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",segments the healthcare analytics market based on types, applications, components, delivery modes, end users, and regions. On the basis of type, the market is segmented into descriptive/retrospective analytics, predictive analytics, and prescriptive analytics. The descriptive/retrospective analytics segment is expected to account for the largest share of healthcare analytics market, by type, in 2015.
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The global healthcare analytics market is expected to reach $18.7 Billion by 2020 from $5.8 Billion in 2015, at a CAGR of 26.5% during the forecast period.
The report segments the healthcare analytics market based on types, applications, components, delivery modes, end users, and regions. On the basis of type, the market is segmented into descriptive/retrospective analytics, predictive analytics, and prescriptive analytics. The descriptive/retrospective analytics segment is expected to account for the largest share of healthcare analytics market, by type, in 2015.
Among end users, the healthcare providers segment is expected to grow at the highest CAGR during the forecast period. Federal mandates such as the implementation of EHRs and ICD-10 code sets, shift towards value-based medicine, and the increased focus on quality care and reduced costs are propelling the growth of this segment.
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Factors such as the rise in pressure to curb healthcare costs, Meaningful Use incentives, availability of big data in healthcare, technological advancements, and increase in venture capital investments are propelling the growth of healthcare analytics market. On the other hand, the operational gap between payers and providers, lack of skilled personnel, and high cost of analytics solutions may restrict market growth.
On the basis of region, the healthcare analytics market is segmented into North America, Europe, Asia, and the Rest of the World (RoW). North America is expected to account for the largest share of this market in 2015 and will continue to dominate the market during the forecast period. It is also poised to grow at the highest CAGR, mainly due to federal mandates encouraging HCIT adoption; strong government support; significant venture capital investments for analytics; and greater accessibility of analytics solutions and services in this region, among others.
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The healthcare analytics market is highly fragmented and competitive, with several big as well as emerging market players. Key market players include IBM Corporation (U.S.), SAS Institute (U.S.), Optum, Inc. (U.S.), Truven Health Analytics (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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