Healthcare analytics is a collection and analysis of data that provide insights and support decision-making in the healthcare industry. It is also known as clinical data analytics. It is used on both macro and micro levels ranging over areas like clinical data, medical costs, pharmaceuticals, and patient behavior as well as streamlining operations, patient care, and lowering healthcare costs. Its main objective to unravel decisive patterns and gain insights for improving healthcare outcomes. It offers insights into hospital management, patient records, diagnosis and more providing insights on macro & micro-levels. It helps in providing real-time data that can help in deciding the course of future treatment of the patient.
According to study, “Global Healthcare Analytics Market Size study, by type (Prescriptive, Descriptive, Predictive) Delivery Mode (On-premise, Web-based, cloud-based), Component (software, hardware, and services), Application (clinical, financial and operational and administrative), End-users (Healthcare Payers, Healthcare Providers, and Other end-users) and Regional Forecasts 2018-2025” the key companies operating in the global the healthcare analytics market is SAS Institute Inc., Wipro, All scripts Healthcare Solutions, Health Catalyst, Cerner, Medeanalytics Inc., IBM, Optum, Mckesson Corp., Cognizant, Oracle Corp., Cotiviti (Verscend Technologies), Vitreoshealth, SCIO Health Analytics, Citiustech.
Based on the type, the healthcare analytics market is segmented into predictive analytics, cognitive analytics, descriptive analytics, and prescriptive analytics. Based on components, the market is segmented into software, hardware, and services (business analytics services and support services). Based on the delivery model, the market is segmented into on-demand model and on-premise model. Based on application, the market is segmented into the clinical analysis, financial analysis, population health analytics and operational & administrative analysis. The clinical analysis includes precision health, clinical decision support, quality improvement & clinical benchmarking, comparative analytics/effectiveness, reporting & compliance and medical imaging analytics. Financial analysis includes revenue cycle management, claims processing, risk adjustments & risk assessment and payment integrity or fraud, waste & abuse. Additionally, operational & administrative analysis includes workforce analysis, supply chain analysis and strategic analysis. In addition, based on end-users, the market is segmented into providers, payers, and others (Health information exchanges (HIEs), managed care organizations (MCOs), accountable care organizations (ACOs), and third-party administrators (TPAs)). Providers include post-acute care organizations, hospitals & physician practices, and ambulatory settings. Payers include government agencies, private insurance companies, and employers & private exchangers.
The healthcare analytics market is driven by the emergence of big data in the healthcare industry, followed by growth in technological advancements, increase in venture capital investments, growth in focus on real-world evidence, increase in government initiatives to raise electronic health record (EHR) adoption, surge in pressure to curb healthcare spending & improve patient outcomes, rise in focus on collection & analysis of data from different sources for improved customer service and increase in the advent of social media. However, data integrity issues and high cost of analytics solutions may impact the market. Moreover, the rise in focus on value-based medicine, growth in augmented analytics and an increase in the number of patient registries are key opportunities for the market.
Based on geography, the North-American region holds the leading position in the healthcare analytics market owing to growth in healthcare infrastructure and an increase in healthcare expenditure in the region. Whereas the European and Asian-Pacific regions are estimated to witness a higher growth rate due to a rise in regulatory requirements and growth in government initiatives over the forecast period. It is predicted that the market will be reached at US $293.3 billion by 2025.
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Ankur Gupta, Head Marketing & Communications