Global Healthcare Analytics Market Outlook (2014-2022)
The Global Healthcare Analytics Market accounted for $5.5 billion in 2014 and is expected to grow at a CAGR of 24.82% to reach $32.4 billion by 2022. Analytics help healthcare organizations in reduction of patient’s stays and readmissions in hospital, improved quality care, fraud identification and prevention of chronic diseases. The factors contributing to the market growth include better efficiency of healthcare of organizations, federal healthcare mandates and increasing healthcare IT adoption. However factors such as lack of skilled labor with analytical skills, patient data security and privacy issues are inhibiting the growth of the market.
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Global Healthcare Analytics Market is segmented based on products, applications, end users, components and geography. Based on the product type, the market is further segmented into Descriptive, Predictive and Prescriptive analytics. By applications, the market is categorized into Clinical Analytics, Financial Analytics, Operational and Administrative Analytics and Research Analytics. Clinical Analytics is further segmented into Quality Care, Physician Performance Evaluation, and Customer Relationship Management. Financial Analytics is further segregated into Revenue Cycle Management, Risk Management Analytics and Claim Analytics. Operational and Administrative Analytics is further categorized into Human Resource Analytics, Supply chain Analytics and Strategic Analytics. On the basis of end user, the market is segregated into Providers, Healthcare information Exchanges, Payers and Others. By components, the market is categorized into Hardware, Software and Services. Geographically, the healthcare market is segmented into North America, Europe, Asia Pacific and Rest of the World. North America has the largest share of the healthcare analytics market driven by the U.S. centralized healthcare mandates followed by the European Market which is growing at a lower rate due to economic crisis.
Some of the major players in the Healthcare Analytics Market include IBM Corporation, Oracle Corporation, Humedica, Inc., Metric Insights, Inc., Paradigm4, Rapid Insight, Inc., Truven Health Analytics, Inovalon, Inc., MedeAnalytics, Inc. and McKesson Corporation.
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