption of healthcare analytics.
The global healthcare analytics market is mainly segmented by type, component, mode of delivery, application, end-user, and geography.
On the basis of type, healthcare analytics market is segmented into descriptive, predictive, and prescriptive. Descriptive held the largest share as it is the most traditional form of analytics used in healthcare industry and it forms base for the effective application of predictive or prescription analytics.
On the basis of component, healthcare analytics market is segmented into services, software, and hardware. Services forms the largest component, primarily attributed to growing demand for cloud-based analytics, recurring need for support services, and lack of IT skills in healthcare industry.
Based on the mode of delivery, the healthcare analytics market is segmented into web-based, on-premise, and cloud-based models. Currently, the adoption of on-premises model is the highest, owing to concerns related to patient data confidentiality and security on remotely managed servers.
On the basis of application, the healthcare analytics market is segmented into financial analytics, clinical analytics, operational analytics & administrative analytics, and population health analytics. Financial analytics held the largest share; whereas, clinical analytics is expected to grow at the highest CAGR during the forecast period. This is mainly attributed to the growing adoption of analytics by the healthcare providers to reduce hospital re-admissions, curtail growing healthcare costs, be eligible for value-based reimbursements, increasing adoption of EHRs and rising availability of digital information, growing focus on providing quality care, and improving patient safety and satisfaction.
On the basis of end-user, the healthcare analytics market is segmented into provider analytics, payer analytics, and ACOs & MCOs. Payer analytics were the largest end users; whereas, provider analytics segment is expected to register the highest CAGR during the forecast period. This is primarily attributed to the growing health IT and EHR adoption, growing investments by venture capitalists, increasing pressure to provide quality care and control healthcare costs, rising big data in healthcare, and technological advancements.
Geographically, the global healthcare analytics market is segmented into five major geographies namely, North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America holds the largest share in the global healthcare analytics market in 2017, followed by Europe, and Asia-Pacific. This is mainly due to rising demand for information by healthcare stakeholders and increasing need to manage large, diverse data sets, and innovations ranging from precision medicine to value based care to population health management. Moreover, increasing need to curtail healthcare costs, implementation of the ACA, and significant growth in adoption of EHRs and growth in Accountable Care Organizations (ACOs) and health information exchange (HIEs) further propels the adoption rate of healthcare analytics in this region.
The key players in the global healthcare analytics market are Allscripts Healthcare Solutions, Inc. (U.S.), Cerner Corporation (U.S.), CitiusTech Inc.(U.S.), Epic Systems Corporation (U.S.), Health Catalyst(U.S.), IBM Corporation (U.S.), Inovalon (U.S.), McKesson Corporation (Change Healthcare) (U.S.), MedeAnalytics, Inc.(U.S.), NextHealth Technologies(U.S.), UnitedHealthcare Group (U.S.), Oracle Corporation (U.S.), SAP SE (Germany), SAS Institute Inc. (U.S.), SCIOInspire, Corp. (U.S.), Tableau Software, Inc. (U.S.), TIBCO Software, Inc. (U.S.), Verscend Technologies, Inc. (U.S.), VitreosHealth (U.S.), and Wipro (India).
Key questions answered in the report-
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