The report "Healthcare Analytics/Medical Analytics Market by Application (Clinical, PHM, Financial (RCM, Claim, Fraud), Supply Chain, HR)), Type (Predictive), Delivery model (On-premise, Cloud), End-user (Payer, Hospital, Ambulatory, ACO) - Global Forecast to 2020", the global healthcare analytics market is expected to reach $8.7 Billion by 2020 from $5.8 Billion in 2015, at a CAGR of 26.5% during the forecast period.
Browse 149 market data tables and 57 figures spread through 200 pages and in-depth TOC on “Healthcare Analytics/Medical Analytics Market"
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Healthcare analytics systems reveal and understand historical patterns of data to predict and provide actionable insights to improve the performance of healthcare organizations. The outcomes reveal the best-suited treatments, disease patterns, patients at high risk, fraudulent claims, and evaluate physician performance.
Market growth is driven by federal healthcare mandates encouraging the adoption of HCIT solutions to curb rising healthcare costs; benefits associated with the use of analytics; increasing HCIT adoption; availability of big data in healthcare; technological advancements; and increase in venture capital investments. On the other hand, the operational gap between payers and providers, a lack of skilled personnel, and cultural and language barriers are likely to hinder market growth.
The healthcare analytics market is segmented on the basis of type, application, component, delivery model, end user, and region.
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Based on type, the market is segmented into descriptive, predictive, and prescriptive analytics. Descriptive analytics is expected to account for the largest market share in 2015. Based on application, the medical analytics market is bifurcated into clinical analytics, financial analytics, and operational and administrative analytics. The clinical analytics segment is expected to grow at the highest CAGR during the forecast period.
Based on component, the medical analytics market is segmented into hardware, software, and services. The services segment is further segmented into support services and business analytics services. In 2015, the services market is expected to witness the highest growth in the forecast period.
The market, by delivery model, is segmented into on-premise and on-demand delivery models. In 2015, the on-premise delivery model accounted for the largest share of the global healthcare analytics market owing to its multi-vendor architecture, which lowers the risk of data breaches and external attacks.
By end user, the medical analytics market covers payers, providers and ACOs, HIEs, MCOs, and TPAs. Healthcare payers are further sub segmented into private insurance companies, government agencies, and employers and private exchanges. Healthcare providers are segmented into hospitals, physicians’ practices and IDNs, and ambulatory settings. The healthcare providers segment is expected to grow at a highest CAGR during the forecast period.
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By region, the healthcare analytics market is dominated by North America, followed by Europe, Asia, and the Rest of the World. North America is expected to continue to dominate the market during the forecast period. Factors such as federal healthcare mandate to curb the rising healthcare costs and provide quality care; increasing demand for better clinical outcomes, treatment of diseases in the early stages; and rise in efficiency of the healthcare process will drive market growth.
Key market players include IBM Corporation (U.S.), SAS Institute, Inc. (U.S.), Optum, Inc. (U.S.), Truven Health Analytics Inc. (U.S.), Cerner Corporation (U.S.), McKesson Corporation (U.S.), Verisk Analytics, Inc. (U.S.), Oracle Corporation (U.S.), Allscripts Health Solutions (U.S.), MedeAnalytics (U.S.), Inovalon, Inc. (U.S.) and Health Catalyst (U.S.).
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