Healthcare Analytics Market Charecterstics
Analytics is the systematic use of data and related business insights developed through various analytical models such as statistical, cognitive, contextual, predictive, quantitative and other emerging models to initiate fact based decision making for planning, measurement, management and learning. These analytics may be predictive, descriptive, and prescriptive.
Healthcare Analytics Market Competitive Landscape
Major companies in the global health data marketplace include IBM, Oracle Corporation, McKesson Corporation, Truven Health Analytics and Cerner Corporation.
Global Healthcare Analytics Market Size
The global market for healthcare analytics market is expected to reach higher than $35 million by 2022, growing at a double digital CAGR. The growth in the healthcare analytics market is mainly due to incresing availibility of big data in healthcare industry, pressure to reduce costs and integration of advanced technologies in the healthcare industry.
However, the global healthcare analytics market is expected to face restraints from several factors which include poor standardization, lack of skilled professionals and data integration.
Healthcare Analytics Market Segmentation
The global healthcare analytics market is further segmented on the basis of type of technology, application and geography.
By Type Of Technology- The global healthcare analytics market is segmented into descriptive, predictive and prescriptive analytics market.
Descriptive analytics is defined as the systematic quantitative gathering and transformation of data that includes hospitalization summaries, frequency of various disease cases and length of patient stay in the hospital.
Predictive analytics tools assist in understanding the past unstructured data to predict the future actions in customer perspective. These analytics includes performance management, workforce planning management, financial management, patient record management, risk and compliance management, payment management, billing management and operations management.
Prescriptive analytics is the form of business analytics that includes examination of past and current data of patients to recommend the course of action to be taken for positive outcomes, a decision modelling system for the industry.
Among these segments, the descriptive analytics segment accounts for the largest share in the global healthcare analytics market.
By Type Of Applications- The global healthcare analytics market is segmented into clinical data analytics, administrative & operational, financial analytics and others.
Healthcare financial data analytics is the largest revenue contributor to the healthcare analytics market based on type of applications. These financial analytics are further subdivided into risk analytics, revenue cycle analytics and claims analytics.
Most healthcare organizations, professionals and hospitals use administrative and operational analytics to improve the treatment outcomes, identify the patients for the clinical trials, optimize utilization of resources, and reduce costs. These analytics are further segmented into resource analytics, supply chain management analytics and strategic analytics.
Clinical data analytics are intensively used to reduce medical errors incidence, to improve the quality of healthcare, and also to make healthcare procedures more efficient to treat.
By Geography - The global healthcare analytics market is segmented into the Americas, Europe, Asia Pacific and Rest of the World. Among these regions, the North American healthcare analytics market held the largest healthcare analytics market share.
Potential Opportunities In The Healthcare Analytics Market
The growing demand for big data analytics, technological advancements and drastically changing costs dynamics is expected to increase the potential for global healthcare analytics market in the forecast period.