Healthcare Analytics Market Is Expected To Grow At A CAGR Of 25.3% By 2024 | Million Insights

Industry Insights

The global healthcare analytics market size was valued at USD 5.6 billion in 2015 and is expected to grow at a CAGR of 25.3% over the forecast period. The healthcare analytics market growth is fueled by various factors such as pressure to curb healthcare cost, the emergence of advanced healthcare analytics methods, growing demand for personalization in treatment, and rising impact of social media in healthcare.

The Center for Medicare and Medicaid, pressuring to curb the rising treatment costs and other expenditures incurred due to medical product errors and hospital workflow shortcomings. Delivery of high healthcare standards in cost effective manner without comprising on the quality of care along with controlling the medical errors is a major concern for developed as well as developing nations.

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For instance, US has 2.4 times more healthcare expenditure as compared to global average and it is expected to increase by 68.0% in a coming decade. Healthcare analytics enables providers to identify meaningful clinical outcomes with respective to costs with the help of data mining through electronic patient records and identify the in-built medical shortcomings of the systems to provide affordable treatments to patients with less resource wastage.

The rapid adoption of big data in healthcare has led to launch of many data-based tools which allow patients to make better decisions, have better health control and receive personalized care. The introduction of customized, web-based and cloud based electronic medical records along with advances in clinical decision support systems enable patients to leverage remote consultation and care.

Data management combines human and artificial intelligence and therefore has the capacity to revolutionize healthcare market by offering customized and patient-oriented care. These changes are expected to fuel the growth of healthcare analytics market during the forecast period.

Big data in healthcare has facilitated the integration of evidence-based approach in healthcare decision making thereby enhancing the efficiency of health economics. For instance, in 2004, Vioxx, a painkiller, was found to have cardiovascular repercussions according to the investigation of data of patient health records provided by Kaiser Permanente, a health maintenance organization.

Insurance and regulatory bodies such as I’ Assurance Maladie and FDA are using data analytics to identify various medical errors and shortcomings associated with drug safety by undertaking initiatives such as FDA Sentinel Initiative. These initiatives are thereby facilitating global penetration of data management services including healthcare analytics.

Types Insights

In 2016, the descriptive analytics held a lucrative share in the global Healthcare analytics market. Descriptive analytics are most commonly used for administrative activities and process optimization wherein the present and past records are analyzed to obtain a summarized pattern providing exhaustive insights capable of influencing future decisions.

The predictive type segment is anticipated to grow at a rapid rate during the forecast period. This technique is typically used to avoid fraud cases in government establishments such as healthcare financial systems. In 2011, the use of predictive type in Fraud Prevention Systems (FPS) helped CMS to save USD 1.5 billion by suspending improper claims. Additionally, CMS is developing next generation of predictive analytics which is anticipated to fuel the use of this segment.

Component Insights

Based on the component, the global healthcare analytics market is segmented into services, software, and hardware. Services segment held a lucrative share in 2016 and is anticipated to grow steady rate during the forecast period. the service segment was dominated by the outsourcing of data services. Outsourcing of big data services saves time and is cost effective. Moreover, Outsourcing also enables access to skilled staff thereby eliminating the requirement of training of staff.

The hardware segment held the second most market position after services segment. The high cost of hardware infrastructure, for instance, internet and computer systems, contributed to the growth of the hardware segment.

Delivery Mode Insights

Based on delivery mode, the global healthcare analytics market is segmented into web-based, cloud based and on-premise. In 2016, on-premise delivery mode attributed nearly 48.0% of market shares.

The cloud-based delivery mode is anticipated to grow rapidly during the forecast period. The advantages of cloud-based systems are remote data access, avoidance of complicated hardware infrastructure and actual- time data tracking.

Application Insights

Based on application, the global healthcare analytics market is segmented into financial systems, operational and administrative, and clinical. Operations and administrative held a substantial share in 2016. Wide application of this segment in field of supply chain management, strategic analytics and workforce are the factors contributing to substantial share.

The financial systems segment is expected to grow at rapid rate due to rise in adoption by private healthcare settings and government organizations. The initiatives such as FPS which help in avoiding frauds and save costs also contribute towards increasing demand of the segment. Risk assessments and adjustment, fraud analysis and claim settlement is the key applications of financial systems.

End- Use Insights

The end users of the healthcare analytics market are providers, payers, and other end-users such as Managed Care Organizations (MCOs), Third Party Administrators (TPA), and Accountable Care Organizations (ACOs).

In 2015, payers held a lucrative share whereas the providers’ segment is anticipated to grow at a fast pace during the forecast period. Rising adoption of these systems in hospital settings is expected to fuel the growth of the segment.

Regional Insights

In 2016, North America held approximately 60.0% of market revenue. The factors contributing to the rise in adoption of these systems are high per capita healthcare expenditure, the pressure to curb healthcare costs and the rising prevalence of payment fraud.

The Asia Pacific region is anticipated to grow at the rapid pace and is estimated to grow at CAGR of approximately more than 27.0% during the forecast period. The government initiatives undertaken to enhance healthcare infrastructure and growth of economic developments are estimated to increase the adoption of these systems in the region.

Competitive Insights

The global healthcare analytic market is highly fragmented by presence of many key players such as IBM Corporation, Allscripts Healthcare Solutions, Inc., SAS Institute Inc., OptumHealth, Inc, Oracle Corporation, Verisk Analytics, Inc, and Cerner Corporation. Collaboration with government organizations, R&D investments and new product launches are some noteworthy initiatives.

OptumHealth, Inc. collaborated with TriZetto Corporation and Medecision, Inc. to reorganize information system of Medicaid management. This initiative is expected to aid the company in strengthening its position in the big data’s financial application segment.

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Market Segment:

Global Healthcare Analytics Market by Type, 2013 – 2024 (USD Million)

• Descriptive Analytics
• Predictive Analytics
• Prescriptive Analytics

Global Healthcare Analytics Market by Component, 2013 – 2024 (USD Million)

• Software
• Hardware
• Services

Global Healthcare Analytics Market, by Delivery Mode, 2013 – 2024 (USD Million)

• On-premise
• Web-based
• Cloud-based

Global Healthcare Analytics Market, by Application, 2013 – 2024 (USD Million)

• Clinical
• Financial
• Operational and Administrative

Global Healthcare Analytics Market, by End-use, 2013 – 2024 (USD Million)

• Healthcare Payers
• Healthcare Providers
• Others

Healthcare Analytics Devices Market, By Region, 2013 – 2024 (USD Million)

• North America
• U.S.
• Canada
• Europe
• UK
• Spain
• Asia Pacific
• Japan
• China
• Latin America
• Brazil
• Mexico
• MEA
• South Africa

Related Reports of this Category available at Million Insights:  https://www.millioninsights.com/industry/healthcare-it

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