In today’s world, healthcare institutes are making continuous efforts to implement and upgrade healthcare analytics solution to get real world insights and provide better healthcare services. In healthcare industry, the ever-growing complexity in economics, customer needs and competitive environment is encouraging the adoption of analytics solution in business and workflow processes. Healthcare analytics is the term used to describe the healthcare associated analytics. This analytics can be executed by using the data collected from areas within healthcare related operations which are clinical data (collected from electronic health records (EHRs), financial data (cost and claims data), research and development (R&D) data related to pharmacy and medical devices, patient behaviour and sentiment data.
Healthcare analytics solution incorporates a systematic framework which integrates a roadmap to track and measure data points for data collection, a platform or application for data sharing and an adoption model to understand and analyse data. Healthcare analytics solution assist in improving clinical efficiency, quality of care, cost efficiency in hospitals and clinics, by decision planning and strategies based on insights from analytics solution.
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Healthcare Analytics Solutions Market: Drivers and Restraints
Major factors for resulting in the growth of healthcare analytics solution market are increasing government initiatives and mandates for EHR adoption, need to reduce healthcare spending and improved patient outcomes, technological advancements in medical devices and availability of big data in healthcare. Moreover factors such as increase in healthcare investments by venture capital firms, increasing focus on analytics in prescribed drugs and medicines, increasing focus on value-based medicine and cloud-based analytics, rise in number of patient registries, and emergence of social media and its impact on the healthcare industry are also driving the growth of healthcare analytics solution market.
However, factors such as high initial investment for analytics solution, lack of skilled employees, data security issues and issues with confidentiality of information, hinder the growth of healthcare analytics solution market.
Healthcare Analytics Solutions Market: Segmentation
The healthcare analytics solution market can be segmented on the basis of analytics type, application, deployment, component, end-user and region wise.
Segmentation on basis of Analytics Type for Healthcare Analytics Solutions Market
On the basis of type it can be further segmented into:
- Predictive Analytics
- Descriptive Analytics
- Prescriptive Analytics
Segmentation on basis of Application for Healthcare Analytics Solutions Market
On the basis of application it can be further segmented into:
- Clinical Analytics
- Non Clinical Analytics
Segmentation on basis of Deployment for Healthcare Analytics Solutions Market
On the basis of deployment it can be sub-segmented into:
Segmentation on basis of Component for Healthcare Analytics Solutions Market
On the basis of component it is further segmented into:
Segmentation on basis of End-User for Healthcare Analytics Solutions Market
On the basis of end-user it is further segmented into:
- Healthcare Providers
- Nursing Homes
- Diagnostic and Imaging Centers
- Ambulatory Care Centers
- Home Healthcare and Assisted Living Facilities
- Healthcare Payers
- Insurance Companies
- Government Agencies
- Employers and Private Exchanges
Segmentation on basis of Region for Healthcare Analytics Solutions Market
On the basis of region healthcare analytics solution market can be segmented into:
- North America
- Latin America
- Asia Pacific
- Eastern Europe
- Western Europe
- Middle East & Africa
Healthcare Analytics Solutions Market: Regional Overview
North America holds the largest market share in healthcare analytics market due to presence of healthcare infrastructure, and increase in federal mandates. Healthcare analytics market in Europe is growing substantially, due to adoption of electronic health records in healthcare institutes and increased healthcare expenditure in this region. Asia-Pacific’s healthcare analytics market is growing at the fastest pace due to increasing healthcare awareness in people and government initiatives. Latin America and Africa are slowly adopting healthcare analytics solution to reduce epidemics and curb widespread of diseases, resulting in considerable growth in this market. Japan healthcare analytics solution market is expected to witness a high growth rate due to presence of strong healthcare IT infrastructure and rise in healthcare expenditure.
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Healthcare Analytics Solutions Market:
In September 2015, Thoma Bravo LLC, a private equity investment firm acquired MedeAnalytics Inc., a provider of cloud-based financial performance analytics for the healthcare industry.
IBM Corporation, Optum, Inc., Cerner Corporation, SAS Institute, Inc., Inovalon, Inc., McKesson Corporation, MedeAnalytics, Inc., Oracle Corporation, Verisk Analytics, Health Catalyst., and Allscripts Health Solutions are some of the key players in healthcare analytics solutions market.