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The market is segmented by Technology Type (Predictive Analytics, Prescriptive Analytics and Descriptive Analytics), Application, Component, and Geography
Fastest Growing Market:
Over the past decade, electronic health records have been widely adopted in hospitals and clinics worldwide. It helps to improve the patient care and improves the overall efficiency. The Big Data in healthcare is being used to predict epidemics, cure diseases, improves the quality of life and avoid preventable deaths.
With the world’s increasing population and everyone wish of living longer, models of treatment delivery are rapidly changing, and many of the decisions behind those changes are being driven by data. The drive helps to understand about a patient as much as possible, as early in their life as possible hopefully picking up warning signs of serious illness at an early stage that treatment is far simpler (and less expensive) than if it had not been spotted until later.
Hence these advancements along with other factors, such as need of high computing power, lower IT cost burden on healthcare provider will help boost the growth of healthcare cloud based analytics market.
Cloud analytics refers to a service which helps to analyze the vivid evolution of cloud business models and demonstrates strategies and techniques for cloud services. Healthcare cloud based analytics is used to achieve real-world, evidence-based decision-making authority. This is along with witnessing a constant development in patient health and hygiene which is supported by the nourishment of patient care facilities.
In the report, a detailed analysis of the healthcare cloud-based analytics market is provided. The market is evaluated by collating revenues generated across segments, categorized by Technology Type, Application, Component, and Geography
|By Technology Type|
|Clinical Data Analytics|
|Administrative Data Analytics|
|Research Data Analytics|
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Descriptive analytics is the quantitative collection and transformation of data information, including summaries of hospitalizations, the number of diseases cases, and length of stay in hospital. These are reporting tools that focus on data visualization, standardized reporting, and historic trend analysis. Most of the healthcare organizations are extensive users of descriptive analytics that provide a clear understanding of the past medical history and its visualization, through key performance metrics or other data in report or dashboard. This is carried out by describing current situation and past performance.
Descriptive analytics helps in categorizing the customers by product preference and life stage. Descriptive studies emphasize features of new disease or accessing health status of communities. It basically describes reported data, but fails in predicting the results or the future. Epidemiologists and clinicians use descriptive analytics to search for clues for cause of new diseases, etc.
However, descriptive analytics has limitations, like temporal associations between putative cause and effects that may be unclear. Misinterpretation of data may affect public health. Providers engaging in descriptive analytics have the ability to generate reports that illuminate events that have already occurred, resources that have already been consumed, or patients who have a new diagnosis on their charts.Owing to these growing benefits of technology, the market is expected to grow in the future.
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The United States is found to be leading country in the North America region due to the factors, such as the increasing adoption of healthcare analytics solutions and services by healthcare providers, to provide better quality care to its patients and lower the healthcare costs.
Healthcare organizations are also realizing that social determinants of health contribute to the well-being of a patient more than the medical issues. In 2016, both social determinants of health along with drug usage and emergency room admissions data rapidly drove the predictive model for identifying cost risks of population clusters.
In addition to this, capitated payment is expected to drive stakeholders toward analytics driven population health management. One particular trend being observed is that of non-competing healthcare organizations partnering with each other to manage the health of a population. Therefore, the advanced healthcare infrastructure and the growing per capita healthcare expenditure in the US region helps in supporting the greater consumption of these services.
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Majority of the healthcare cloud-based analytics services are being provided by the global key players. Market leaders with more funds for research and better distribution system have established their position in the market. Moreover, Asia-pacific is witnessing an emergence of some small players due to the rise of awareness. This has also helped the market grow.
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 Integration of Big Data into Healthcare
4.2.2 Technological advancements in Data Analytics
4.2.3 Favorable government initiatives
4.3 Market Restraints
4.3.1 Data Privacy And Security Concern
4.3.2 Initial Cost and Complexity of Software
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 By Technology Type
5.1.1 Predictive Analytics
5.1.2 Prescriptive Analytics
5.1.3 Descriptive Analytics
5.2 By Application
5.2.1 Clinical Data Analytics
5.2.2 Administrative Data Analytics
5.2.3 Research Data Analytics
5.3 By Component
5.4.1 North America
22.214.171.124 United States
126.96.36.199 United Kingdom
188.8.131.52 Rest of Europe
184.108.40.206 South Korea
220.127.116.11 Rest of Asia-Pacific
5.4.4 Middle-East and Africa
18.104.22.168 South Africa
22.214.171.124 Rest of Middle East and Africa
5.4.5 South America
126.96.36.199 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Allscripts Healthcare Solutions
6.1.2 Cerner corporation
6.1.7 Optum Health
6.1.9 Verisk Analytics
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject to Availability
**Competitive Landscape covers- Business Overview, Financials, Products and Strategies and Recent Developments