Healthcare Analytics/ Medical Analytics Market by Application (Clinical, RCM, Claim, Fraud, Supply Chain, HR, PHM), Type (Prescriptive), Component (Service, Software), Delivery (On-premise, Cloud), End User (Hospital, Payer, ACO, TPA) - Forecasts to 2021
The global healthcare analytics market is expected to reach USD 24.55 billion by 2021 from USD 7.39 billion in 2016, at a CAGR of 27.1% from 2016 to 2021.
Major factors contributing to the growth of the global healthcare analytics market include increasing government initiatives to enhance EHR adoption, rising pressure to curb healthcare spending and need for improved patient outcomes, availability of big data in healthcare, rise in venture capital investments, and technological advancements. Moreover, use of analytics in precision and personalized medicine, increasing focus on value-based medicine and cloud-based analytics, increasing number of patient registries, and emergence of social media and its impact on the healthcare industry provide significant growth opportunities in the market. However, lack of skilled professionals, high cost of analytics solutions, and operational gaps between payers and providers may hinder the growth of this market during the forecast period.
Various initiatives are being taken by governments across the globe to increase adoption of HCIT. In the U.S. various federal mandates such as the American Recovery and Reinvestment Act of 2009 (ARRA) and the implementation of EHRs and ICD-10 code sets are encouraging healthcare organizations to adopt EHRs, and enhance information exchange between various health systems. Moreover, government and private organizations in developed and emerging countries are providing funds to the startups in healthcare analytics market. Such initiatives boost the healthcare analytics market during the forecast period.
North America is poised to be fastest-growing region in the healthcare analytics market from 2016 to 2021. High growth in this market is attributed to factors such as growing federal healthcare mandates to curb rising healthcare costs and provide quality care; increasing regulatory requirements; growing EHRs adoption; and rising government initiatives to focus on personalized medicine, population health management, and value-based reimbursements.
This market is categorized on the basis of type, application, component, delivery model, end user, and region. Apart from comprehensive geographical analysis, product analysis, and market sizing, the report also provides a competitive landscape that covers growth strategies adopted by industry players in the last three years. In addition, the company profiles comprise basic views on the key players and their product portfolios, developments, and strategies adopted. The abovementioned market research data, current market sizes, and forecast of future trends will help key players and new entrants make informed decisions regarding product offerings, geographical focus, changes in strategic approach, R&D investments for innovations in products and technologies, and levels of output in order to remain successful.
Reasons to Buy the Report:
The report will enrich both established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn will help firms garner greater market shares. Firms purchasing the report can use any one or a combination of the below-mentioned five strategies for strengthening their market shares.
The report provides insights on the following pointers:
Market Penetration: Comprehensive information on the product portfolios of top players in the healthcare analytics market. The report analyzes this market by type, application, component, delivery model, end user, and region
Product Development/Innovation: Detailed insights on upcoming technologies, R&D activities, and new product launches in the healthcare analytics market
Competitive Assessment: In-depth assessment of market strategies, geographical and business segments, and product portfolios of the leading players in the healthcare analytics market
Market Development: Comprehensive information about lucrative emerging markets. The report analyzes the market for healthcare analytics across regions
Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the healthcare analytics market