Healthcare Analytics/Medical Analytics Market 27.3% CAGR to 2022 Led by North America - ReportsnReports
PUNE, India, November 28, 2017 /PRNewswire/ --
Healthcare Analytics Market is forecast to reach $29.84 billion by 2022 from $8.92 billion in 2017 at a CAGR of 27.3% during (2017-2022) driven by the increasing government initiatives to increase EHR adoption, growing pressure to curb healthcare costs, availability of big data in healthcare, increasing venture capital investments, rising focus on improving patient outcomes, and technological advancements.
Browse 336 Market Data Tables and 47 Figures spread through 362 Pages and in-depth TOC on "Healthcare Analytics/Medical Analytics Market by Type (predictive, prescriptive) Application (Clinical, RCM, Claim, Fraud, Waste, Supply Chain, PHM) Component (Service, Software) Delivery (On demand, Cloud) End User (Payer, Hospital, ACO) - Global Forecast to 2022" http://www.reportsnreports.com/reports/208654-healthcare-analytics-medical-analytics-market-trends-global-forecasts-to-2017.html .
The healthcare analytics market is highly competitive with the presence of several small and big players. Some of the players in the healthcare analytics market include Allscripts (US), Cerner (US), Health Catalyst (US), IBM (US), Inovalon (US), McKesson (US), MedeAnalytics (US), Optum (US), Oracle (US), SAS (US), Wipro (India), Verscend (US), CitusTech (US), VitreosHealth (US), and SCIO Health (US).
North America to dominate the healthcare analytics market. In 2017, North America is expected to account for the largest share of the market followed by Europe. This regional segment is expected to register the highest CAGR during the forecast period. Factors such as growing federal healthcare mandates to curb rising healthcare costs and provide quality care; increasing regulatory requirements; growing EHR adoption; and rising government initiatives focusing on personalized medicine, population health management, and value-based reimbursements are expected to drive market growth in North America.
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The services segment is expected to dominate the healthcare analytics market during the forecast period. Based on the component, the healthcare analytics market is segmented into services, software, and hardware. The services segment accounted for the largest share of the healthcare analytics market in 2016. With the increasing need for business analytics services and the introduction of technologically advanced healthcare analytics software, which requires extensive training to use as well as regular upgrades, the services segment is expected to grow at the highest CAGR during the forecast period.
By type, the Healthcare Analytics/Medical Analytics Market is segmented into descriptive, predictive, and prescriptive analytics. The prescriptive analytics segment is expected grow at a highest CAGR during the forecast period. The high growth of this segment is attributed to the ability of prescriptive analytics to ensure the synergistic integration of predictions and prescriptions.
Based on application, the healthcare analytics market is segmented into clinical analytics, financial analytics, operational and administrative analytics, and population health analytics. Financial analytics are expected to hold the largest share of the market in 2017. Financial analytics market is segmented into revenue cycle management; claims processing; payment integrity and fraud, waste, & abuse (FWA); and risk adjustment and risk assessment. Due to the rising focus of payers on the early detection of fraud and reducing preventable costs, the market for fraud analytics is expected to register a significant growth during the forecast period, therefore driving the market for financial analytics.
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The report provides an overview of the healthcare analytics market. It aims at estimating the market size and future growth potential of this market across different segments such as type, application, component, delivery model, end user, and region. Furthermore, the report also includes an in-depth competitive analysis of the key players in the market along with their company profiles, recent developments, and key market strategies.
The key restraints for the growth of healthcare analytics market include the lack of skilled analysts (that limits the use of healthcare solutions), the high cost of these solutions, and operational gaps between payers and providers. The primary interviews conducted for this report can be categorized as follows:
- By Company Type: Tier 1 - 33%; Tier 2 - 45%; Tier 3 - 22%.
- By Designation (Supply Side): C-level - 22%; D-level - 28%; others - 50%.
- By Designation (Demand Side): Hospital IT Manager - 21%, Insurance Companies - 35%, Others - 44%
- By Region: North America - 62%; Europe - 13%; Asia - 21%; RoW - 4%.
Another research titled Healthcare EDI Market Global Forecast to 2022 says, the global healthcare EDI market is estimated to grow at a CAGR of 8.1% from 2017 to 2022, to reach $3.77 billion by 2022. Mobile EDI segment is expected to register the highest CAGR during the forecast period. Healthcare payers segment is expected to grow at the highest CAGR during 2017 to 2022. APAC is projected to witness the highest growth during the forecast period. Companies such as McKesson Corporation (U.S.), GE Healthcare (U.S.), Allscripts Healthcare Solutions Inc. (U.S.), Cognizant Technology Corporation (U.S.), SSI Group, LLC (U.S.), Cerner Corporation (U.S.), Comarch SA (Poland), Axway Software SA (France), Optum Inc. (U.S.), Dell Technologies Inc. (U.S.), Quality Systems Inc. (U.S.), Synnex Corporation (U.S.) have been profiled in this 171 pages research report available at http://www.reportsnreports.com/purchase.aspx?name=283711 .
Explore more reports on Healthcare Market at http://www.reportsnreports.com/market-research/healthcare/ .
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