The amount of data in healthcare is increasing at an astonishing rate. To improve the quality of healthcare while minimizing the costs, it‘s necessary that large volume of data generated should be analyzed effectively to answer new challenges. It requires a technology that helps to perform a real time analysis on the enormous data set. Healthcare analytics tools help reveal and understand historical data patterns, predict future events, and provide actionable insights to make fact-based decisions and improve clinical, financial and operational performance of healthcare organizations. Analytics is rapidly gaining traction as it helps healthcare systems reduce healthcare costs, improve quality of care and abide by the regulatory requirements. Thus, effective use of analytics in the healthcare industry can improve current care but more importantly can facilitate preventive care. “Meticulous Research” in its latest publication states that, the “global market for healthcare analytics is expected to grow at a CAGR of 25.5% from 2018 to 2023 to reach $33,854.6 million by 2023.”
This growth is primarily driven by growing investments by venture capitalists, increasing pressure to provide quality care and control healthcare costs, rising big data in healthcare, trend towards value-based care, improving HCIT infrastructure and adoption of HCIT solutions such as EMRs and HIE, and increasing focus on personalized medicine and preventive care.
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Escalating healthcare costs, increased need for healthcare coverage, and shifts in provider reimbursement trends trigger the demand for big data technologies in order to improve the overall efficiency and quality of care delivery. The factors that are primarily driving the exponentially rising big data in healthcare are increased volume of electronic health data, need for improved operational efficiency, value-based healthcare delivery, and increased patient engagement. A large amount of data becomes ‗big data‘ when it meets three criteria: volume, variety and velocity. The healthcare model is undergoing transformation. In the old model, facilities and other providers were incented to keep patients in treatment that is, more inpatient days translated to more revenue. The trend with new models, including Accountable Care Organizations (ACO), is to incent and compensate providers to keep patients healthy.
At the same time, patients are increasingly demanding information about their healthcare options so that they understand their choices and can participate in decisions about their care. Patients are also an important element in keeping healthcare costs down and improving outcomes. Providing patients with accurate and up-to-date information and guidance rather than just data will help them make better decisions and better adhere to treatment programs. In addition to data that is readily available, such as demographics and medical history, another data source is information that patients divulge about themselves. When combined with outcomes, high-quality data provided by patients can become a valuable source of information for researchers and others looking to reduce costs, boost outcomes and improve treatment. With the increasing utilization and adoption of information systems in healthcare, a large volume of data is being generated.
According to statistics given in an article published in April 2016 by the International Journal of Advanced Research in Computer Science and Software Engineering, the volume of big data in healthcare in 2013 was 153 exabytes and it may increase to 2,314 exabytes by 2020 anticipating an overall increase of 48% annually. Such multi-fold rise in big data would require advanced analytics tools to leverage hidden insights, thus boosting the healthcare analytics market growth.
The report provides meticulous analysis of healthcare analytics market by segmenting it on the basis of Type (Descriptive, Predictive, Prescriptive), Component (Service, Software), Application (Clinical, RCM, Claim, Fraud, SCM, PHM), Delivery (On Premise, Web, Cloud), End User (Payer, Hospital, ACO, MCO), and Geography.
The key players analyzed in the healthcare analytics market are Allscripts Healthcare Solutions, Inc. (U.S.), Cerner Corporation (U.S.), CitiusTech Inc.(U.S.), Epic Systems Corporation (U.S.), Health Catalyst(U.S.), IBM Corporation (U.S.), Inovalon (U.S.), McKesson Corporation (Change Healthcare)(U.S.), MedeAnalytics, Inc.(U.S.), NextHealth Technologies(U.S.), UnitedHealthcare Group (U.S.), Oracle Corporation (U.S.), SAP SE (Germany), SAS Institute Inc. (U.S.), SCIOInspire, Corp. (U.S.), Tableau Software, Inc. (U.S.), TIBCO Software, Inc. (U.S.), Verscend Technologies, Inc. (U.S.), VitreosHealth (U.S.), and Wipro (India).
Healthcare Analytics Market By Type (Descriptive, Predictive, Prescriptive), Component (Service, Software), Application (Clinical, RCM, Claim, Fraud, SCM, PHM), Delivery (On Premise, Web, Cloud), End User (Payer, Hospital, ACO, MCO) – Global Forecast To 2023
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Key Topics Covered in This Report:
- Research Methodology
- Executive Summary
- Market Share Analysis
- Market Insights
- Global Healthcare Analytics Market, By Type
- Global Healthcare Analytics Market, By Component
- Global Healthcare Analytics Market, By Mode of Delivery
- Global Healthcare Analytics Market, By Application
- Global Healthcare Analytics Market, By End User
- Geographic Analysis
- Competitive Landscape
- Company Profiles
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