Study estimates healthcare analytics market size for 2017 and projects its demand till 2022. During the primary research process, various sources from both demand side and supply side were interviewed to obtain qualitative and quantitative information for the report.
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Key players in healthcare analystics market are IBM Corporation (U.S.), SAS Institute, Inc. (U.S.), Optum, Inc. (U.S.), Truven Health Analytics Inc. (U.S.), Cerner Corporation (U.S.), McKesson Corporation (U.S.), Verisk Analytics, Inc.
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(U.S.), Oracle Corporation (U.S.), Allscripts Health Solutions (U.S.), MedeAnalytics (U.S.), Inovalon, Inc. (U.S.) and Health Catalyst (U.S.).
- Healthcare IT firms
- Healthcare analytics vendors/service providers
- Health insurance exchanges
- Healthcare payers
- Healthcare providers
- Venture capitalists
- Research and consulting firms
- Accountable care organizations (ACOs)
Healthcare analytics market is expected to reach USD 24.55 Billion by 2021 from USD 7.39 Billion in 2016 at a CAGR of 27.1% from 2016 to 2021. Major factors driving growth of this market include increasing government initiatives to enhance EHR adoption, rising pressure to curb healthcare spending & need for improved patient outcomes, availability of big data in healthcare, rise in venture capital investments, & technological advancements.
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Healthcare analytics market is categorized on basis of type, application, component, delivery model, end user, and region. Based on type, market is categorized into descriptive, predictive and prescriptive analytics.
The prescriptive analytics segment is poised to grow at highest CAGR during the forecast period due to its ability to ensure synergistic integration of predictions and prescriptions.
Healthcare Analytics Market, by Application
- Clinical Analytics
- Financial Analytics
- Revenue Cycle Management (RCM)
- Risk Adjustment
- Operational and Administrative Analytics
- Supply Chain Management
- Workforce Management
- Strategic Analysis
- Population Health Analytics
Healthcare analytics market is segmented into hardware, software, and services. The services segment is further segmented into support services and business analytics services.
In 2015, the services market is expected to witness the highest growth in the forecast period.
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Healthcare analytics systems reveal and understand historical patterns of data to predict and provide actionable insights to improve the performance of healthcare organizations. The outcomes reveal the best-suited treatments, disease patterns, patients at high risk, fraudulent claims, and evaluate physician performance.
Factors such as growing federal healthcare mandates to curb rising healthcare costs and provide quality care; increasing regulatory requirements; growing EHR adoption; and rising government initiatives focusing on personalized medicine, population health management, and value-based reimbursements are expected to drive market growth in North America.
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