Healthcare Analytics Market
Global healthcare analytics market to reach USD 293.3 billion by 2025.
Global Healthcare Analytics Market valued approximately USD 8.8 billion in 2017 is anticipated to grow with a healthy growth rate of more than 28.3 % over the forecast period 2018-2025.
The advent of electronic records, mobile applications and eHealth has reduced the communication gap between healthcare providers and patients which is considered as a major growth trend for the global healthcare analytics market.
Key drivers for the healthcare analytics market are integration of big data analytics in healthcare along with the government programs to promote the adoption of EHR. According to the Massachusetts Technology Collaborative Mass Tech in 2015, Massachusetts research universities, hospitals and institutions has received grants over $115 million from the federal government in the form of prime grants to fund 194 different big data projects. A majority of these grants were funded by the Department of Health and Human Services, as well as the National Science Foundation, NASA and NOAA among others. Most highly funded projects work to combine disparate data sets for highly complex analysis. Through this funding, almost half of these centers use data-driven, analytical research methods to develop technologies, create computational tools and provide insight into the field of healthcare and life sciences. Thus, the government is making efforts to explore the advantages of big data analytics in various industries including healthcare to enhance operational efficiency, thereby supplementing the adoption & growth of healthcare analytics. Furthermore, the growing demand for analytics in personalized and precision medicine is expected to create lucrative growth prospects of the healthcare analytics market across the globe. However, the high costs associated with analytics solutions acts as a key restraint for the market during the forecast period.
On the basis of segmentation, the healthcare analytics market is segmented into type, component, delivery mode application and end-user. On the basis of type segment, the market is sub-segmented into prescriptive, descriptive, predictive of which descriptive analytics held the holds the major share owing to its applications and uses in various organizations. The component segment is classified into software, hardware, and services of which the service segment dominates the market due to growing demand for outsourcing these big data services. On the basis of delivery mode, the market is bifurcated into on-premise, web-based, cloud-based. The application segment is diversified into clinical, financial and operational and administrative. On the basis of the end-user segment, the market is classified into healthcare providers, healthcare payers, and other end-users out of which healthcare payers are expected to grow at a lucrative rate.
The regional analysis of Healthcare Analytics Market is considered for the key regions such as North America, Europe, Asia Pacific, Latin America, and ROW. North America holds the leading position in healthcare analytics market due to increasing healthcare expenditure coupled with advanced healthcare infrastructure. Whereas, Asia-Pacific is expected to emerge as the fastest-growing region in terms of market share. The growth of Asia-Pacific region is witnessed owing to the untapped opportunities in countries such as India and China.
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The leading market players include-
Allscripts Healthcare Solutions
Cerner
Health Catalyst
IBM
Mckesson
SAS Institute Inc.
Oracle
Wipro
Optum
Medeanalytics
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
The detailed segments and sub-segment of the market are explained below:
Healthcare Analytics Market By Type
Prescriptive
Descriptive
Predictive
Healthcare Analytics Market By Component
Software
Hardware
Services
Healthcare Analytics Market By delivery-mode
Web-based
On-premise
Cloud-based
Healthcare Analytics Market By Application:
Clinical
Financial
Operational and administrative
Healthcare Analytics Market By End-user:
Healthcare Payers
Healthcare Providers
Other End Users
Healthcare Analytics Market By Regions:
North America
U.S.
Canada
Europe
UK
Germany
ROE
Asia Pacific
China
India
Japan
ROAPEC
LAMEA
Brazil
Mexico
ROW
Middle East & Africa
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Furthermore, years considered for the study are as follows:
Historical year – 2015, 2016
Base year – 2017
Forecast period – 2018 to 2025
Target Audience of the Global Healthcare Analytics Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers VARs
Third-party knowledge providers
Investment bankers
Investors
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