According to a report by Grand View Research, Inc., global healthcare analytics market is anticipated to value USD 53.65 billion by 2025. Growing requirement to reduce healthcare expenditure associated with inefficiencies in hospital workflow and flaw in medical products can surge demand for healthcare analytics. It is likely to identify clinically meaningful outcomes related to costs through investigational mining of electronic patient records for identifying inherent medical inaccuracies in system. This, in turn, can offer cost-effective treatment to patients while reducing amount of resources wasted.
Growing adoption of advanced methods such as predictive analytics in government organization such as healthcare financing systems to prevent payment frauds can influence growth of market. Continual technological advancements in healthcare analytics can boost usage of these methods in multiple applications. This, in turn, can fuel market growth over the forecast period (2014 to 2025).
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The healthcare analytics market can be segregated on the basis of type, component, delivery mode, application, end-use, and region. Based on type, the market can be categorized into descriptive, prescriptive, and predictive. In 2016, descriptive analytics segment accounted for substantial market share and is likely to be most used system over the forecast period. These systems can be used for administrative activities and process optimization. The descriptive method can tell us about progression in an event, which has occurred in past.
On the contrary, predictive analytics is likely to witness significant growth over the forecast period. This method can be used for improvising and framing strategies to fuel business growth. In addition, it can aid in maintenance of electronic health records, diagnosis, and support in determination of personalized clinical solutions.
Based on component, the market can be classified into software, hardware, and services. In 2015, services segment dominated the market and is expected to grow at similar pace over the forecast period. Outsourcing of big data services can dominate services segment. It can save time, cost, and can offer qualified staff that eliminates need for training. Services can be followed by hardware components in terms of market share. High cost associated with infrastructures such as computer system and high speed internet can fuel growth of segment.
Based on delivery mode, the market can be segmented into on-premise, web-based, and cloud-based. In 2015, on-premise segment contributed to 45% market share. However, cloud based analytics is expected to witness significant growth over the forecast period. Benefits of cloud based systems such as real-time data tracking, remote access to data, and avoidance of complex physical ecosystem are likely to surge demand for such systems.
Based on application mode, the market can be divided into financial, clinical, and operational & administrative. In 2015, operational & administrative segment dominated the market attributed to their wide applications encompassing workforce, supply chain management, and strategic analytics.
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Similarly, financial applications are likely to exhibit maximum growth during the forecast period. Growing adoption in private health settings and government sector can fuel growth. Major financial applications of healthcare analytics can include claim settlement, revenue cycle management, fraud prevention, and risk assessment & prevention.
Based on end-use, the market can be split into healthcare payers, healthcare providers, and others. In 2015, healthcare payers segment accounted for substantial market share. However, healthcare providers segment is likely to grow well over the forecast period. Growing adoption of these systems in hospitals is likely to influence growth of market.
Healthcare payers are expected to use analytics for settlement of insurance claims, fraud prevention, and risk assessment. High risk patient population and management of high utilizer can be challenges for payers. In addition, increasing healthcare expenditure can create pressure on payers to reduce costs.
Regional segmentation includes Europe, North America, Asia Pacific, Latin America, and Middle East & Africa. In 2016, North America dominated the market and accounted for 60% market share. Rising per capita healthcare cost coupled with growing cases of payments frauds can fuel growth of market. In addition, high demand to reduce rising healthcare costs can fuel market growth over the forecast period.
On the contrary, Asia Pacific is expected to grow at CAGR of 29% over the forecast period. Favorable initiatives taken by local governments to promote economic growth and improve medical infrastructure can surge demand for healthcare analytics in the region.
Some of the leading companies offering healthcare analytics are Oracle Corporation; IBM Corporation; McKesson Corporation, Inc.; Truven Health Analytics, Inc.; and Cerner Corporation.
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