Grand View Research, Inc. - Market Research And Consulting.The global healthcare analytics market is expected to reach USD 53.65 billion by 2025, according to a report published by Grand View Research, Inc. Rising need to curb healthcare expenses related to hospital workflow incompetence and medical products can propel market over the forecast period.
According to a report published by Grand View Research, Inc.; the global healthcare analytics market is anticipated to reach a valuation of around USD 53.65 billion by 2025. Rising need to curb healthcare expenses related to hospital workflow incompetence and medical products can propel market over the forecast period (2014 to 2025).
Rapid digitalization of healthcare data is one of the key market drivers. This data can be used to reduce treatment time and to enhance performance of healthcare providers. Healthcare analytics help mitigate risk and reduce readmissions and additional diagnostic tests. This factor is anticipated to propel adoption of the technology over the forecast period. Introduction of advanced data-enriched tools like Electronic Health Records (EHR), mHealth, eHealth, and mobile applications helps reduce communication gap between patients and healthcare providers.
Using data generated with the help of healthcare analytics can be beneficial for customized treatments. Development of data analytics tools coupled with Artificial Intelligence (AR) and human intelligence offers wide scope for customized medical treatments. Furthermore, rising adoption of predictive analytics by government organizations such as healthcare financing systems to reduce payment frauds is expected to bode well for market growth in the forthcoming years.
Full Research Report On Healthcare Analytics Market Analysis: www.grandviewresearch.com/industry-analysis/healthcare-analytics-market
The worldwide healthcare analytics market can be segmented on the basis of type, mode of delivery, component, application, end-use, and region. Based on type, the market can be categorized into prescriptive, descriptive, and predictive. In 2015, descriptive analytics accounted for a significant market share due to applications in process optimization and admiration activities. Predictive analytics is projected to showcase lucrative CAGR during the forecast period owing to extensive usage by government organizations, life science companies, insurance providers, and clinics and hospitals.
As per component, the market for healthcare analytics can be divided into software, hardware, and services. In 2015, the services segment a significant market share. It is expected to expand at a healthy CAGR over the forecast period. Outsourcing of big data services is projected to dominate the services segment over the forecast period. Ability of outsourcing to save time and cost is expected to impel adoption of these services in near future. Hardware is expected to emerge as the second largest service. High cost of high-speed internet computer systems is expected to supplement growth.
On the basis of mode of delivery, the market can be classified into on-premise, web-based, and cloud-based. On-premise services held around 54.0% of the total market share in 2015. Cloud-based analytic services may register significant CAGR through 2025. Benefits such as real-time data tracking and remote access to data are projected to boost adoption of cloud-based services. Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS) are the three major cloud-based services. Analytics software are SaaS based services.
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As per application, the market for healthcare analytics are split into clinical, financial, and operational and administrative. In 2015, operational and administrative segment dominated the market due to their application in claim and workforce management and strategic analytics. Based on end-use, the market is fragmented into payers, providers, and others. In 2015, payers estimated for the prominent market share. The segment is expected to showcase remunerative growth over the forecast period due to its high adoption in hospitals.
Geographically, the market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. In 2016, North America held the largest market share of around 60.0%. Factors such as high expenditure for healthcare, rise in cases of payment frauds, and demand to reduce healthcare expenses are some of the primary regional market drivers.
Asia Pacific is likely to expand at a healthy CAGR of around 29.0% during the forecast period. Rise in supportive government efforts to establish advanced healthcare facilities and improving economic condition are expected to boost adoption of healthcare analytics. Emerging countries such as India and China are anticipated to present lucrative untapped opportunities. This factor is expected to further fuel the regional market growth in near future.
Key companies operating in the healthcare analytics market include MedeAnalytics, Inc.; Allscripts Healthcare Solutions, Inc.; SAS Institute, Inc.; VeriskAnalytics, Inc.; and OptumHealth, Inc.
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