Healthcare analytics term is used for describing healthcare analysis activities. This technology used data for qualitative and quantitative analysis, transforming volume based medicines to value based medicine and reimbursement. Health care analytics permits the inspection of patterns in various healthcare data to determine how clinical care can be enhanced while preventive excessive spending. Global healthcare analytics market is expected to grow with a CAGR of approximately 27% during 2016-2023. Factors driving global healthcare analytics market includes:
- New technologies drive the market
- Public & private sector funding to boost the market
- Large data in healthcare domain
- Federal mandate for prioritizing healthcare analytics
Rising demand for cost reduction in healthcare is the key driving factor of the global healthcare analytics market. Moreover, growing government initiatives to increase EHR, rising venture capital investment and technological advancement are also fueling the healthcare analytics market. The various driving forces pushing the global healthcare analytics market include growing need for quality care services, growing pressure to curb the healthcare costs and rising initiatives for the adoption of EHRs, availability of big data in healthcare, growing awareness on the benefits of using analytics in healthcare, and increase in venture capital investment. Global healthcare industry is experiencing fundamental transformation to a value based business from a volume based business. Factors such as lack of skilled personnel, operational gap between payers and providers, a, high cost, and language and cultural barriers are some factors that are restricting the growth of the global healthcare analytics market growth during the forecast period.
Source: OBRC Analysis
Global healthcare analytics market is segmented into component, application and end user. Based on component segment, the market is sub segmented into:
- Hardware
- Software
- Service
Based on application segment, the market is sub segmented into:
- Clinical analytics
- Financial analytics
- Operational and administration
- Risk management
Based on end user segment, the market is sub segmented into:
- Health care payer
- Health care provider
The revenue for the above application and end-user segments are specific to the healthcare analytics market. However, the total revenue of these application and end-user segment in general has been excluded from the scope of the report. Also, the total market revenue has been calculated by summing up component segment.
Geographically, the global healthcare analytics market is segmented into:
- North America (U.S. & Canada)
- Asia Pacific (China, India, Japan, RoAPAC)
- Europe (UK, France, Germany, RoE)
- Rest of World
North America is expected to gain highest market share followed by Europe and Asia Pacific. North America is expected to dominate the market during forecast period due to factors such as rising healthcare cost, increasing regulatory requirements, growing EHRs adoption etc. Europe health care is a leading market due to the growing need to curb the rising healthcare cost coupled with adoption of advanced healthcare technologies. The Asia Pacific region is expected to witness gainful growth attributable to the untapped opportunities in the countries including India, Japan and China due to technologically advancement and medical tourism etc.
Out of all the segments, global healthcare analytics market by application is expected to be the fastest growing segment. Global healthcare analytics market by application includes clinical analytics, financial analytics and operational analytics. Considering the growth opportunities with in this market, many companies are making strategic moves to enter global healthcare analytics market.
The major market players of the global healthcare analytics market are:
- Allscripts Health Solution
- Cerner Corporation
- Health Catalyst
- IBM Corporation
- Inovalon,Inc
- Mckesson Corporation
- Mede analytics
- Optum, Inc.
- Others
Detailed analysis of these companies provided in this report comprises Overview, SCOT Analysis, Product Portfolio, Strategic Initiative and Strategic Analysis.
Why to buy the report:
This report will:
- Provide in detail the different segments such as by products and end-users which are affecting the global healthcare analytics market.
- Provide you the patent analysis of the healthcare analytics market.
- Identify and understand the strength, opportunities, challenges and threat of the health care analytics market.
- Provide revenues of major players of the market such as Honeywell, Bosch security systems.
- Provide you various the regulatory policies which are affecting the global health care analytics market.
How we are different from others:
At Occam’s we provide an extensive portfolio which is comprehensive market analysis along with the market size, market share, and market segmentations. Our report on global health care analytics market offers the longest chain of market segmentation covering major market segmentation based on component, application and end user. For each market segments covered in global healthcare analytics market report, we provide opportunity matrix, and DROC analysis, that enable the clear growth assessment across each market segment. The report discusses competitive landscape of the healthcare analytics industry, with giving extensive strategy analysis of more than 15 companies. Moreover, the report discusses various models such as 360 degree analysis, See Saw analysis, and Porter five force model and so on. For the high level analysis in the report we provide a comparative analysis of historic and current year data.
Key Findings of the global healthcare analytics market:
- Rising demand for cost reduction in healthcare is the key driving factor of the global healthcare analytics market.
- North America is expected to dominate the market.
- Clinical analytics segment is fastest growing segment with the increasing adoption of analytics by healthcare industry.
- Service segment is expected to grow with highest CAGR in component segment.
- Payer segment is major segment of end-user segment
