Global Healthcare Analytics Market - Growth, Trends & Forecast To 2022
The global healthcare analytics market is estimated at USD 9.96 billion in 2016 and is projected to reach USD 31.75 billion by 2021, at a CAGR of 26.1% during the forecast period. The healthcare analytics technology, which extensively uses data for quantitative and qualitative analysis, is undergoing an industry transformation from volume-based medicines and reimbursement to value-based medicines and reimbursement. Factors, such as the sudden emphasis on a more improved quality healthcare, reduced length-of-stay at hospitals, lower costs of healthcare and medicine, and fraud detection, are some of the primary needs of payers of this technology. Drivers The increasing need to improve the efficiency of current healthcare institutions, medical professionals, and medical practices, need to improve quality, and demand to lower the ever increasing healthcare costs are the primary drivers of this market. Accessibility is again a major concern for governments and organizations working in this field. Hence, better quality healthcare facilities accessible to each and every one is motivating the public and private organization to adopt analytics. Additionally, higher incentives for value based medical services, integration of big data in healthcare, and technological advancements, among others, are some of the drivers of this market. Restraints The healthcare analytics technology also has certain constraints to overcome, such as the wide gap between payers and providers regarding operation and availability, the high cost of initial investments, and lack of technical expertise and sufficient knowledge base. Data integrity and safety is also a key concern. Market Segmentation The global healthcare analytics market can be segmented based on - Technology/platform Application Components Mode of Delivery End-User *some values in the graph may be randomized- Actual data available on report purchase North America is expected to command the highest market revenue and is also witnessing the highest growth rate with a CAGR of 26.0%, followed by Europe and Asia-Pacific. The global healthcare analytics market can be segmented based on technology/platform (predictive analytics, prescriptive analytics, and descriptive analytics), application (clinical data analytics, financial data analytics, administrative data analytics, and research data analytics), component (software, hardware, and services), deployment (on-premise model and cloud-based model), end-user (healthcare, pharmaceuticals, biotechnology, academia, research, and others), and geography (North America, Europe, Asia-Pacific, Middle East & Africa and Latin America). Currently, the descriptive analytics segment accounts for the largest market share in healthcare analytics technology but its share is expected to decrease in the coming years, and share of predictive and prescriptive analytics is expected to increase during the forecast period. By application, the clinical analytics segment is forecasted to have the highest growth rate. Although the market growth of the cloud-based services segment is increasing substantially, the on-premise delivery system segment still accounts for the largest share due to its multi-vendor framework. Some of the key players in this market are IBM Oracle Cerner Corporation Mckesson Optum Allscripts 3M AT&T HP SAS Key Deliverables in the Study Market analysis for the global healthcare analytics market, with region specific assessments and competition analysis. Market definition along with the identification of key drivers, restraints opportunities and challenges. Identification of factors instrumental in changing the market scenario, rising prospective opportunities, and identification of key companies that can influence this market on a global and regional scale. Extensively researched competitive landscape section with company profiles of key players with the analysis of their current strategic interests and key financial information. Identification and analysis of the macro and micro factors that affect the global healthcare analytics market. Insights of the market in the regions that have the highest potential for growth and also identify the markets that are still untapped.