The global healthcare descriptive analytics market is estimated to be USD XX billion in 2016 and is projected to reach USD XX billion by 2021, growing at a CAGR of XX% during the forecast period from 2016 to 2021.
Descriptive analytics can be defined as the ability to collect and analyze historical data and past events, including summaries of hospitalizations, number of disease cases, the length of stay in hospitals and list of used medicines and drugs to gain meaningful insights.
Descriptive analytics provides a clear understanding of what has happened in the past and its visualization through key performance metrics or other data in the report or dashboard describing the current situation and past performance.
Global Healthcare Descriptive Analytics Market-Market Dynamics
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.
Some of the key driving factors for this market are:
Government interest in creating an integrated database of every patient by implementing policies like e-health record, e-medical record etc.
Emergence of personalized medicine where every patient or group of patient is treated differently based on their background or history
Need to increase efficiency of current medical practices to make healthcare accessible to all
Integration of big data in healthcare
Expansion of healthcare IT
The technology also has certain constraints to overcome, such as:
High cost of initial investments
Lack of properly trained IT professionals in healthcare
Healthcare providersâ°ÃÂª reluctance to share data with the third party (analytics firm).
Data integrity and safety concerns
The technology has several opportunities as well. These include:
Introduction and implementation of Electronic Health Records (EHR)
Rising investments in venture capital funds
Implementation of trends in the medical-IT field, such as precision medicines, EHR, analytics-driven personalized medicines, clinical DSS, health and disease management, and so on.
The global healthcare descriptive analytics market is segmented on the basis of application (clinical data analytics, financial data analytics, administrative data analytics, and research data analytics), component (software, hardware, and services), deployment (on-premise model and cloud-based model), end-user (private organization (hospitals, clinics, physicians), government organization, NGOs and research institutions), and geography (North America, Europe, Asia-Pacific, Middle East & Africa and Latin America).
Currently, the descriptive analytics segment accounts for the largest market share of 62% in the global healthcare technology but its share may decrease if growing economies donâ°ÃÂªt compensate for the loss in developed countries where the technology is shifting towards more advanced technology like predictive and prescriptive analytics.
By application, the clinical analytics segment is forecasted to have the highest growth rate. Although the market growth of the cloud-based services segment is increasing substantially, the on-premise delivery system segment still accounts for the largest share due to its multi-vendor framework. This kind of architecture usually ensures the safety of data and transactions from attacks.
The primary stakeholders of this technology are healthcare IT firms, healthcare analytics vendors, care organizations, health insurance providers, healthcare payers, healthcare providers, research firms, consultants, ambulatory services, and venture capitalists.
Some of the key players in the market are:
Key Deliverables in the Study
Market analysis for the healthcare descriptive analytics market, with region-specific assessments and competition analysis on the global and regional scale.
Market definition along with the identification of key drivers and restraints.
Identification of factors instrumental in changing the market scenario, rising prospective opportunities, and identification of key companies that can influence this market on a global and regional scale.
Extensively researched competitive landscape section with profiles of major companies along with their market share.
Identification and analysis of the macro and micro factors that affect the healthcare descriptive analytics market on both global and regional scale.
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.
Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped.
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