The "Healthcare Analytics/Medical Analytics Market by Application (Clinical, Financial, & Operational), Type (Predictive, & Prescriptive), End-user (Payer, Provider, HIE, ACO), Delivery Mode (On-premise, Web, & Cloud) - Trends & Global Forecasts to 2020", analyzes and studies the major market drivers, restraints, and opportunities in the U.S., Europe, Asia, and the Rest of the World.
This report studies the global healthcare analytics market over the forecast period 2013 to 2020. The market is estimated at $4,430.9 million in 2013 and is expected to reach $21,346.4 million by 2020, growing at a CAGR of 25.2% from 2013 to 2020.
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The global market is propelled by the increasing demand for better clinical outcomes, treatment of diseases in the early stages, and rise in efficiency of the healthcare process. A major driver is the American Recovery and Reinvestment Act of 2009 (ARRA), which offers incentives to hospitals and physicians that adopt electronic health records (EHRs) technology and document ‘Meaningful Use.’ Healthcare analytics also helps in decision-making and handling large amounts of data generated in healthcare. The major barriers for the market, however, are the mindset of physicians, operational gap between payers and providers, and lack of trained IT staff in healthcare.
The market shows a double-digit growth rate due to supportive elements such as digitization of world commerce, the emergence of Big Data, and also due to the increase in the number of advanced technologies. Factors such as federal healthcare mandates, growing healthcare IT adoption across the globe, growing fields of predictive and prescriptive analytics, and venture capital investments are driving the market. However, factors such as data security issues, patient data confidentiality, cultural barriers to IT adoption, and lack of manpower with cross-functional analytical skills may hinder the growth of this market.
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The global market is dominated by the U.S., followed by Europe, Asia, and the Rest of the World. The U.S. will continue to lead the global market till 2020. Apart from the U.S., the Asian region is also expected to drive the market growth.
Healthcare analytics is a highly fragmented market with some major players such as IBM Corporation (U.S.), Oracle Corporation (U.S.), Truven Health Analytics, Inc. (U.S.), Verisk Health, Inc. (U.S.), Optum, Inc. (U.S.), MedeAnalytics, Inc. (U.S.), McKesson Corporation (U.S.), SAS Institute, Inc. (U.S.), LexisNexis Risk Solutions (U.S.), Inovalon, Inc. (U.S.), Predixion Software (U.S.), iHealth Analytics, Inc. (U.S.), Predilytics (U.S.), and Cerner Corporation (U.S.), among others.
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