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The market is segmented by Type of Technology, Application, Product, Mode of Delivery, End Users and Geography
Fastest Growing Market:
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.
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.
|Mode of Delivery|
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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.
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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.
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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.
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Technological advancements
4.2.2 Favorable government initiatives
4.2.3 Emergence of big data
4.3 Market Restraints
4.3.1 Cost and complexity of software
4.3.2 Data integrity issues
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Technology Type
5.1.1 Predictive Analytics
5.1.2 Prescriptive Analytics
5.1.3 Descriptive Analytics
5.2.1 Clinical Data Analytics
18.104.22.168 Quality Healthcare
22.214.171.124 Client Relationship Management
126.96.36.199 Healthcare Workers Performance Evaluation
188.8.131.52 Hospital/Clinical Data Management and Curation
5.2.2 Financial Data Analytics
184.108.40.206 Financial Data Analytics
220.127.116.11 Revenue Generation Analytics
18.104.22.168 Insurance Claim Analytics
5.2.3 Administrative Data Analytics
22.214.171.124 Supply Chain Management Analytics
126.96.36.199 Hr Analytics
188.8.131.52 Strategy Analytics
184.108.40.206 Research Data Analytics
220.127.116.11 Other Applications
5.4 Mode of Delivery
5.4.1 On-Premise Model
5.4.2 Cloud-Based Model
5.5.1 Healthcare Provider
5.5.2 Pharmaceutical Industry
5.5.3 Biotechnology Industry
5.5.4 Academic Organization
5.6.1 North America
18.104.22.168 Rest of Europe
5.6.3 Asia Pacific
22.214.171.124 South Korea
126.96.36.199 Rest of Asia-Pacific
5.6.4 Middle East and Africa
188.8.131.52 South Africa
184.108.40.206 Rest of Middle East and Africa
5.6.5 South America
220.127.116.11 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 International Business Machines Corporation (IBM)
6.1.2 3M Company
6.1.3 Allscripts Healthcare Solutions
6.1.4 Cerner Corporation
6.1.5 Oracle Corporation
6.1.6 Philips Healthcare
6.1.7 Sas Institute Inc.
6.1.8 Mckesson Corporation
6.1.9 Information Builders Inc
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
* List Not Exhaustive
** 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).