The Global market for Healthcare Analytics, evaluated at $6.85 Billion in 2014 is expected to reach $23.8 billion by 2020 at an estimated CAGR of 23.9%. Healthcare analytics is the use of information systems or the application of statistical tools and techniques to healthcare-related data in order to improve the quality and efficiency of clinical and business processes and performance. The healthcare analytics technology is undergoing an industry transformation from volume-based medicines and reimbursement to value-based medicines and reimbursement.
The Global Healthcare Analytics market is segmented on the basis of Technology/Platform (Predictive Analytics, Prescriptive Analytics, and Descriptive Analytics), Application (Clinical Data Analytics, Financial Data Analytics, Administrative Data Analytics and Research Data Analytics), Component (Software, Hardware and Services), Deployment (On-premise model and Cloud-based model), End-User (Healthcare, Pharmaceuticals, Biotechnology, Academia, Research and Others), and Geography (North America, Europe,Asia Pacific and Rest of the World).
On the basis of technology, Predictive Analytics is experiencing the highest CAGR globally for the forecast period, while, clinical data analytics segment is forecasted to have the highest growth rate as part of the segmentation by application. For deployment segment, the on-premise delivery system accounts for the largest share due to its multi-vendor framework. Geographically, North America commands the highest market revenue and is expected to reach a market worth of $15.7 Billion by 2020 with the highest growth rate of 26% for CAGR, followed by Europe and the Asia-Pacific.
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Higher incentives for medicine, integration of big data in healthcare, technological advancement etc. are some of the drivers of the market in addition to the improved quality healthcare, reduced length-of-stay at hospitals, low cost health and medicine and fraud detection factors. While on other hand the operational gap between payers and providers, the high cost of initial investments and the lack of technical expertise and sufficient knowledge base are certain constraints. Data Integrity and safety is also a key concern.
However, the technology has several areas of opportunity. The introduction and implementation of the Electronic Health Records (EHR), the rising investments in venture capital funds and the implementation of trends in the medical-IT field such as Precision Medicines, EHR, Analytics-driven personalized medicines, Clinical DSS, Health and Disease Management etc.
The key benefits of Healthcare Analytics include the rapid exchange of information, clarity and transparency of information, time and cost efficiency, timely emergency/preventive care and the ease of handling a big volume of data.
The major market players in the domain are SAS, IBM Corporation, Tableau, Oracle, Optum, Inc. and Truven Health Analytics, Cerner Corporation, Metric Insights, Rapid Insights, Fuzzy Logix, Information Builders etc. The primary stakeholders of the technology are Healthcare IT firms, Healthcare Analytics vendors, Care organizations, Health insurance providers, healthcare payers, healthcare providers, research firms, consultants, ambulatory services and venture capitalists.
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