Healthcare Analytics Market Overview
In the current healthcare scenario, the health care providers and payers are under immense pressure to curtail healthcare cost as well as to improve patient outcomes. Given the growing demand for all kind of healthcare services worldwide, the healthcare industry is growing at very fast speed globally. As the industry is growing so does the amount of data generated. Healthcare industry generates and works on huge amount of data and this creates enormous opportunities for all the stake holders in healthcare continuum to improve their clinical, operational, and financial operations by analysing these data. This situation is resulting into the faster adoption of data mining and analytics in healthcare domain resulting in growth of the global healthcare analytics market.
On the basis of application, the healthcare analytics market is categorized into clinical, operational and administrative, financial, and population health analytics. Among these applications, clinical analytics is expected to be the fastest growing category in the global market in the coming years, mainly on account of growing emphasis on the improvement of clinical outcomes. This application area is further sub-categorized into precision health, clinical decision support (CDS), quality improvement and clinical benchmarking, reporting and compliance, and comparative analytics.
Prescriptive, descriptive and predictive are the three forms analytics present in the healthcare analytics market. Furthermore, on the basis of component, the market has been segmented into hardware, software and services.
The end users analyzed in the healthcare analytics market are healthcare payers, healthcare providers, and other end users. The payer category is further segmented into private insurance companies, government agencies, employers, and private exchanges. The healthcare providers category further includes hospitals, physician practices, and integrated delivery networks (IDNs); post–acute care organization; and ambulatory settings.
On the basis of delivery mode, the healthcare analytics market can be categorized as on-premises and on-demand. Of these two delivery modes, the market for on-demand healthcare analytics is expected to grow at a faster pace as compared to the on-premises category, during the forecast period.
Geographically, North America leads the healthcare analytics market, on account of presence of developed healthcare infrastructure and healthcare technology companies in the region. The European market is also expected to grow at steady rate, mainly due to the growing emphasis on improving clinical insights and outcomes as well as cost containment in the healthcare industry in the region. The healthcare analytics market in Asia-Pacific is expected to witness high growth during the forecast period, due to increasing awareness about healthcare analytics, growing healthcare expenditure and infrastructure, and large pool of patients in the region.
Healthcare analytics not only helps in improving patient outcomes but also helps in managing costs. It helps in driving better business results and sustains new performance improvement initiatives into the future.
Healthcare Analytics Market Dynamics
Some of the factors driving the growth of this market are rising awareness on the benefits of using analytics in healthcare, rising need to curb healthcare expenditure, and development of cloud-based healthcare analytics. The market players are offering innovative and state-of-the-art solutions to tap the growing healthcare analytics market. For instance, McKinsey & Company is using machine learning techniques in healthcare analytics for at risk patient prediction, payment service streamlining, and improved patient retention.
Moreover, availability of huge data in healthcare settings and increasing unmet potential to analyse this data to provide real-time information that can support decisions and deliver actionable insights, is further augmenting the market growth. In addition, massive unexplored market in the analytics industry of the developing economies is creating ample opportunities for the healthcare analytics market players, which, in turn, is likely to lead to considerable market growth in the coming years.
Lack of skilled professionals, data silos that prevents the free exchange of information, operational gap between the payer and provider, high cost of analytics solution, and legacy infrastructure that cannot accommodate modern healthcare analytics tools and applications are some of the factors that are restraining the growth of the health analytics market.
Healthcare Analytics Market Competitive Landscape
The healthcare analytics industry is dominated by large players including Allscripts Healthcare Solutions Inc., IBM Corporation, Oracle Corporation, Verisk Analytics Inc., Cerner Corporation, McKinsey & Company, Koninklijke Philips N.V., SAS Institute Inc. among others. Some of the other companies operating in this market include Optum Inc., Health Catalyst, Inovalon Inc., MedeAnalytics Inc., and Sisense Inc.
The study provides historical as well the forecast market size data for various countries including the U.S., Canada, Germany, France, Italy, Spain, U.K., Japan, China, India, Brazil, Mexico, Saudi Arabia, and South Africa.