Global Healthcare or Medical Analytics Market
Added: (Fri Jun 07 2019)
Pressbox (Press Release) -
Global Healthcare or Medical Analytics Market was valued US$ 8.35 Bn in 2017, and is expected to reach US$ 69.1 Bn by 2026, at a CAGR of 30.23% during forecast period.
Healthcare analytics market is growing rapidly and major driving factors behind the growth of this market are implementation of government initiatives to increase EHR adoption, rising adoption of data-driven decision-making, increasing pressure to curb healthcare spending and improve patient outcomes, appearance of big data in healthcare, and increasing number of patient registries. On the other hand, high cost of healthcare analytics solutions will be limiting the market growth to a certain extent during forecast period.
Digitalization of healthcare data is one of the major drivers of healthcare analytics. According to Intel, around more than 81.0% of healthcare organizations in U.S. have adopted Electronic Medical Records (EMR) systems. These systems gather a lot of data, which can be analyzed using numerous types of healthcare analytics to improve personalized medicine.
Based on application, financial analytics segment is expected to dominate the market in 2019, because of increasing focus of payers on the early detection of fraud and minimizing preventable costs. Market for financial analysis is estimated to register significant growth during the forecast period.
An on-demand model segment is leading the market, Lack of upfront capital investments for hardware, pay-as-you-go pricing, and higher flexibility of this model are driving factors behind the growth of on-demand model segment. Service segment is projected to register the highest growth in the forecast period. An increasing requirement for business analytics services and the introduction of technologically advanced healthcare analytics software are driving the growth of service segment.
Increasing pressure to have a control over healthcare spending and improve patient outcomes is trending the complete Global Healthcare Analytics Market. But, a high cost of analytics solutions will be limiting the market growth. North America is expected to hold the largest market share during the forecast period followed by Europe and APAC. Growth in federal healthcare mandates to limit the rising healthcare costs and offer quality care, increasing regulatory necessity, growing HER adoption will be fueling global Healthcare Analytics/Medical Analytics market in North America.
IBM is one of the leading players in the healthcare analytics market and providing a complete range of solutions. Its R&D expenses increased significantly in 2017 as compared to 2016. In 2017, it invested 7.5% of its annual revenue in R&D activities. This significant investment is allowing the company to offer innovative solutions, like Cognos Analytics platform which enables companies to access, analyze, and share business performance data across the association. Some recent launches by the firm include Integrated Analytics Systems with Machine Learning (November 2017), and Community Hospital Solution Suite (March 2016).
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Scope of Global Healthcare or Medical Analytics Market:
Global Healthcare or Medical Analytics Market By Type:
• Descriptive Analytics
• Predictive Analytics
• Prescriptive Analytics
Global Healthcare or Medical Analytics Market By Component:
Global Healthcare or Medical Analytics Market By Delivery Model:
Global Healthcare or Medical Analytics Market By Application:
• Clinical Analytics
• Financial Analytics
• Operational and Administrative Analytics
• Population Health Analytics
Global Healthcare or Medical Analytics Market By End User:
• Private Insurance Companies
• Government Agencies
• Employers and Private Exchanges
• Hospitals, Physician Practices, and IDNs
• Post-acute Organizations
• Ambulatory Settings
• ACOs, HIEs, MCOs, and TPAs
Global Healthcare or Medical Analytics Market By Geography:
• North America
• Asia Pacific
• Middle East & Africa
• Latin America
Key Players Operated in Market Includes:
• Verscend Technologies
• SAS Institute
• Scio Health Analytics
• Health Catalyst
• Allscripts Healthcare Solutions
• Citius Tech
• Truven Health