Market growth is driven by increasing government initiatives to increase EHR adoption, growing pressure to curb healthcare costs, availability of big data in healthcare, increasing venture capital investments, rising focus on improving patient outcomes, and technological advancements. However, a lack of skilled analysts limits the use of healthcare solutions. The high cost of these solutions and operational gaps between payers and providers also hinder the overall growth of the Healthcare Analytics Market. The base year considered for the study is 2016, and the forecast has been provided for the period between 2017 and 2022.
Attractive Opportunities in Healthcare Analytics Market
Based on type, the global market is segmented into descriptive, predictive, and prescriptive analytics. The descriptive analytics segment is expected to account for the largest share of the global market, by type, in 2017. However, prescriptive analytics is slated to grow at the highest CAGR due to its ability to ensure the synergistic integration of predictions and prescriptions.
Breakdown of Primary Interviews for Healthcare Analytics Market
Based on the applications, the market is segmented into clinical, financial, operational and administrative, and population health analytics. The clinical analytics segment is expected to grow at the highest CAGR during the forecast period. The high growth of this segment is attributed to the growing adoption of analytics by healthcare providers due to the rising pressure to curb healthcare costs, federal mandates such as the implementation of ICD-10 code sets, increasing adoption of electronic healthcare records, need to improve patient outcomes and reduce hospital readmission rates, and rising focus on analytics based on personalized medicine.
Healthcare Analytics Market by Region
In 2017, North America is expected to dominate the market, followed by Europe. Factors such as growing federal healthcare mandates to curb rising healthcare costs and provide quality care; increasing regulatory requirements; growing HER 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.
The healthcare analytics market is highly competitive with several big and small players. Prominent players in the global market include Allscripts (US), Cerner (US), Health Catalyst (US), IBM (US), Inovalon (US), McKesson (US), MedeAnalytics (US), Optum (US), Oracle (US), SAS (US), Wipro (India), Verscend (US), CitusTech (US), VitreosHealth (US), and SCIO Health (US).
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