Dominated by IBM Corporation (U.S.), Oracle Corporation (U.S.), Allscripts Health Solutions (U.S.) and Health Catalyst (U.S.) to 2021
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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.
- 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 growth is driven by federal healthcare mandates encouraging adoption of HCIT solutions to curb rising healthcare costs; benefits associated with use of analytics; increasing HCIT adoption; availability of big data in healthcare; technological advancements; & increase in venture capital investments.
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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 Type
- Descriptive Analytics
- Predictive Analytics
- Prescriptive Analytics
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 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.
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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.
The above mentioned healthcare analytics market research data, current market sizes, and forecast of future trends will help key players and new entrants make informed decisions regarding product offerings, geographical focus, changes in strategic approach, R&D investments for innovations in products and technologies, and levels of output in order to remain successful.
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