The global healthcare analytics market size is expected to hit around US$ 52.2 Bn by 2026 and will grow at a CAGR of around 23.4% over the forecast period 2019 to 2026.
Healthcare analytics are the solutions that involve all the healthcare analysis activities by using data from the key areas of the healthcare; pharmaceutical and R&D data, patient behaviors data, clinical data, and claims & cost data. Healthcare analytics help to improve clinical care while limit the excessive healthcare spending. Key goals of healthcare analytics are protecting privacy and security of patient’s personal information, increasing user confidence on health IT, and collaborating among all stakeholders. Market players are investing in R&D processes to launch innovative solutions with greater features and gain competitive advantage in the industry. Hospitals, clinics, long term care facilities, senior living facilities, and payers are the key end users of the healthcare analytics. Key applications of the solutions include revenue cycle management, clinical analytics, risk assessment, fraud detection, claim processing, and supply chain analysis. However, financial analytics is most widely adopted.
Increasing demand of healthcare analytics due to emergence of big data in healthcare, government mandates to reduce an excessive spending, increasing electronic health record (EHR) adoption, and mergers and acquisitions of the market players are the key driving factors for the market. Growing funding to healthcare IT firms accelerates the technological advancements and thereby improves R&D productivity. Development of basic IT infrastructure in developing countries and increasing healthcare spending are likely to propel the market in emerging countries such as India, China, and Brazil. Investment by market players to enter into these emerging countries due to available opportunities is anticipated to propel the market growth during the forecast period. Traditionally, investors focus on the entry into a few country markets such as Australia, China, South Korea, and India due to good infrastructure and supportive government regulations. However, lack of skilled IT professionals & healthcare IT infrastructure in under developed countries and issues pertaining to data safety and integrity are likely to hinder the market growth.
Financial analytics accounted for the largest share by application of the market in 2018 and expected to maintain its dominance during the forecast period due to high demand from broad range of healthcare settings. Based on the application of healthcare analytics, the market has been segmented into population health analytics, clinical analytics, financial analytics, and operational & administrative analytics. High focus of payers on reducing preventable cost and the early detection of frauds are the major reasons for the demand and dominance of the financial analytics segment in the market.
Based on the type, the market has been segmented into descriptive, predictive, prescriptive, and cognitive. Descriptive held the largest share of the market in 2018. However, prescriptive is anticipated to observe the fastest growth during the forecast period.
On-premise model accounted for the largest share of the market in 2018 in terms of deployment model of the software owing to the ease of customization and cost effective model of on-premise deployment. On-premise and on-demand are the key segments of the market based on the deployment mode. Cloud based model is anticipated to observe the fastest growth during the forecast period due to safe data storage.
Based on end-users, the market has been segmented into payers and others. Others segment includes providers such as hospitals, ambulatory settings, and post acute care organization; accountable care organizations, and third-party administrators. Payers segment accounted for the maximum share of the market in 2018. This can be attributed to increasing need of healthcare analytics solutions due to rising healthcare cost, increasing competition, to optimize provider network, to curb fraud claims, and growing need to increase membership.
The market research study on “Healthcare Analytics Market – Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 – 2026”, offers a detailed insight on the global healthcare analytics market entailing insights on its different market segments. Market dynamics with drivers, restraints, and opportunities with their impact are provided in the report. The report provides insights into the global healthcare analytics market, its application, type, deployment model, component, end-user, and major geographic regions. The report covers basic healthcare IT policies and adoption scenario in each region. Secondly, the report covers global healthcare analytics market size, and segment markets by application, type, deployment model, component, end-user, and geography along with the information on companies operating in the market. The healthcare analytics market analysis is provided for major regional markets including North America, Europe, Asia Pacific, Latin America and Middle East and Africa. For each region, the market size and volume for different segments has been covered under the scope of the report.
The players profiled in the report include Allscripts Health Solutions, Cerner Corporation, CitiusTech, Inc., Health Catalyst, IBM Corporation, Inovalon, Oracle Corporation, Optum, Inc., McKesson Corporation, MedeAnalytics, SAS Institute, Inc., SCIO Health Analytics, Verscend Technologies, Inc., VitreosHealth, and Wipro Limited. The leaders of the industry are involved in mergers and acquisitions to provide broad range of solutions to the customers and also for the geographical expansion.
Market By Application
Market By Type
Market By Deployment Mode
Market By End-User
Market By Geography
Healthcare analytics market size will reach USD 52.2 Billion by 2026.
The global healthcare analytics market will grow at a CAGR of 23.4% during the period from 2019 to 2026.