Global Healthcare Analytics Market
By Type (Descriptive Analytics, Predictive Analytics, Prescriptive Analytics), By Application (Population Health Analytics, Financial Management, Clinical Data Management, Operations Management, Others), By Component (Hardware, Software, and Services) By End-Use (Hospitals, Clinics, and Others) and Geography – Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis 2012-2016 and Forecast 2017-2023
Healthcare Analytics Market Report Description:
Healthcare analytics market report gives a comprehensive outlook on Healthcare Analytics across the globe with special emphasis on key regions such as North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa (MEA). This report on healthcare analytics market gives historical, current, and future market sizes (US$ Mn) of type, application, component, end-use and geographic regions. This report studies healthcare analytics market dynamics elaborately to identify the current trends & drivers, future opportunities and possible challenges to the key stakeholders operating in the market. In addition, the market report includes regulatory scenario and competition analysis with vividly illustrated the competition dashboard to assess the market competition. Moreover, PBI analyzed healthcare analytics market to better equip clients with possible investment opportunities across the regions (Regional Investment Hot-Spots) and market unmet needs (Product Opportunities). Key stakeholders of the healthcare analytics market report include suppliers, manufacturers, marketers, policymakers engaged in manufacturing and supply of Healthcare Analytics Market
Healthcare Analytics Market:
The Healthcare Analytics Market estimated to be valued over US$ 14,000 Mn in 2016 and expanding at a growth rate of 26 %, and projected to reach US$ XX Mn by 2023.
A dramatic change in the healthcare industry has expected to fuel the healthcare analytics market.
Healthcare industry is adopting innovative technologies from the past decade. The advanced analytics can play a vital role in healthcare systems and provide insights to manage business proactively and efficiently. Moreover, analytics enables predict patient’s future health needs, which is more useful for provider and payer. Hence, most of the healthcare organizations are inclining towards healthcare analytics. For instance, electronic health records (EHR) provides patient data like history, prescriptions, personal details like contact number, email address, diagnostic test results, physician’s comments etc.
The gradual increase in healthcare expenditure is expected to witness robust growth in healthcare analytics market.
Healthcare expenditure is the prime factor, which drives the healthcare analytics market. Rise in healthcare expenditure, effective hospital management strongly correlates with quality of care. Healthcare analytics able to provide insights to reduce costs, identify at-risk populations, minimize inefficiencies, and predict future healthcare needs and diagnostic tests.
North America has expected to account for major revenue share of global healthcare analytics market
U.S. Healthcare Analytics Market is expected to expand at significant CAGR over the forecast period owing to rise in healthcare expenditure, adoption of sophisticated technologies have expected to propel the market. The healthcare services come with a price, organizations are incentivized to seek volume business over the value business. The above model enables enhance readmissions, repeat visits, and other inefficiencies that increase cost. Analytics used to implement payment process depends on performance rather than volume, the provider would be paid for value, depends on outcomes. Data-driven models have been using to identify disease risk factors. Health Insurance Portability and Accountability Act’s (HIPAA), permits the disclosure of confidential information regarding health for research without an authorization of the patient. Lack of skilled resources, limited healthcare infrastructure in developing countries, data confidentiality is the major challenges of the healthcare analytics market.
Key players’ profiles in the global Healthcare Analytics Market include:
- Allscripts Health Solutions (U.S.)
- Cerner Corporation (U.S.)
- BM Corporation (U.S.)
- Health Catalyst (U.S.).
- HP Development Company, L.P.(U.S.)
- Inovalon (U.S.)
- McKesson Corporation (U.S.)
- Mede Analytics, Inc. (U.S.)
- Oracle Corporation (U.S.)
- Optum, Inc. (U.S.)
- Verisk Analytics (U.S.)
- SAS Institute, Inc. (U.S.)
Market players are focusing on mergers and acquisitions to improve their market position in Healthcare Analytics market.
- In 2016 March, Advera Health Analytics, a healthcare informatics company, launched Evidex, a web-based platform with structured real-world drug evidence which combines annotated data from curated clinical trial results.
- In 2012, AAIPharma Services Corp pharmaceutical product development services provider acquired Celsis Analytical Services, a unit of Celsis International Ltd.
- In 2012, IMS Health (QuintilesIMS) acquired PharmaDeals Ltd., online information provider of licensing, mergers & acquisitions and business transactions about pharmaceutical industry globally.
Key Findings of the Report:
- Healthcare analytics market is expanding at XX% CAGR over 2017 to 2023 to reach market value of US$ XX Mn by 2023
- Based on the type, predictive analytics market is expanding at highest CAGR over the forecast period.
- Based on region type, North America is expected to account for major market share.
- Hospitals are prime channel for surgical instruments systems distributed across the globe
- Players focusing on expanding geographic presence to garner market opportunities in developing economies
Key Features of the Report:
- The report provides granular level information about the market size, regional market share, historic market (2013-2017) and forecast (2018-2024)
- The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
- The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
- The report tracks recent innovations, key developments and startup’s details that are actively working in the market
- The report provides plethora of information about market entry strategies, regulatory framework and reimbursement scenario
- The report analyses the impact of socio-political environment through PESTLE Analysis and competition through Porter’s Five Force Analysis in addition to recent technology advancements and innovations in the market