DUBLIN, May 11, 2017 /PRNewswire/ --

Research and Markets has announced the addition of the "Healthcare Analytics/ Medical Analytics Market by Application, Type, Component, Delivery, End User - Forecasts to 2021" report to their offering.

The healthcare analytics market is expected to reach USD 24.55 Billion by 2021 from USD 7.39 Billion in 2016, at a CAGR of 27.1% from 2016 to 2021.

The market is mainly driven by factors such as increasing government initiatives to enhance EHR adoption, rising pressure to curb healthcare spending and need for improved patient outcomes, availability of big data in healthcare, rise in venture capital investments, and technological advancements.

Based on type, the market is segmented into descriptive, predictive and prescriptive analytics. The descriptive analytics segment is expected to account for the largest market share in 2016. This can be attributed to the significant usage of descriptive analytics by healthcare providers to gain a better understanding of the past trends and event occurring in real-time.

The clinical analytics segment is expected to grow at the highest CAGR during the forecast period. The high growth of this segment is attributed to the growing adoption of analytics by the healthcare providers due to the rising pressure to curb healthcare costs, and rising focus on personalized medicine-based analytics.

The services segment is expected to grow at the highest CAGR during the forecast period due to increasing need for business analytics services and the introduction of technologically advanced healthcare analytics software, which requires extensive training to use as well as regular upgradation.

The on-demand segment is expected to grow at highest CAGR due to rise in demand for self-driven analytics, lack of upfront capital investments for hardware, extreme capacity flexibility, and the pay-as-you-go pricing of this model.

Market Dynamics

Drivers

• Increasing Government Initiatives to Increase Ehr Adoption
• Rise in Venture Capital Investments
• Growing Pressure to Curb Healthcare Spending, and the Need for Improved Patient Outcomes
• Availability of Big Data in Healthcare
• Technological Advancements

Restraints

• Dearth of Skilled Personnel
• High Cost of Analytics Solutions
• Operational Gaps Between Payers and Providers

Opportunities

• Increasing Focus on Value-Based Medicine
• Use of Analytics in Precision and Personalized Medicine
• Cloud-Based Analytics
• Increasing Number of Patient Registries
• Emergence of Social Media and Its Impact on the Healthcare Industry

Challenges

• Patient Data Confidentiality
• Concerns Regarding Inaccurate and Inconsistent Data
• Reluctance to Adopt Healthcare Analytics in Emerging Countries

Companies Mentioned

• Allscripts Healthcare Solutions, Inc.
• Cerner Corporation
• Health Catalyst
• IBM Corporation
• Inovalon Holdings, Inc.
• Mckesson Corporation
• Medeanalytics, Inc.
• Optum, Inc. (Part of Unitedhealth Group, Inc.)
• Oracle Corporation
• SAS Institute Inc.
• Verisk Analytics, Inc.

For more information about this report visit http://www.researchandmarkets.com/research/t6zb6m/healthcare

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SOURCE Research and Markets