Healthcare Analytics Market Size By Product (Descriptive Analytics, Predictive Analytics, Prescriptive Analytics), By Application (Operations Management, Financial Management, Population Health Management, Clinical Management), By End-Use (Hospitals, Clinics, Physicians, Others), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Russia, China, India, Japan, Australia, Brazil, Mexico, South Africa, Saudi Arabia), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024
Published Date: April 2017 | 130 Pages | Report ID: GMI1400 Report Format: PDF
Healthcare Analytics Market size was over USD 5.5 billion in 2016, with expectations to witness over 12 % CAGR from 2017 to 2024.
Germany Healthcare Analytics Market Size, By Product, 2013-2024 (USD Million)
Growing need to reduce healthcare cost coupled with increasing application of healthcare analytics to provide real time solutions will lead to higher efficiency levels. Emergence of big data owing to the transition from paper charts to real time monitoring systems and use of electronic health records for collecting patient health data will boost industry growth.
Rising awareness pertaining to personalized medicines would result in the generation and collection of huge volume of digital genome data driving the healthcare analytics market expansion. Increasing usage of data sharing platforms such as social media platforms, blogs, and professional networks has allowed sharing health related information and obtaining peer opinions. This will increase the data available for healthcare analytics over the forecast years
Lack of skilled IT professionals and issues pertaining to data integrity and safety should restrain market growth. The inherent nature of healthcare industry hinders seamless data sharing among different providers due to privacy concerns. Lack of organizational procedures for integrating and sharing data and uncertainty of returns will further impede the industry growth.
Healthcare Analytics Market, By Product
Descriptive analytics accounted for over 55% of industry share with expectations to witness more than 11% CAGR over forecast years. The ability of descriptive analytics to analyze historical data and gain actionable future insights should favor segment growth. It is the most basic and widely accepted form of analytics which acts as a precursor for predictive and prescriptive analytics.
Favorable government initiatives and increasing venture capitalist investments will augment business growth. Increasing funding to healthcare technology companies that developed mHealth apps, big data analytics, and Internet of Things (IoT) offerings will boost global market size.
Prescriptive analytics should witness lucrative 14% CAGR between 2017 and 2024 owing to its ability to predict about possible outcomes and its implications on key business metrics. It is comparatively complex in nature with few players optimizing it to achieve best outcomes by identifying data uncertainties.
Healthcare Analytics Market, By Application
Financial management held over 30% of global healthcare analytics market share with expectations to surpass USD 5.5 billion by 2024. Growing application of analytics to curb increasing healthcare costs and provide quality patient care attributes to its significant industry share. Extended use of analytics to detect and prevent healthcare fraud will further increase its demand across all healthcare organizations.
Clinical management should witness robust 13% CAGR over the forecast years. It enables reduce healthcare spending by using data analytics solutions and improve access to healthcare provider networks. Increasing investors interest in clinical solution provider companies should accelerate segment growth.
Technological advances facilitating information sharing and improved compliance to Health Insurance Portability and Accountability Act (HIPAA) patient data confidentiality standards will accelerate business growth. Novel approaches are used to develop effective therapies by focusing on discovery, safety and clinical trials output increasing the overall R&D productivity.
Healthcare Analytics Market, By End-use
Hospitals attributed for nearly 70% of healthcare analytics market share with over 12% CAGR from 2017 to 2024. Healthcare analytics will help hospitals cut down on administrative costs, reduce fraudulent and incorrect payments, provide better care coordination and enhance clinical decision support.
Clinics should witness over 13% CAGR with industry size anticipated to exceed USD 2 billion by 2024. Increasing usage of primary care analytics will enable physicians to identify areas for care improvement and build effective evidence based practices throughout the healthcare delivery.
Healthcare Analytics Market, By Region
U.S. market held more than 90% of regional revenue share in 2016. Presence of well-established healthcare infrastructure, increasing venture capital funding, acceptance of advanced technologies and widespread adoption of electronic health records across healthcare organizations will boost business growth. Moreover, presence of headquarters of major industry players in this region will further propel industry expansion.
Japan market size was over USD 240 million in 2016 and is anticipated to witness rapid growth throughout the forecast years. Rising healthcare expenditure, presence of advanced healthcare IT infrastructure and increasing initiatives for curtailing rising medical costs should propel business growth. Presence of EHR platforms and increasing adoption of predictive and prescriptive analytics across majority of hospitals should accelerate the industry growth.
Competitive Market Share
Some of the key players operating in the healthcare analytics market space include IBM, OptumHealth, McKesson Corporation, Allscripts Healthcare Solutions, Cerner Corporation, Athenahealth, Inovalon, Computer Programs and Systems, Change Healthcare, Tenet Healthcare Corporation, GE Healthcare, Evolent Health, Influence Health and Health Catalyst.
Acquisitions, collaborations, partnerships, new product launches and geographic expansion are the most commonly adopted business strategies by healthcare analytics industry participants. For instance, IBM acquired Truven Health Analytics for approximately USD 2.6 billion enhancing IBM Watson Health business unit’s portfolio and broadening its client base.
Healthcare Analytics Industry Background
Healthcare analytics is an evolving concept and is anticipated to transform the nature of healthcare organizations in the near future. Increasing adoption and implementation of electronic health records in hospitals, clinics and other healthcare settings will favor healthcare analytics market growth. Usage of healthcare analytics solutions is widespread in developed countries. Economic development and healthcare infrastructure advancements in developing economies coupled with ushering in the era of digitization is anticipated to increase adoption rate in these regions.
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