Boston, MA, July 10, 2016 --(PR.com
)-- The advent of information technology into healthcare system and adoption of EHRs has unlocked the new areas of possibilities such as development of personalized medicine, innovations in drug development, understanding the complication rate, instituting best practices to name a few. Adoption of Healthcare analytics will help in reducing the hospital stays of patients, enhanced quality care, prevention of chronic diseases, fraud detection, reduction in medication errors and population health management practices. As estimated by IQ4I Research, Healthcare Analytics global market is expected to grow at a double digit CAGR to reach $33,542 million by 2022.
Federal health mandates in U.S., increasing pressure to reduce healthcare expenditure, digitization of healthcare, the emergence of big data and advancements in analytical technologies, rising incidence of ageing population are the factors driving the market growth. However, factors such as data breach, security issues, transparency, interoperability issues, and high cost of implementation and adoption barriers, complex regulatory environment are hampering the market growth.
The Healthcare Analytics global market by type is segmented based on Tool types, applications, components, delivery mode and End-Users. The market by tool type is divided into Descriptive, Predictive and Prescriptive analytics, based on applications into clinical data, financial, administrative/operational, research analytics and others. The clinical data applications is further sub-segmented into quality care, medical error reduction, physical performance evaluation, clinical decision support system, population health management and customer relation management. The financial analytics is sub-segmented into claim analytics, revenue cycle analytics and risk analytics. The Administrative analytics is further segmented into supply chain analytics, Human resource analytics, practice management analytics and strategic analytics. The administrative analytics occupied highest market in healthcare analytics application market.
The healthcare analytics component market is segmented into Hardware, software and services, the delivery mode market is classified into on-premises, web-hosted and cloud computing sub-segments. The cloud computing sub-segment is estimated to grow at strong CAGR from 2015 to 2022. The End-users consists of Payers, Providers, healthcare analytics Information Exchange (HIEs) and others. The payers contributed the largest revenue as per estimates of IQ4I Research.
The Healthcare analytics global market by geography is divided into North America, Europe, Asia-Pacific and Rest of the World (RoW). North America commanded the largest market share in 2015 due to Federal mandates, increasing pressure to reduce healthcare expenditure, emergence of big data and advancements in analytical technologies, digitalization of healthcare records, proliferation of cloud computing are contributing for growth and is also projected to occupy largest market share.
Some of the technological advancements such as cloud technology, Wearable patient monitoring devices, healthcare mobile app and telemedicine, cognitive computing and Image analytics are set to improve the adoption and reach of healthcare analytics tools.
The major players in healthcare analytics market are Allscripts Healthcare Solution, Inc. (U.S.), Cerner Corporation (U.S.), Epic Systems (U.S.), IBM Corporation (U.S.), Information Builders, Inc. (U.S.), McKesson Corporation (U.S.), MedeAnalytics, Inc. (U.S.), Oracle Corporation (U.S.), Optum, Inc. (U.S.), and Verisk Analytics (U.S.).