"Designing Growth Strategies is in our DNA"

Healthcare Analytics Market Size, Share & Industry Analysis, By Product (Descriptive, Predic-tive, and Prescriptive), By Application (Financial Analytics, Population Health Analytics, Clinical Analytics, and Operations and Administrative Analytics), By End User (Payers, Providers, and Others) and Regional Forecast, 2019-2026

Region : Global | Format: PDF | Report ID: FBI102641

 

KEY MARKET INSIGHTS

Play Audio Listen to Audio Version

The global healthcare analytics market size was valued at USD 11.59 billion in 2018 and is projected to reach USD 80.21 billion by 2026, exhibiting a CAGR of 27.5% during the forecast period.

COVID-19 Cover

We are in process of revamping Healthcare Analytics Market with respect to COVID-19 Impact.

Request Sample

Healthcare analytics is a process of organized data analysis that allows healthcare professionals to uncover opportunities for enhancement in health system management, patient engagement, spending, and diagnosis. Healthcare analytics combines real-time and historical data analysis to predict trends, show actionable insights, and drive long-term growth. The technological developments enabling information sharing and improved compliance to Health Insurance Portability and Accountability Act (HIPAA) patient data confidentiality standards will expand market growth.  Moreover, innovative approaches are used to develop effective therapies. Currently, companies are focusing on discovery, safety and clinical trials and growing the overall R&D productivity. Emergence of big data in the healthcare industry, coupled with venture capital investments are the major factors driving the market of Healthcare Analytics. For Instance, in January 2020, Cigna Ventures leads $29.5M investment in healthcare analytics company Arcadia, a Massachusetts-based company. It aggregates and analyzes records data to help hospitals and accountable care organizations meet metrics for value-based care.


With the advent of data-enriched tools such as eHealth, mHealth, Electronic Health Records (EHR), and mobile applications, the communication gap between caregivers and patients has reduced. These tools produce remarkable data, which can be used for personalized treatments. Moreover, innovative methods such as predictive analytics are extensively used in government organizations such as healthcare financing systems predominantly to avoid frauds in payments.


Factors such as government initiatives to upsurge EHR adoption, increasing pressure to curb healthcare spending, rising venture capital investments, and improve patient outcomes, the emergence of big data in healthcare, and the growing importance of real-world evidence are factors likely to boost the of the healthcare analytics market growth. Though, lack of skilled IT professionals and issues pertaining to data integrity and safety will consequently confine the market growth.


MARKET TRENDS


Request a Free sample to learn more about this report.


Shift Towards Value-Based Care to Foster Market Growth


Value-based healthcare is a trend that will continue to change payment structures, operations, and ultimately, change the healthcare delivery and evaluation service approach. Moreover, Centers from Medicare and Medicaid Services (CMS) is working to shift healthcare delivery from a fee-based system to a value-based system. The CMS value-based programs are showing results in reduced readmissions. According to the MedPac report published in June 2018, as the readmission rate declined, mortality rate and ED/observation rates were stable, but two billion dollars in annual savings was observed, showing that the shift to value-based payments is creating headway.


The growing adoption of value-based healthcare emphasis on making smarter decisions, mitigating risk and delivering preventative care. Healthcare analytics is a major key driver for empowering these decisions as it allows health organizations to better use their data, identify missed opportunities and detect the variables that most affect patient outcomes.


MARKET DRIVERS


Big Data is Transforming Healthcare Analytics Market


The advent of big data has brought about a massive shift in the way data is collected and analyzed. Big data includes large quantities of data generated through digitization of innumerable sources, which is then combined and analyzed by specialized technologies. When used in healthcare analytics, big data makes use of population or individual-specific health data which can theoretically mitigate the risk of epidemic, treat disorders and reduce costs, among other benefits. Moreover, analytics based on big data assist hospitals and providers to estimate patient admissions, which permits them to find problems such as excessive readmissions, identify contributing factors, and implement new practices to decrease similar outcomes in the future. This information is used to grade a hospital’s performance, as well. By looking at patient histories and hospital performance, the gaps in care and transform healthcare can be filled, thus improving care delivery as a whole.


With the healthcare industry growing and more and more data being collected, professionals need a support system to ensure proper management and application of data. Thus, the demand for big data analytics across the healthcare sector is growing and observing a magnificent growth.


Government Initiatives to Increasing EHR Adoption to Propel Market


The government backing for the technological developments in the healthcare sector is boosting healthcare analytics market. Moreover, huge investments are being made in digital healthcare organizations for the development of several products and solutions such as mhealth apps, IOT based healthcare solutions, electronic health records and big data analytics. Both the government and venture capitalist firms are spending heftily in the healthcare industry, due to the assured ROI and marked benefits of this technology. In India adoption of electronic health records is in a nascent stage. To adopt it at the national level, the stakeholders and the government has taken various initiatives to promote the use of EHR in India. For example, there is a system called e-hospital established for use in hospitals and dispensaries across the country which is presently running in about 50 hospitals.


MARKET RESTRAINT


Data Breaching to Hinder Market Growth


The healthcare analytics industry is undergoing a massive transformation. Organizing and analyzing the data collected from numerous sources is the real-time challenge of the healthcare industry. Research study reveals that healthcare companies face the biggest threat from the insiders that abuse and misuse the patient records. According to Verizon’s 2018 Protected Health Information Data Breach report, 58% of the data breaches in the healthcare industry arise due to employees or contractors. Also, according to the Protenus Breach Barometer in 2019, more than 25 million patient records got breached as compared to the year 2018. These increasing numbers of data breaches in the healthcare industry pose a threat as they take place without triggering any security alarms. Thus, it is anticipated to restrict market growth during the forecast period.


SEGMENTATION


By Product Analysis


To know how our report can help streamline your business, Speak to Analyst


Descriptive Segment Dominated the Global Healthcare Analytics Market


Based on type, the market for healthcare analytics is segmented into descriptive, predictive, and prescriptive analytics. Descriptive analytics holds the largest share of the market in 2018. The ability of descriptive analytics to analyze historical data and gain actionable forthcoming insights is driving the segment growth. It is the most basic and widely accepted form of analytics. Descriptive analytics is projected to dominate the market during the forecast period as it forms the base for the actual application of predictive or prescriptive analytics.


However, the prescriptive analytics segment is anticipated to grow at the highest CAGR during the forecast period. Prescriptive Analytics will become more popular in the future as the global trend is moving towards prescriptive analytics from predictive analytics. This is mainly due to the ability of prescriptive analytics to quantify the effect of future decisions in order to advise on possible outcomes before the decisions are actually made.


By Application


Financial Analytics Segment to Lead Backed by Extensive Use of Analytics Tool to Detect Fraud


Based on application the market has been segmented into financial analytics, population health analytics, clinical analytics, and operations and administrative analytics. Among them, financial analytics held the largest market share in 2018. Rising application of analytics to limit increasing healthcare costs and offer quality patient care attributes to its substantial industry share. In addition, extensive use of analytics to detect and prevent healthcare fraud will foster its demand across all healthcare organizations.


On the other hand, clinical analytics market should witness robust CAGR over the forecast years. Clinical analytics aids to reduce healthcare spending by using data analytics solutions and increase access to healthcare provider networks. Moreover, the growing investors interest in clinical solution provider companies is likely to accelerate segment growth.


By End User


Payers Segment to Account for the Largest Share of the Healthcare Analytics Market in 2018


Based on end user the market has been segmented into payers, providers and others. Others segment includes providers such as health information exchanges (HIEs), accountable care organizations (ACOs), managed care organizations (MCOs), and third-party administrators (TPAs). Payers segment holds the highest share of the market in 2018. The growth of the segment is mainly attributed to increasing need of healthcare analytics solutions owing to rising healthcare cost, growing competition, to optimize provider network, and to curtail fraud claims.


Providers segment is predicted to show highest growth rate during the forecast period. Growing use of primary care analytics will allow physicians to detect areas for care improvement and make effective evidence-based practices throughout the healthcare delivery.


REGIONAL ANALYSIS


North America Healthcare Analytics Market Size, 2015-2026 (USD Billion)

To get more information on the regional analysis of this market, Request a Free sample


Established Healthcare Infrastructure to Facilitate Growth in North America


Healthcare analytics market in North America was valued at USD 53.44 billion in 2018 and is also expected to observe the highest growth during forecast period. Presence of well-established healthcare infrastructure, recognition of advanced technologies, growing venture capital funding, and universal adoption of electronic health records across healthcare organizations will enhance business growth. Furthermore, presence of headquarters of key industry players in this region will further drive industry growth.


Europe held the second largest share in the market. However, Asia Pacific is witnessing significant growth during the forecast period. This can be attributed to growing awareness about healthcare analytics and rapid acceptance to these solutions, investment by market players to enter in this region, and rising spending capability of payers and providers.


KEY INDUSTRY PLAYERS


Strategic Analytics Solutions of Cerner., has Propelled the Company to a Leading Position in the Global Market


The global healthcare analytics market has been segmented into large, medium, and small industries providing dynamic analytics solutions and tools to the healthcare industries. Among this cluster, Cerner Corporation tops the market having strategic analytics solutions for the healthcare industry. The health analytics solution of the company helps in enhancing the clinical, operational, population health, and financial operations with ease. Cerner’s acquisitions and partnerships with other players of the market has helped achieve the dominant position. For instance, in August 2019 Cerner and duke collaborated together to automate and improve data collection of clinical trials for chronic diseases. Therefore, strategy partnerships and innovations in the market for healthcare analytics is anticipated to boost the key player’s revenue in the coming years.


LIST OF KEY COMPANIES PROFILED:



KEY INDUSTRY DEVELOPMENTS:



  • August 2019 Clarivate Analytics launched Cortellis Digital Health Intelligence solution. The solution is first-of-its kind covering global digital health ecosystem. This will help the drug, device, and technology developers to fully use the digital technology.

  • February 2018 Infor, a leader in providing industry-specific cloud applications launched Infor Healthcare Enterprise Analytics. This solution will provide healthcare organizations to transform complex data into a comprehensive picture of patient and population health.


REPORT COVERAGE


An Infographic Representation of Healthcare Analytics Market

To get information on various segments, share your queries with us



The Healthcare Analytics report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product types, and leading modalities types. Besides, the report offers insights into the market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the market over recent years.


Report Scope & Segmentation












































 ATTRIBUTE



 DETAILS



Study Period



  2015-2026



Base Year



  2018



Forecast Period



  2019-2026



Historical Period



  2015-2017



Unit



  Value (USD billion)



 



By Product



  • Descriptive Analytics

  • Predictive Analytics

  • Prescriptive Analytics



 



By Application



  • Financial Analytics

  • Population Health Analytics

  • Clinical Analytics

  • Operations and Administrative analytics



By End User 



  • Payers

  • Providers

  • Others



By Geography



  • North America (U.S. and Canada)

  • Europe (U.K., Germany, France, Italy, Spain, and Rest of Europe)

  • Asia Pacific (India, Japan, Australia, Southeast Asia, China, and Rest of Asia Pacific)

  • Latin America (Brazil, Mexico, Rest of Latin America)

  • The Middle East and Africa (GCC, South Africa, Rest of MEA)



Frequently Asked Questions

Fortune Business Insights says that the global market size is projected to reach USD 80.21 bil-lion by 2026.

In 2018, the market value stood at USD 11.59 billion.

Growing at a CAGR of 27.5%, the market will exhibit significant growth in the forecast period (2019-2026)

The descriptive analytics segment is expected to be the leading segment in this market during the forecast period.

Growing need to reduce healthcare cost coupled with availability of healthcare analytics appli-cation to provide real time solutions is driving the growth of the market.

Cerner is the leading player in the global market.

Acquisitions, partnerships, novel product launches and geographic expansion are the key strategies adopted by market players. For instance, IBM acquired Truven Health Analytics for around USD 2.6 billion boosting IBM Watson Health business unit’s portfolio and expanding its client base.

Healthcare Analytics Market Size, Share and Global Industry Trend Forecast till 2026
  • Apr, 2020
  • 2018
  • 2015-2017
  • 132

    CHOOSE LICENSE TYPE

  • 4850
    6850
    8850

Personalize this Research

  • Granular Research on Specified Regions or Segments
  • Companies Profiled based on User Requirement
  • Broader Insights Pertaining to a Specific Segment or Region
  • Breaking Down Competitive Landscape as per Your Requirement
  • Other Specific Requirement on Customization

Client Testimonials

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . More info.
X