Healthcare Analytics Market Scope
MRFR (Market Research Future) projects the healthcare analytics market 2020 to attain a spectacular growth rate of 27.1% during the evaluation period (between 2019 and 2024). We will provide COVID-19 impact analysis with the report, combined with an in-depth analysis following the coronavirus disease outbreak.
COVID-19 Impact on the Healthcare Analytics Market
Following the COVID-19 outbreak, there has been an increase in the use of healthcare analytics/HA, especially predictive models, by organizations in the fight against the pandemic. The tsunami of data generated post the advent of the novel coronavirus has compelled researchers and vendors to focus on analyzing the trends, monitoring the patients affected by SARS-CoV-2, and rectifying the growing challenges within the healthcare sector.
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Healthcare analytics is providing healthcare professionals the ability to be prepared for any critical events that can happen in the future and also deal with the current healthcare crisis. Organizations are turning to HA for better understanding of the number of patients that are at risk, locations that urgently require resources, and the areas where the likelihood of the virus spiking is high.
In April 2020, a researchers’ group from Cleveland Clinic developed a predictive model that helps monitor the ventilator availability, bed capacity, patient volume, and various metrics. The HA model offers accurate and timely information, optimizing care delivery for patients suffering from novel coronavirus and other diseases. Since the emergence of the COVID-19 pandemic, innovators have been busy developing healthcare analytics software and solutions that can help predict the critical needs of medical professionals for better patient care.
Top Boosters and Primary Challenges
Healthcare analytics observes strong demand as it helps bring down the overall treatment period, bolsters healthcare providers’ performance, mitigates risks, reduces hospital readmission rates and enhances the use of personalized medicines. In addition, it also helps eliminate the need to conduct more number of diagnostic tests. Another factor that has boosted the uptake of HA is the digitalization trend in the healthcare industry. Intel’s recent report confirms that close to 80% of healthcare vendors in the United States currently use EMR/Electronic Medical Records systems. EMR systems are gaining traction in healthcare as they help collect large amount of data to analyze them using different types of healthcare analytics, which leads to the development of personalized medicines.
The healthcare analytics market is also boosted the growth in technological innovations in healthcare, rising need to reduce paperwork and the demand for better treatment options in collaboration with the pharmaceutical firms. Rising availability of affordable technologies that optimize patient care efforts, facilitate better services, and improve the quality of procedures also fosters major market growth. Cloud-based technology has emerged as a significant market trend as it remotely stores considerable amount of data, freeing a lot of space in the devices. This way, data retrieval can be done depending on the requirement of the clients.
New software and technology launch by key firms with the intention of capturing a bigger share in the global market can also result in favorable growth prospects for healthcare analytics. A case in point, in October 2020, Medicx Health, a prominent healthcare analytics company, launched AdLift Rx, which is an advanced media measurement model that combines metrics based on post-campaign effect and audience quality. AdLift Rx can help pharmaceutical vendors to extensively analyze who they are able to reach, and also the notable aspects of the campaign performance.
Healthcare Analytics Market Segmental Analysis
Healthcare analytics industry has been dissected with respect to type, component, delivery model, application, and end user.
The various types of healthcare analytics are predictive analytics, descriptive analytics, cognitive analytics and prescriptive analytics.
Components listed in the report are hardware, services and software.
Delivery modes covered in the study are on-premise as well as on-demand.
Key application areas of healthcare analytics can be Financial Analytics (Risk Adjustment & Assessment Revenue Cycle Management (RCM), Fraud, Waste, and Abuse (FWA), Claims Processing, Payment Integrity), Clinical Analytics (Clinical Decision Support (CDS)), Quality Improvement & Clinical Benchmarking, population health analytics and operational & administrative analytics.
Healthcare analytics observe demand from a number of end-users, namely Providers (Ambulatory Settings, Post-Acute Care Organizations, Hospitals & Clinics), Payers (Employers and Private Exchanges, Government Agencies, Private Insurance Companies,), and more.
Healthcare Analytics Market Regional Study
The regional study evaluates the market size across the Americas, Europe, MEA or Middle East & Africa and Asia Pacific or APAC.
MRFR expects APAC to garner the fastest CAGR over the coming years, thanks to the rising need to bring down medical errors and the soaring number of new firms in the region. The healthcare analytics market in the region also benefits from the government support in the form of initiatives that aim to improve the medical infrastructure and boost economic growth across the developing countries like Japan, China and India.
However, the biggest gainer in the global market is expected to be the Americas, which accommodates a humungous pool of healthcare analytics vendors. The significant penetration of IT in healthcare, substantial per capita income and the escalation in payment frauds also ensure market growth in the region. The increase in EHR adoption, surge in venture capital investment and the rising significance of real-world evidence could also be favorable for the American market in subsequent years.
Healthcare Analytics Market – Affluent Competitors
Some of the most affluent market competitors are Citiustech, Health Catalyst, McKesson, Inovalon, Oracle, SCIO Health Analytics, Wipro, Allscripts Healthcare Solutions, Cotiviti, SAS Institute Inc., Medeanalytics, Optum, IBM, Cerner, Vitreoshealth, to name a few.
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