The Global Healthcare analytics market is estimated at $5.68 Billion in 2015 and is poised to reach $17.62 Billion by 2020 at a CAGR of 25.41%. Healthcare analytics is an evidence-based approach for data collection from multiple sources and its analysis which designate certain trends and patterns for effective and improvised healthcare interventions. This has also been helpful in solving many challenges in the healthcare industry.
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Integrated healthcare mandates across the globe, the emergence of big data, increasing adoption of IT in healthcare sector, emerging fields of predictive, prescriptive analytics, the digitization of world commerce, and capital investments are powering the market growth of this sector. Security issues, issues with confidentiality of the information, technological and cultural barriers at the data source point, and dearth of skilled workforce may restrain the growth of this industry across the world. Furthermore, associated hurdles in creating global analytics network due to fragmented international political and economic relations may also act as a major threat towards the market growth.
The report segments the healthcare analytics market based on types, components, applications, end users, delivery modes, and regions. On the basis of type, the market is segmented into predictive analytics, descriptive/retrospective analytics and prescriptive analytics. By application it is segmented into Financial Analytics, Clinical Analytics, Operational & Administrative Analytics. It can also be segmented by end-users such as, public health systems, healthcare providers, private healthcare providers, Monitoring agencies, Health Insurance companies, Clinical and Medical research bodies, technology vendors. Amongst end users, the healthcare providers segment is anticipated to grow at the highest CAGR during the forecast period. Federal mandates, for instance the implementation of EHRs and ICD-10 code sets, swing towards value-based medicine, and the increased focus on quality care and reduced costs are propelling the growth of this segment. On the basis of geography, the market is analysed under various regions namely North America, Europe, Latin America, Asia-Pacific and Middle-East & Africa.
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North America accounts for the largest share of the global market in 2015 and it continues to dominate the market during the period in discussion, mainly owing to the federal mandates reassuring Healthcare IT acceptance in this region.
The healthcare analytics market is highly competitive, with several big as well as emerging market players present in the market which include SAS Institute, Inc., Optum, Inc., IBM Corporation, Truven Health Analytics Inc., Cerner Corporation, Verisk Analytics, Inc., McKesson Corporation, Allscripts Health Solutions, Oracle Corporation, MedeAnalytics, Inovalon, Inc. and Health Catalyst.
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