The North America Healthcare Analytics Market is which is currently validated to be a $1.988 Billion market in 2015 and is set to reach $7.252 Billion by 2020 with an annual growth rate of 29.54%. Analytics in healthcare is an evidence-based approach of collecting the data and analysing it to depict patterns and trends in healthcare for improvised and effective interventions.
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The usage of IT in the healthcare sector has been exponentially increasing over the previous year’s aiding the growth of healthcare analytics market, which uses the chronological data in estimating the future trends, evaluate the decisions and to measure the performance that helps in improving business process and outcomes. This analysis helps in improving the accuracy, service delivery of health system and efficiency with increased quality patients care and clinical outcomes laterally to the reduced cost and hospital readmission. It has also helped to tack a number of challenges in the healthcare industry where health insurance companies, resource crunches, regulatory pressure on healthcare providers, identification of population at risk amidst the global pandemics.
With the Integration of healthcare mandates around the world, there is an emergence of big data, increasing adaptation of IT in healthcare sector, emerging fields of prescriptive, predictive analytics, the digitization of world commerce, and the capital investments are powering the growth of this market sector. Security issues, breach of confidential information, technological and cultural hurdles at the data source point, and low skilled workforce is causing concerns among the individuals and may confine the growth of this market across the globe. In addition, in creating analytics network, it has to overcome barriers regarding fragmented political and economic relations among the countries may also act as a major factor hindering the market growth.
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The segmentation of the healthcare analytics market is based on the types, components, applications, end users, delivery modes, and regions. Again basing on the type, the market is categorised into predictive, prescriptive analytics and descriptive/retrospective. By application it is analysed as a Financial, Clinical and Operational & Administrative Analytics. Based on the end-users such as, public health systems, private healthcare providers, healthcare providers, Monitoring agencies, Health Insurance companies, Clinical and Medical research bodies, technology vendors.
The healthcare providers segment among the end users is predicted to grow at the highest CAGR during the forecast period. Federal mandates for the implementation of EHRs and ICD-10 code sets, swing towards value-based medicine and also, the increased focus on reduced costs and quality care are excelling the growth of this segment.
On the basis of geography, the North America market is analysed under USA and Canada regions. North America currently has the largest share of XX% of the global market in 2015 and is estimated to dominate the market during the forecast period, owing to the federal mandates reassuring Healthcare IT acceptance in this region.
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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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