Global Analytics Market in Healthcare Industry 2014-2018 (Global Healthcare analytics market, by Application (Clinical Intelligence, Operational & Business Intelligence, Financial, & Staffing), End Users (Healthcare Providers, Healthcare Payers, & Others)

NEW YORK, Sept. 24, 2014 /PRNewswire/ -- Federal healthcare mandates and, benefits associated with the utilization of analytics (such as improved patient results, physician performance evaluation, quality care and fraud detection, technological advancements, increasing healthcare information technology adoption, and venture capital investments) are among several drivers of the global healthcare analytics, which is projected to be worth more than $10 billion by 2018.

Currently, the worldwide market is valued to be worth an estimated $4.8 billion, however it will grow at a compound annual growth rate of more than 22% over the next 4 years. Development is primarily driven by Predictive Analytics and Prescriptive Analytics in the US and Asia.

End users that will profoundly influence the market's growth include healthcare providers, health information exchanges and accountable care organizations. In the USA, federal mandates such as International Statistical Classification of Diseases -10 (ICD-10) and use of Electronic Health Records (EHR) will be critical to such growth. Factors such as data security issues, cultural barriers to IT adoption and a lack of skilled manpower in the field of analytics could hinder the market growth.

The marketplace is segmented based on Products, Applications, Components, Delivery Modes, End- Users and Geography. On the foundation of product type, the market is split into descriptive, predictive, and prescriptive analytics. The market, by component, is then separated into hardware, software, and services. Established in the mode of delivery, the securities industry is classified into on-premise models, web-hosted model, and cloud-based models. Based on end-users, the market is segmented into healthcare and others. The healthcare segment is further divided into healthcare payers, healthcare providers, Health Information Exchanges (HIEs), and others. The market is further classified into the USA, UK, Europe, Asia, and the Rest of the World (RoW), based on geography.

Our forecasting reveals that this market would experience a double – digit growth because of the various benefits healthcare industries perceive in adopting analytics. The perceived benefits are as follows:
- Advanced pronouncements about when and how to care
- Improved revenue management cycle
- Better consumer commitment, health and supervision tools
- Clinical analytics integrated with health management
- Consolidation of health supervision tools with communication tools, workflows, and analytics
- Claims data analysis for fraud detection, etc.

These are few of the factors which have increased the adoption rate of analytics in the healthcare sector. However, lack of manpower with technical and functional expertise, weak communication infrastructure and data breaches are some of the elements which could potentially hamper the development of this marketplace.
The Asian healthcare analytics market is at a nascent stage but with various mandates from Government authorities, increasing IT adoption across the globe, digitization of global commerce and with increasing awareness on analytics and Big Data, it is now no hidden fact that healthcare IT market has a huge development potential in Asia as well.

The U.K. healthcare analytics market is big and established, and is second only to the U.s.A and inspite of being a mature market, they are nonetheless a very lucrative marketplace. It is the onus of the healthcare organizations to keep themselves employed and updated on rapid and drastic advancements in analytics.

1.1. Key Take Aways
- Determining the market potential of healthcare analytics segment across the globe
- Major end-users benefiting from healthcare analytics
- Addressable market in healthcare analytics and how it is affecting the strategic initiatives of leading companies
- Identifying drivers & inhibitors affecting the IT purchase decision of end-users
- Identifying the target market segments
- Analyzing the trends, forecasts, and opportunities in the main market and its segments
- Measuring and forecasting the global healthcare analytics market and its sub markets

1.2. Report Beneficiaries

As a business owner or stakeholder, one needs to pay attention to clues on what is going to happen in the market, in order to stay ahead in the league. While it is good to participate with the own clan to understand the current market better and to mature sales performance in existing markets, a smart stakeholder will always seek information on its market and competition.

The major beneficiaries of these reports are healthcare analytics firms, Independent software vendors, IT service providers, IT hardware companies, and Analytics service providers.
This comprehensive report allows companies to alleviate risk, recognize new opportunities and initiate effective strategies for growth.
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