A new market study, titled “Healthcare Analytics: Technologies and Global Markets”, has been featured on WiseGuyReports.
Global healthcare is currently in a very crucial phase of transformation. There is mounting pressure to reduce costs, improve quality and satisfy customers as it has been moving from a provider-driven model to a consumer-driven model. At the same time, the growing aging populations, increasing chronic conditions and rising awareness about healthcare is steering the demand for consumer-driven healthcare services. These factors are, in turn, generating demand for healthcare analytic tools to meet high expectations. Healthcare analytics is a growing force in the global healthcare IT market and a major sector driving the entire healthcare IT industry.
Healthcare analytics is the next step in following the inception of electronic medical records (EMRs) and electronic health records (EHRs) to facilitate the meaningful use of data. The market for healthcare analytics is estimated to reach a value of nearly $6.2 billion in 2016 and is expected to grow at a compound annual growth rate (CAGR) of 15.8% to nearly $14.9 billion by 2022.
The market for healthcare analytics is highly fragmented with many large and small players. Major players in the market are Oracle (U.S.), IBM (U.S.) and Verisk (U.S.), among others. Business analytics accounted for the largest share of the market for healthcare analytics in 2015 at 70%.
The clinical analytics market is expected to reach $6.2 billion in 2022, at a CAGR of 17.7%. The highest growth is projected to come from clinical analytics as greater emphasis has recently been placed on this segment than in previous years. With the use of predictive analytics, population analytics and clinical analytics are expected to be the driving forces of the market for healthcare analytics.
Other major drivers of the market for healthcare analytics are U.S. government initiatives. The United States is a major market in terms of value and is driving the market for healthcare analytics with the Affordable Care Act (ACA), and reimbursements. In today’s world, technology is changing rapidly, while innovations are continually being discovered, and they are having a positive impact on the healthcare analytics market. With margin pressures increasing worldwide, analytics are looked upon as a tool to reduce costs. Payer-provider convergence and rising healthcare costs, along with the other market drivers, are creating many opportunities that are boosting the healthcare analytics market. These factors include EHRs increasing data volumes, the rising importance of value-based medicine due to peer pressure, health information exchange (HIE), easy-to-handle big data, emergency care and preventive care, time and cost savings, data clarity, and transparency and fraud detection.
The market is challenged by restraints such as a lack of uniformity in healthcare data, resistance to an ITbased approach by medical professionals, operational gap between payer and provider front, financial constraints, ensuring patient confidentiality and traditional techniques.Report Scope:
This research report categorizes the healthcare analytics market by type, application, component, end user and delivery model. Applications include financial, clinical, operational and administrative and population health analytics. Components include services, software and hardware. Delivery includes on premise and on demand delivery models. End users include payers, providers and others.
The financial analytics are provided for claims processing; revenue cycle management (RCM); payment integrity and fraud, waste, and abuse (FWA); risk adjustment; and risk assessment. Clinical analytics is provided for quality improvement and clinical benchmarking; clinical decision support; regulatory reporting and compliance; comparative analytics and comparative effectiveness; and performance measurement. Operation and administrative analytics are provided for supply chain analytics, workforce analytics and strategic analytics.
– 58 data tables and 20 additional tables
– An overview of the global markets for healthcare analytics
– Analyses of global market trends, with data from 2016, estimates for 2017, and projections of compound annual growth rates (CAGRs) through 2022
– A look at how healthcare analytics utilizes systematic data from clinical and business fronts to arrive at insights that are developed with the help of statistical, contextual, quantitative, predictive, and cognitive spectrums
– Evaluations of factors driving the market, such as the introduction of federal healthcare policies, increased focus on data collection and analysis for better customer service, progress in clinical outcomes, rapid technological advances, and the emergence of social media
– Analysis of growth inhibitors, such as data security issues, patient data confidentiality, cultural barriers to IT adoption, and lack of manpower with cross-functional analytical skills
– A look at the role different participants in the industry play, including the government, insurers, medical staff, and physiciansALLSCRIPTS HEALTHCARE SOLUTIONS INC.
OPTUM INC. (PART OF UNITEDHEALTH GROUP INC.)
SAS INSTITUTE INC.
TRUVEN HEALTH ANALYTICS INC.
Table of Contents
Chapter 1 Introduction
Chapter 2 Summary and Highlights
Chapter 3 Market and Technology Background
Chapter 4 Market Breakdown by End User
Chapter 5 Market Breakdown by Application
Chapter 6 Market Breakdown by Region
Chapter 7 Global Market for Healthcare Analytics by Product: Hardware, Software and Services
Chapter 8 Global Market for Healthcare Analytics by Delivery Mode
Chapter 9 Company Profiles
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