Healthcare Analytics Market Size, Current Impact, and Holistic View With Industry Footprint By 2025

Posted on 2019-07-25 by researchinsights in Healthcare // 0 Comments

25^th July 2019 – Healthcare Analytics Market study offers detail overview of industry with all the requisite data to support tactical business decisions and come up with strategic growth plans. This study also proposes a comprehensive insight into the development policies and plans in addition to manufacturing processes and cost structures.

Global Healthcare Analytics Market size is expected to reach USD 53.65 billion by 2025. Healthcare analytics (HA) implies analyzing data collected from various sources; to improve healthcare facilities. Increasing need to reduce healthcare expenditure among hospitals and the other healthcare providers is expected to drive the market growth in the upcoming period. The market size is anticipated to grow at a high CAGR in the upcoming period as the scope, product types, and its applications are increasing across the globe.

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With the advent of data-enriched tools such as eHealth, mHealth, mobile applications, and electronic health records (EHR), the communication gap between patients and caregivers has reduced. These tools generate tremendous data, which is used for personalized treatments. Now hospitals are using healthcare analytics to manage the number of workers working in a shift. The market based on the types is classified into descriptive, prescriptive, and predictive. Descriptive analytics is widely used amongst the three and held the largest share in 2016. Mostly these systems are used for administrative and process optimization activities. Moreover, the “predictive” analytics is expected to witness large market share during the forecast period. This method is widely used by organizations such as insurance providers, government organizations, hospitals, clinics and life science companies.

Delivery modes of healthcare analytics include web based, on-premises, and cloud based delivery. The “on-premises” delivered services contributed 48% market share in 2015. On the other hand, the “cloud based analytics” is expected to hold the highest market share in the forthcoming period. Real-time data tracking, avoidance of complex physical ecosystem and remote access to data are the benefits associated with cloud-based systems.

The application segment includes clinical, operational & administrative, financial and others. The “operational & administrative” services dominated the large market share in 2015. This can be attributed to their wide applications encompassing supply chain management, strategic analytics and workforce. However, the “financial” application is expected to hold the largest market share over the forecast period due to their growing adoption in private as well as government health settings.

The factors that play an important role in the growth of healthcare analytics market include increasing demand, growing population, increasing urbanization & industrialization, growing digitalization of healthcare data, increasing government initiatives to increase EHR (Electronic Health Records) adoption, availability of big data in healthcare, growing pressure to curb healthcare costs, rising focus on improving patient outcomes, increasing venture capital investments, technological advancements and stringent government rules & regulations.

However, issues related to data integrity & safety, lack of skilled IT professionals and the other high pricing are negatively impacting the growth of healthcare analytics industry. The market is widely analyzed based on different regional factors such as gross domestic product (GDP), demographics, acceptance, inflation rate and others. The market is categorized based on type, component, application, delivery mode, end-use and geography. The market is classified into component such as hardware, software and services. The “services” segment held the large share in 2015 and is anticipated to grow at a high CAGR in the next couple of years. Outsourcing of big data services is projected to dominate the service segment.

North America is anticipated to hold the largest market share in the upcoming period due to growing demand to reduce rising healthcare costs, increasing cases of payment frauds, high per capita healthcare cost. However, Asia Pacific is expected to witness high market share during the forecast period owing to the increasing government initiatives to improve the medical infrastructure, growing population and promote economic growth.

The key players contributing to the robust development of the healthcare analytics market include IBM Corporation, SAS Institute Inc., Oracle Corporation, Allscripts Healthcare Solutions Inc., Cerner Corporation, MEDai Inc., Optum Health Inc., MedeAnalytics, Wipro, CitusTech, Verscend, VitreosHealth, SCIO Health and Verisk Analytics Inc.These market players are focusing on inorganic growth to sustain themselves amidst fierce competition. As such, mergers, acquisitions, and joint ventures are the need of the hour.

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