FELTON, California, October 9, 2017 /PRNewswire/ --
The global healthcare analytics market size was valued at USD 5.6 billion in 2015 and is expected to grow at a CAGR of 25.3% over the forecast period. The healthcare analytics market growth is fueled by various factors such as pressure to curb healthcare cost, the emergence of advanced healthcare analytics methods, growing demand for personalization in treatment, and rising impact of social media in healthcare.
The Center for Medicare and Medicaid, pressuring to curb the rising treatment costs and other expenditures incurred due to medical product errors and hospital workflow shortcomings. Delivery of high healthcare standards in cost effective manner without comprising on the quality of care along with controlling the medical errors is a major concern for developed as well as developing nations.
In 2016, the descriptive analytics held a lucrative share in the global Healthcare analytics market. Descriptive analytics are most commonly used for administrative activities and process optimization wherein the present and past records are analyzed to obtain a summarized pattern providing exhaustive insights capable of influencing future decisions.
Based on the component, the global healthcare analytics market is segmented into services, software, and hardware. Services segment held a lucrative share in 2016 and is anticipated to grow steady rate during the forecast period. The service segment was dominated by the outsourcing of data services. Outsourcing of big data services saves time and is cost effective. Moreover, Outsourcing also enables access to skilled staff thereby eliminating the requirement of training of staff.
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Based on delivery mode, the global healthcare analytics market is segmented into web-based, cloud based and on-premise. In 2016, on-premise delivery mode attributed nearly 48.0% of market shares.
The cloud-based delivery mode is anticipated to grow rapidly during the forecast period. The advantages of cloud-based systems are remote data access, avoidance of complicated hardware infrastructure and actual- time data tracking.
Based on application, the global healthcare analytics market is segmented into financial systems, operational and administrative, and clinical. Operations and administrative held a substantial share in 2016. Wide application of this segment in field of supply chain management, strategic analytics and workforce are the factors contributing to substantial share.
The end users of the healthcare analytics market are providers, payers, and other end-users such as Managed Care Organizations (MCOs), Third Party Administrators (TPA), and Accountable Care Organizations (ACOs).
In 2016, North America held approximately 60.0% of market revenue. The factors contributing to the rise in adoption of these systems are high per capita healthcare expenditure, the pressure to curb healthcare costs and the rising prevalence of payment fraud.
The Asia Pacific region is anticipated to grow at the rapid pace and is estimated to grow at CAGR of approximately more than 27.0% during the forecast period.
The global healthcare analytic market is highly fragmented by presence of many key players such as IBM Corporation, Allscripts Healthcare Solutions, Inc., SAS Institute Inc., OptumHealth, Inc, Oracle Corporation, Verisk Analytics, Inc, and Cerner Corporation. Collaboration with government organizations, R&D investments and new product launches are some noteworthy initiatives.
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Global Healthcare Analytics Market by Type, 2013 - 2024 (USD Million)
• Descriptive Analytics
• Predictive Analytics
• Prescriptive Analytics
Global Healthcare Analytics Market by Component, 2013 - 2024 (USD Million)
Global Healthcare Analytics Market, by Delivery Mode, 2013 - 2024 (USD Million)
Global Healthcare Analytics Market, by Application, 2013 - 2024 (USD Million)
• Operational and Administrative
Global Healthcare Analytics Market, by End-use, 2013 - 2024 (USD Million)
• Healthcare Payers
• Healthcare Providers
Healthcare Analytics Devices Market, By Region, 2013 - 2024 (USD Million)
• North America
• Asia Pacific
• Latin America
• South Africa
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