The global healthcare analytics (medical analytics) market is growing significantly due to development of cloud based healthcare analytics in the industry. Healthcare analytic is used to improve the performance of healthcare organization by enhancing quality care, meeting regulatory compliance and for prevention of chronic diseases. Increasing focus on value based medicine is expected to support the growth of healthcare analytic market in the coming years.
In addition, massive unexplored market in analytics industry of developing economies are creating ample opportunities for the healthcare analytics market to grow at a considerable rate in the coming years. The advanced research and development facilities and new product developments by the companies are supporting to address the demand for healthcare in the healthcare analytics industry.
On the basis of application of healthcare analytics, the market can be categorized as clinical analytics, operational and administrative analytics, financial analytics and population health analytics. The clinical analytics is expected to grow at the fastest rate in the coming years. The clinical analytics segment is further categorized as precision health, clinical decision support (CDS), quality improvement & clinical benchmarking, reporting and compliance, and comparative analytics. Similarly, financial analysis includes revenue cycle management (RCM), risk adjustment, claims processing, payment integrity and fraud, waste and abuse analytics. Whereas, the operational and administrative analytics include workforce management, strategic analysis and supply chain analysis.
On the basis of type of healthcare analytics, the market can be categorized as prescriptive analysis, descriptive analytics, and predictive analysis. Descriptive analytics lead the healthcare analytics market, by type. Moreover, on the basis of component of healthcare analytics, the market can be categorized as hardware, software and services. The healthcare analytics market can be categorized on the basis of end users as healthcare payer, healthcare providers and others. And on the basis of delivery mode the healthcare analytics, the market can be categorized as on-premise and on-demand.
Some of the factors driving the growth of healthcare analytics market are availability of huge data in healthcare, increase in project capital investments, rising awareness on the benefits of using analytics in healthcare, and rise in pressure to limit healthcare expenditure. However, lack of skilled professionals, operational gap between the payer and provider, and high cost of analytics solution are some of the factors restraining the growth of the healthcare analytics market to some extent. Moreover, language and culture barrier and lack of patient data privacy are also some of the factors inhibiting the growth of the global healthcare analytic market.
Geographically, North America will be leading the global healthcare analytics market in the coming years due to increasing demand for better clinical outcomes. Asia-Pacific is the fastest growing region in the global healthcare analytics market. The major reasons for the fastest growth in the region are increasing healthcare expenditure and large pool of patients in the region. Moreover, the healthcare analytics market is growing due to increasing awareness of healthcare in the emerging countries, such as India and China, of Asia-Pacific region.
Some of the companies operating in the healthcare analytics market are Allscripts, IBM Corporation, Oracle Corporation, Verisk Analytics, Inc., Cerner Corporation, Optum, Inc., Mckesson Corporation, Health Catalyst, Inovalon, Inc., and MedeAnalytics, Inc.
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