The Asia Pacific (APAC) market for Healthcare Analytics was valued at $989.83 million in 2014 and is projected to reach $4074.56 million by the end of 2020, at a compound annual growth rate of 26.60% over the six year forecasted period. Healthcare analytics are highly used to understand past trends & patterns of the data to predict and provide actionable insights to the ongoing buzz in the health care organizations and improve the quality and efficiency of the business processes and their performance. Generally the outcomes are used to provide the best-suited treatments, patients that are at high risk, disease patterns and others.
The healthcare analytics technology, which extensively uses data for quantitative and qualitative analysis, is undergoing an industry transformation from volume-based medicines and reimbursement to value-based medicines and reimbursement. Factors, such as the sudden emphasis on a more improved quality healthcare, reduced length-of-stay at hospitals, lower costs of health and medicine, and fraud detection, are some of the primary demands of payers of this technology. Additionally, higher incentives for medicine, integration of big data in healthcare, and technological advancements, among others are some of the other drivers of this market.
Sustainable economic growth over the past two decades, major government policies in practice, increase in the IT skills & outsourcing, rising incidences of chronic diseases, emergence of big data in healthcare & progress in the outcomes of clinical processes are the major factors fuelling the markets growth. However, lack of proper skilled labor, data integrity issues, cost & complexity of the software and major opposition from the medical industry towards accepting an IT based approach are some of the factors hindering the growth of the market.
The APAC Healthcare Analytics market has been segmented on the basis of technology/platform (predictive analytics, prescriptive analytics, descriptive analytics and others), application (clinical data analytics, financial data analytics, administrative data analytics, research data analytics and others), components (hardware, software and services), mode of delivery (on-premise model, cloud based model, web hosted model and others) and end user ( healthcare, pharmaceuticals, biotechnology, academia and others). The predictive analytics segment is expected to witness the highest CAGR over the six year forecasted period. By application, the clinical analytics segment is forecasted to have the highest growth rate.
The APAC market has also been geographically segmented into China, Japan, India, South Korea and Rest of Asia Pacific. Emerging economies such as China and India is projected to drive the APAC market due to increasing IT skills, outsourcing trend and high healthcare IT adoption, in the region.
Some of the companies mentioned in the report are SAS, IBM, Oracle, Fuzzy Logix, Information Builders and Cerner Corporation.
Key Deliverables in the Study
Market analysis for the Asia Pacific healthcare analytics market, with country specific assessments and competition analysis on a country scales Market definition along with the identification of key drivers and restraints Identification of factors instrumental in changing the market scenarios, rising prospective opportunities, and identification of key companies that can influence this market on a country scale Extensively researched competitive landscape section with profiles of major companies along with their market shares Identification and analysis of the macro and micro factors that affect the Asia Pacific healthcare analytics market on a country scales A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information A wide-ranging knowledge and insights about the major players in this industry and the key strategies adopted by them to sustain and grow in the studied market
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