The global market for healthcare analytics was valued at USD 7.3 billion in 2015 and is expected to grow at a CAGR of 24.7% during the forecast period of 2016 to 2022.
Analytics is the systematic use of data and related business insights developed through various analytical models such as statistical, cognitive, contextual, predictive, quantitative and other emerging models to initiate fact based decision making for planning, measurement, management, and learning. These analytics may be predictive, descriptive, and prescriptive.
Analytics in the healthcare industry
Currently, the global healthcare industry is experiencing fundamental transformation to a value based business from a volume based business. With the increasing demand from consumers for improved healthcare quality and enhanced value, the healthcare providers and payers around the world are challenged by reduction of costs, improve better outcomes, provide more with less and be more patient centric. Similarly, the cost dynamics of the healthcare industry are changing drastically, which is mainly driven by the prevalence of chronic and infectious diseases, and defensive medicine practices. Large number of new market entrants and innovative healthcare approaches to deliver the treatments are increasing the complexity and competition. As a result, the healthcare industry is becoming more and more complex over the next few years. This immense complexity could challenge the global healthcare industry implementing smarter and more informed decisions, to deliver better value and improved outcomes. In addition, the increasing regulatory presence of government creates additional focus on accountability, governance and oversight on the industry.
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Market dynamics and competitive pressures require enhanced understanding of underlying trends and a path to differentiation. Building analytics competency will enable the healthcare organizations to deliver better outcomes, set their future vision and create actionable insights. Analytics can improve effectiveness and efficiency. From managing small issues to larger processes, these analytics can aid assessment and discovery of innovative insights, which ultimately help design and plan policy, improve service delivery operations, enhance sustainability, mitigate risk and evaluating critical organizational data. Some of the restraining factors that could hinder the growth of the market include data breach or security issues, technological and cultural barriers at the data source point, confidentiality issues and lack of skilled personnel across the globe. In addition, associated break points in creating global healthcare analytics network due to fragmented international political and economic relations may also pose a major threat towards the growth of the healthcare analytics market.
Geographically, North America dominates the healthcare analytics market, which is evident from the presence of key market players in the United States. Moreover, the large market share is attributable to the impact of legislations in the U.S such as Electronic Health Records (EHR), and incentives funded by the Health Information Technology for Economic and Clinical Health (HITECH).
Report Highlights:
The report delivers a strategic analysis of the global healthcare data analytics market and growth forecast for the period from 2016 – 2022. The scope of the report includes segmental analysis based on type of technology used, type of component and also based on type of application. It also covers geographical analysis of the market with growth forecast for the period of 2016 – 2022. The geographic analysis section covers market for North America, Europe, Asia-Pacific and Rest of the World. The Porter’s Five Forces analysis also included in the report provides an insight into market dynamics and industry competition.
The study also provides information for recent merger and acquisition deals happened in the global healthcare analytics market. Moreover, the report also includes growth strategies and entry barriers to be considered to cater to the exact business opportunities in this market. Additionally, to aid in strategic decision making, the report also includes competitive profiling of leading players, recent developments in the industry and various business strategies adopted by them. This report will help players in global healthcare analytics market to plan and implement their strategies in different market areas such as emerging geographies, and new technologies.
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Companies profiled:
- IBM Corporation,
- Oracle Corporation
- McKesson Corporation
- Truven Health Analytics
- Cerner Corporation.
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