Product Code: HIT 2180
"Growing initiatives to increase EHR adoption and big data in healthcare are expected to drive the overall growth of the healthcare analytics market."
The healthcare business analytics market is projected to reach USD 50.5 billion by 2024 from USD 14.0 billion in 2019, at a CAGR of 28.3% during the forecast period. The growth of this market is majorly driven by the implementation of government initiatives to increase EHR adoption, growing adoption of data-driven decision-making, growing pressure to curb healthcare spending and improve patient outcomes, the emergence of big data in healthcare, and the increasing number of patient registries. However, the high cost of healthcare analytics solutions is expected to restrain market growth to a certain extent during the forecast period.
"Prescriptive analytics segment is expected to grow at the highest CAGR during the forecast period"
Based on type, healthcare analytics market is segmented into descriptive, predictive, prescriptive, and cognitive analytics. In 2019, the prescriptive analytics segment is expected to grow at the highest CAGR during the forecast period majorly due to the ability of the prescriptive analytics to ensure the synergistic integrations of predictions and prescriptions.
"Clinical analytics application segment to witness high growth during the forecast period"
Based on application, the healthcare analytics market is segmented into financial analytics, clinical analytics, operational & administrative analytics, and population health analytics. The clinical analytics segment is poised to grow at the highest CAGR during the forecast period. Growth in this segment is mainly due to the growing pressure to curtail healthcare spending, large volumes of healthcare data containing valuable insights, increasing incentives by governments (especially in the US) for improving the quality and reducing the cost of care, growing adoption of electronic health records (EHRs), and rising focus on building patient registries.
"North America to dominate the market during the forecast period"
In 2018, North America is expected to account for the largest share of the healthcare analytics market. This market is also expected to grow at the highest CAGR during the forecast period. The increasing adoption of healthcare analytics solutions and services by healthcare providers (especially in the US) to provide better quality care and lower healthcare costs is a major factor driving market growth.
The primary interviews conducted for this report can be categorized as follows:
- By Company Type - Tier 1: 37%, Tier 2: 22%, Tier 3: 41%
- By Designation - C-level: 25%, D-level: 20%, Others: 55%
- By Region - North America: 40%, Europe: 27%, Asia: 20%, RoW: 13%
List of Companies Profiled in the Report:
- Allscripts (US)
- Cerner (US)
- Cotiviti (Verscend Technologies) (US)
- Citius Tech (US)
- Health Catalyst (US)
- IBM (US)
- Inovalon (US)
- McKesson (US)
- MedeAnalytics (US)
- Optum (US)
- Oracle (US)
- SAS Institute (US)
- SCIO Health Analytics (US)
- Viteros Health (US)
- Wipro (India)
Research Coverage:
This report provides a picture of the global healthcare analytics market. It aims at estimating the size and future growth potential of the market across different segments, such as type, component, delivery model, application, end user, and region. Furthermore, the report also includes an in-depth competitive analysis of key market players, along with their company profiles, recent developments, and key market strategies.
Key Benefits of Buying the Report:
The report will help market leaders/new entrants by providing them the closest approximations of the revenue numbers for the overall healthcare analytics market and its subsegments. In addition, this report will help stakeholders to better understand the competitive landscape and gain insights to position their business and make suitable go-to-market strategies. It will also enable stakeholders to understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.
TABLE OF CONTENTS
1. INTRODUCTION
- 1.1. OBJECTIVES OF THE STUDY
- 1.2. MARKET DEFINITION
- 1.3. MARKET SCOPE
- 1.3.1. MARKETS COVERED
- 1.3.2. YEARS CONSIDERED FOR THE STUDY
- 1.4. CURRENCY
- 1.5. LIMITATIONS
- 1.6. STAKEHOLDERS
2. RESEARCH METHODOLOGY
- 2.1. RESEARCH DATA
- 2.1.1. SECONDARY SOURCES
- 2.1.1.1. Key data from secondary sources
- 2.1.2. PRIMARY RESOURCES
- 2.1.2.1. Key data from primary sources
- 2.1.2.2. Key industry insights
- 2.2. MARKET SIZE ESTIMATION
- 2.3. MARKET BREAKDOWN AND DATA TRIANGULATION
- 2.4. RANKING OF KEY PLAYERS
- 2.5. ASSUMPTIONS FOR THE STUDY
3. EXECUTIVE SUMMARY
4. PREMIUM INSIGHTS
- 4.1. HEALTHCARE ANALYTICS MARKET OVERVIEW
- 4.2. HEALTHCARE ANALYTICS MARKET, BY TYPE, 2019 VS. 2014(USD BILLION)
- 4.3. HEALTHCARE ANALYTICS MARKET, BY COMPONENT, 2019 VS. 2014(USD BILLION)
- 4.4. HEALTHCARE ANALYTICS MARKET, BY DELIVERY MODEL
- 4.5. FINANCIAL ANALYTICS MARKET SHARE, BY TYPE & REGION (2019)
- 4.6. HEALTHCARE ANALYTICS MARKET, BY END USER, 2019 VS 2024(USD BILLION)
- 4.7. HEALTHCARE ANALYTICS MARKET, BY REGION
5. MARKET OVERVIEW
- 5.1. INTRODUCTION
- 5.2. MARKET DYNAMICS
- 5.2.1. DRIVERS
- 5.2.1.1. Government initiatives to increase HER adoption
- 5.2.1.2. Growing venture capital investments
- 5.2.1.3. Growing pressure to curb healthcare spending and improve patient outcomes
- 5.2.1.4. Big data in healthcare
- 5.2.1.5. Growing focus on real-world evidence
- 5.2.2. RESTRAINTS
- 5.2.2.1. High cost of analytics solutions
- 5.2.3. OPPORTUNITIES
- 5.2.3.1. Increasing focus on value-based medicine
- 5.2.3.2. Use of analytics in precision and personalized medicine
- 5.2.3.3. Cloud-based analytics
- 5.2.3.4. Increasing number of patient registries
- 5.2.3.5. Emergence of social media and its impact on the healthcare industry
- 5.2.3.6. Augmented analytics
- 5.2.3.7. Analytics of healthcare things
- 5.2.4. CHALLENGES
- 5.2.4.1. Patient data confidentiality
- 5.2.4.2. Concerns regarding inaccurate and inconsistent data
- 5.2.4.3. Reluctance to adopt healthcare analytics in emerging countries
- 5.2.4.4. Data integration
- 5.2.4.5. Operational gaps between payers and providers
- 5.2.4.6. Dearth of skilled personnel
6. HEALTHCARE ANALYTICS MARKET, BY TYPE
- 6.1. INTRODUCTION
- 6.2. DESCRIPTIVE ANALYTICS
- 6.2.1. DESCRIPTIVE ANALYTICS ARE USED TO CONVERT PAST DATA INTO USEFUL INFORMATION
- 6.3. PREDICTIVE ANALYTICS
- 6.3.1. INCREASING INCIDENCE OF HEALTHCARE FRAUD IS DRIVING THE MARKET FOR PREDICTIVE ANALYTICS
- 6.4. PRESCRIPTIVE ANALYTICS
- 6.4.1. PRESCRIPTIVE ANALYTICS TO REGISTER HIGHEST GROWTH RATE DURING THE FORECAST PERIOD
- 6.5. COGNITIVE ANALYTICS
- 6.5.1. VENDORS ARE FOCUSING ON INTRODUCING AI-DRIVEN ANALYTICS SOLUTIONS
7. HEALTHCARE ANALYTICS MARKET, BY COMPONENT
- 7.1. INTRODUCTION
- 7.2. SERVICES
- 7.2.1. SUPPORT SERVICES
- 7.2.1.1. Support services include implementation, ongoing IT support, system integration, training, and maintenance services.
- 7.2.2. BUSINESS ANALYTICS SERVICES
- 7.2.2.1. Business analytics services help healthcare organizations to optimize the use of analytics and drive performance improvement
- 7.3. SOFTWARE
- 7.3.1. HEALTHCARE ANALYTICS SOFTWARE WORKS AS AN INTERFACE BETWEEN DATABASE AND END USERS
- 7.4. HARDWARE
- 7.4.1. INCREASING ADOPTION OF CLOUD SERVERS IS EXPECTED TO HINDER THE GROWTH OF THE HARDWARE MARKET FOR ANALYTICS
8. HEALTHCARE ANALYTICS MARKET, BY DELIVERY MODEL
- 8.1. INTRODUCTION
- 8.2. ON-PREMISE DELIVERY MODEL
- 8.2.1. ON-PREMISE DELIVERY MODELS OFFER MULTIVENDOR ARCHITECTURE, WHICH LOWERS THE RISK OF DATA BREACHES & EXTERNAL ATTACKS
- 8.3. ON-DEMAND DELIVERY MODELS
- 8.3.1. INCREASING VOLUME OF DATA GENERATED ACROSS THE HEALTHCARE PROVIDER INDUSTRY TO DRIVE THE ADOPTION OF ON-DEMAND MODELS
9. HEALTHCARE ANALYTICS MARKET, BY APPLICATION
- 9.1. INTRODUCTION
- 9.2. FINANCIAL ANALYTICS
- 9.2.1. CLAIMS PROCESSING
- 9.2.1.1. Need to improve claims response time and avoid fraudulent claims will support the use of analytics tools
- 9.2.2. REVENUE CYCLE MANAGEMENT (RCM)
- 9.2.2.1. Healthcare organizations are rapidly adopting predictive analytics solutions for proactive decision-making
- 9.2.3. PAYMENT INTEGRITY & FRAUD, WASTE, AND ABUSE (FWA)
- 9.2.3.1. Implementation of ICD-10 code sets and adoption of fee-for-value systems will drive market growth
- 9.2.4. RISK ADJUSTMENT & ASSESSMENT
- 9.2.4.1. Risk adjustment & assessment allow for optimization of cash flows and improved financial performance
- 9.3. CLINICAL ANALYTICS
- 9.3.1. QUALITY IMPROVEMENT & CLINICAL BENCHMARKING
- 9.3.1.1. Benchmarking allows for the identification of issues which are negatively impacting healthcare systems
- 9.3.2. CLINICAL DECISION SUPPORT (CDS)
- 9.3.2.1. Predictive clinical analytics reduce medical errors and ensure that appropriate tests are performed, a key factor for market growth
- 9.3.3. REPORTING & COMPLIANCE
- 9.3.3.1. Stringent regulatory requirements have led to the need for reporting & compliance solutions
- 9.3.4. COMPARATIVE ANALYTICS/EFFECTIVENESS
- 9.3.4.1. Growing adoption of EHRs to provide significant growth opportunities
- 9.3.5. PRECISION HEALTH
- 9.3.5.1. Strong government support for personalized medicine is likely to drive market growth
- 9.3.6. MEDICAL IMAGING ANALYTICS
- 9.3.6.1. Imaging analytics aided by artificial intelligence and machine learning is rapidly expanding within the healthcare IT industry
- 9.4. OPERATIONAL & ADMINISTRATIVE ANALYTICS
- 9.4.1. SUPPLY CHAIN ANALYTICS
- 9.4.1.1. Growing requirement to reduce healthcare costs will increase the adoption of supply chain analytics solutions
- 9.4.2. WORKFORCE ANALYTICS
- 9.4.2.1. Need for real-time resource demand and supply data to drive the adoption of workforce analytics solutions
- 9.4.3. STRATEGIC ANALYTICS
- 9.4.3.1. Strategic analytics uses advanced analytics tools to leverage operational and usage data, a key advantage
- 9.5. POPULATION HEALTH ANALYTICS
- 9.5.1. POPULATION HEALTH ANALYTICS IMPROVES POPULATION HEALTH OUTCOMES AND LOWERS COSTS, A KEY FACTOR FOR MARKET GROWTH
10. HEALTHCARE ANALYTICS MARKET, BY END USER
- 10.1. INTRODUCTION
- 10.2. PAYERS
- 10.2.1. PRIVATE INSURANCE COMPANIES
- 10.2.1.1. Private insurance companies to account for the largest share of the healthcare analytics market for payers in 2019
- 10.2.2. GOVERNMENT AGENCIES
- 10.2.2.1. Increasing use of analytics solutions by Government agencies will boost the market growth
- 10.2.3. EMPLOYERS AND PRIVATE EXCHANGES
- 10.2.3.1. Private exchanges and employers use data analytics for rapid data integration, health plan analysis, and risk modeling
- 10.3. PROVIDERS
- 10.3.1. HOSPITALS, PHYSICIAN PRACTICES, AND IDNS
- 10.3.1.1. The adoption of healthcare analytics solutions is the highest in large hospitals
- 10.3.2. POST-ACUTE CARE ORGANIZATIONS (PACOS)
- 10.3.2.1. PACOs are focusing on reviewing and studying patient data with the help of healthcare analytics
- 10.3.3. AMBULATORY SETTINGS
- 10.3.3.1. The need to control healthcare costs will drive the growth of this end-user segment in the healthcare analytics market
- 10.4. ACOS, HIES, MCOS, AND TPAS
11. HEALTHCARE ANALYTICS MARKET, BY REGION
- 11.1. INTRODUCTION
- 11.2. NORTH AMERICA
- 11.2.1. US
- 11.2.1.1. Adoption of EHRs to drive the healthcare analytics market in the US
- 11.2.2. CANADA
- 11.2.2.1. Need for managing patient volumes, clinical data, and healthcare costs will favor market growth
- 11.3. EUROPE
- 11.3.1. GERMANY
- 11.3.1.1. Germany dominates the healthcare analytics market in Europe
- 11.3.2. UK
- 11.3.2.1. Availability of venture capital investments has grown in the UK
- 11.3.3. FRANCE
- 11.3.3.1. Strong financial support for digital health have contributed to the growth of healthcare analytics
- 11.3.4. REST OF EUROPE
- 11.4. ASIA
- 11.4.1. JAPAN
- 11.4.1.1. Rise in geriatric population will increase the demand for effective patient management solutions
- 11.4.2. CHINA
- 11.4.2.1. Favorable reforms and a growing number of EHRs have contributed to market growth in China
- 11.4.3. INDIA
- 11.4.3.1. The HCIT market in India is still in the nascent stage
- 11.4.4. REST OF ASIA
- 11.5. PACIFIC COUNTRIES
- 11.5.1. AUSTRALIA AND NEW ZEALAND ARE FOCUSING ON REDUCING HEALTHCARE COSTS
- 11.6. LATIN AMERICA
- 11.6.1. MANY LATAM COUNTRIES HAVE UNDERTAKEN EHEALTH INITIATIVES
- 11.7. MIDDLE EAST AND AFRICA
- 11.7.1. HIGH HEALTHCARE EXPENDITURE, INFRASTRUCTURAL DEVELOPMENT WILL SUPPORT THE USE OF HCIT SOLUTIONS IN THE MIDDLE EAST
12. COMPETITIVE LANDSCAPE
- 12.1. OVERVIEW
- 12.2. RANKING OF KEY PLAYERS, 2018
- 12.3. COMPETITIVE LEADERSHIP MAPPING
- 12.3.1. VANGUARDS
- 12.3.2. DYNAMIC DIFFERENTIATORS
- 12.3.3. INNOVATORS
- 12.3.4. EMERGING COMPANIES
- 12.4. COMPETITIVE SCENARIO
- 12.4.1. PARTNERSHIPS, AGREEMENTS, COLLABORATIONS, AND ALLIANCES
- 12.4.2. PRODUCT LAUNCHES AND ENHANCEMENTS
- 12.4.3. ACQUISITIONS
- 12.4.4. EXPANSIONS
13. COMPANY PROFILES (Introduction, Products & Services, Strategy, & Analyst Insights, Developments, MnM View)*
- 13.1. ALLSCRIPTS HEALTHCARE SOLUTIONS
- 13.2. CERNER
- 13.3. COTIVITI (VERSCEND TECHNOLOGIES)
- 13.4. CITIUSTECH
- 13.5. HEALTH CATALYST
- 13.6. IBM
- 13.7. INOVALON
- 13.8. MCKESSON
- 13.9. MEDEANALYTICS
- 13.10. OPTUM
- 13.11. ORACLE
- 13.12. SAS INSTITUTE INC.
- 13.13. SCIO HEALTH ANALYTICS (AN EXL COMPANY)
- 13.14. VITREOSHEALTH
- 13.15. WIPRO
*Details on MarketsandMarkets view, Introduction, Product & Services, Strategy, & Analyst Insights, New Developments might not be captured in case of unlisted companies.
14. APPENDIX
- 14.1. DISCUSSION GUIDE
- 14.2. KNOWLEDGE STORE: MARKETSANDMARKETS' SUBSCRIPTION PORTAL
- 14.3. AVAILABLE CUSTOMIZATIONS
- 14.4. RELATED REPORTS
- 14.5. AUTHOR DETAILS
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