Healthcare Analytics Market - Growth, Trends, and Forecast (2019 - 2024)

The market is segmented by Type of Technology, Application, Product, Mode of Delivery, End Users and Geography

Market Snapshot

Picture1 Health care analytics
Study Period:

2016-2024

Base Year:

2018

Fastest Growing Market:

Asia Pacific

Largest Market:

North America

Key Players:

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Market Overview

The factors such as the emergence of big data in the healthcare industry, increased focus on collection and analysis of data from different sources for better customer service, technological advancements and the advent of social media and its impact on the healthcare industry are driving the healthcare analytics market. Also, increasing funding to healthcare technology companies that developed mHealth apps, big data analytics, and the Internet of Things (IoT) offerings will boost global market size. Technological advances facilitating information sharing and improved compliance to Health Insurance Portability and Accountability Act (HIPAA) patient data confidentiality standards are expected to accelerate business growth. However, data storage and analysing the raw data require properly skilled personnel. There is a growing skill gap that is acting as a barrier to the healthcare sector. Lack of broad skills, knowledge, expertise, and experience required to work in the data analytics field is a significant concern.

Scope of the Report

Healthcare analytics extensively uses data for quantitative and qualitative analysis. The healthcare industry is transforming from volume-based medicines and reimbursement to value-based medicines and reimbursement. Factors, such as the sudden emphasis on improved quality of healthcare, reduced length-of-stay at hospitals, lower costs of healthcare and medicine, and fraud detection, are some of the primary needs of the payers of this technology.

Technology Type
Predictive Analytics
Prescriptive Analytics
Descriptive Analytics
Application
Clinical Data Analytics
Quality Healthcare
Client Relationship Management
Healthcare Workers Performance Evaluation
Hospital/Clinical Data Management and Curation
Financial Data Analytics
Financial Data Analytics
Revenue Generation Analytics
Insurance Claim Analytics
Administrative Data Analytics
Supply Chain Management Analytics
Hr Analytics
Strategy Analytics
Research Data Analytics
Other Applications
Product
Hardware
Software
Service
Mode of Delivery
On-Premise Model
Cloud-Based Model
End-users
Healthcare Provider
Pharmaceutical Industry
Biotechnology Industry
Academic Organization
Geography
North America
US
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
Rest of Europe
Asia Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
Middle East and Africa
GCC
South Africa
Rest of Middle East and Africa
South America
Brazil
Argentina
Rest of South America

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Key Market Trends

Descriptive analytics market is estimated to grow substantially by 2025.

By Technology Type segment, the market is further segmented into Predictive Analytics, Prescriptive Analytics, and Descriptive Analytics. Descriptive analytics is the most basic and widely accepted form of analytics which acts as a precursor for predictive and prescriptive analytics. The ability of descriptive analytics to analyse historical data and gain actionable future insights will favour segment growth. Hence, Descriptive analytics market is anticipated to grow significantly during the forecast period, McKesson launched Health Mart Atlas, which is the largest network of high-performing community pharmacies dedicated to delivering high-quality care with a personal touch.

Prescriptive analytics segment is anticipated to witness lucrative CAGR between 2019 and 2025 owing to its ability to predict possible outcomes and its implications on crucial business metrics. It is comparatively complex with few players optimising it to achieve the best outcomes by identifying data uncertainties. Based on end users, payers category is estimated to hold the largest share in the market in 2018.

Picture2 Healthcare Analytics

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North America regions holds the major share globally in healthcare analytics market

The US healthcare analytics market holds the largest market share in the North America region due to the healthcare infrastructure in the United States is experiencing a positive trend in the healthcare analytics domain. The substantial growth avenues in the region can be attributed to the presence of several globally prominent players in the region. The implementation of the Health Insurance Portability and Accountability Act of 1996 (HIPAA) regulation in the US has led to the growth of the market. For example, in the US, the federal government is encouraging the use of its healthcare data through various policies and initiatives. Affordable Care Act (ACA), the most important healthcare legislation in the United States, has authorized the Department of Health and Human Services to release data that promote transparency in the markets for healthcare and medical insurance. The government is offering incentive payments for healthcare providers to use EMRs and has taken necessary actions to liberate data from agencies, like Centers for Medicare and Medicaid Services, the Food and Drug Administration, and Centers for Disease Control.

Similarly, government initiatives were undertaken in various other countries that have the potential to help patients by improving the quality of healthcare is driving the healthcare analytics market. Emerging economies, on the other hand, will witness growth riding on the back of surging governmental spending on healthcare infrastructure. Healthcare organisations also realize that social determinants of health contribute to the wellbeing of a patient more than medical issues.

Picture3 Health care analytics

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Competitive Landscape

A number of providers of healthcare analytics are increasingly focused on offering scalable solutions that can adapt to advancement in technology as well as human expertise and skills in healthcare organizations. Key players are adopting various market strategies to enhance their market presence which has led to many recent developments.

For instance,

  • In 2018, McKesson acquired RxCrossroads. With this acquisition, McKesson has become a partner with pharmaceutical manufacturers, providers, pharmacies, governments and other organizations in healthcare to help provide medicines, medical products and healthcare services to the patients.
  • In 2018, EPSi, Allscripts entered into a partnership with MPA Healthcare Solutions. In 2018, ExpressCoverage has been launched by McKesson Specialty Health and CoverMyMeds (divisions of McKesson Corporation).

Major Players

  1. International Business Machines Corporation (IBM)
  2. Allscripts Healthcare Solutions
  3. Cerner Corporation
  4. Philips Healthcare
  5. Mckesson Corporation

* Complete list of players covered available in the table of contents below

Picture4 Health care analytics

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Technological advancements

      2. 4.2.2 Favorable government initiatives

      3. 4.2.3 Emergence of big data

    3. 4.3 Market Restraints

      1. 4.3.1 Cost and complexity of software

      2. 4.3.2 Data integrity issues

    4. 4.4 Porter's Five Force Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Technology Type

      1. 5.1.1 Predictive Analytics

      2. 5.1.2 Prescriptive Analytics

      3. 5.1.3 Descriptive Analytics

    2. 5.2 Application

      1. 5.2.1 Clinical Data Analytics

        1. 5.2.1.1 Quality Healthcare

        2. 5.2.1.2 Client Relationship Management

        3. 5.2.1.3 Healthcare Workers Performance Evaluation

        4. 5.2.1.4 Hospital/Clinical Data Management and Curation

      2. 5.2.2 Financial Data Analytics

        1. 5.2.2.1 Financial Data Analytics

        2. 5.2.2.2 Revenue Generation Analytics

        3. 5.2.2.3 Insurance Claim Analytics

      3. 5.2.3 Administrative Data Analytics

        1. 5.2.3.1 Supply Chain Management Analytics

        2. 5.2.3.2 Hr Analytics

        3. 5.2.3.3 Strategy Analytics

        4. 5.2.3.4 Research Data Analytics

        5. 5.2.3.5 Other Applications

    3. 5.3 Product

      1. 5.3.1 Hardware

      2. 5.3.2 Software

      3. 5.3.3 Service

    4. 5.4 Mode of Delivery

      1. 5.4.1 On-Premise Model

      2. 5.4.2 Cloud-Based Model

    5. 5.5 End-users

      1. 5.5.1 Healthcare Provider

      2. 5.5.2 Pharmaceutical Industry

      3. 5.5.3 Biotechnology Industry

      4. 5.5.4 Academic Organization

    6. 5.6 Geography

      1. 5.6.1 North America

        1. 5.6.1.1 US

        2. 5.6.1.2 Canada

        3. 5.6.1.3 Mexico

      2. 5.6.2 Europe

        1. 5.6.2.1 Germany

        2. 5.6.2.2 UK

        3. 5.6.2.3 France

        4. 5.6.2.4 Italy

        5. 5.6.2.5 Spain

        6. 5.6.2.6 Rest of Europe

      3. 5.6.3 Asia Pacific

        1. 5.6.3.1 China

        2. 5.6.3.2 Japan

        3. 5.6.3.3 India

        4. 5.6.3.4 Australia

        5. 5.6.3.5 South Korea

        6. 5.6.3.6 Rest of Asia-Pacific

      4. 5.6.4 Middle East and Africa

        1. 5.6.4.1 GCC

        2. 5.6.4.2 South Africa

        3. 5.6.4.3 Rest of Middle East and Africa

      5. 5.6.5 South America

        1. 5.6.5.1 Brazil

        2. 5.6.5.2 Argentina

        3. 5.6.5.3 Rest of South America

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 International Business Machines Corporation (IBM)

      2. 6.1.2 3M Company

      3. 6.1.3 Allscripts Healthcare Solutions

      4. 6.1.4 Cerner Corporation

      5. 6.1.5 Oracle Corporation

      6. 6.1.6 Philips Healthcare

      7. 6.1.7 Sas Institute Inc.

      8. 6.1.8 Mckesson Corporation

      9. 6.1.9 Information Builders Inc

    2. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability
A number of providers of healthcare analytics are increasingly focused on offering scalable solutions that can adapt to advancement in technology as well as human expertise and skills in healthcare organizations. Key players are adopting various market strategies to enhance their market presence which has led to many recent developments. For instance, In 2018, McKesson acquired RxCrossroads. With this acquisition McKesson has become a partner with pharmaceutical manufacturers, providers, pharmacies, governments and other organizations in healthcare to help provide medicines, medical products and healthcare services to the patients. In 2018, EPSi, Allscripts entered into a partnership with MPA Healthcare Solutions. In 2018, ExpressCoverage has been launched by McKesson Specialty Health and CoverMyMeds (divisions of McKesson Corporation).

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