Global Healthcare Analytics Market Forecast to 2024 - Increasing Focus on Value-Based Medicine

Dublin, Jan. 21, 2019 (GLOBE NEWSWIRE) -- The "Healthcare Analytics Market by Type Application Component Delivery End User - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

The healthcare analytics market is expected to reach USD 29.84 Billion by 2022 from USD 8.92 Billion in 2017, at a CAGR of 27.3%.

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 are the major factors driving the growth of this market.

This report segments the healthcare analytics market into type, applications, component, delivery model, end user, and region. Based on type, the healthcare analytics market is segmented into descriptive, predictive, and prescriptive analytics. The descriptive analytics segment is expected to account for the largest share of the healthcare analytics market, by type, in 2017. However, prescriptive analytics is slated to grow at the highest CAGR due to its ability to ensure the synergistic integration of predictions and prescriptions.

Based on the applications, the healthcare analytics market is segmented into clinical, financial, operational and administrative, and population health analytics. The clinical analytics segment is expected to grow at the highest CAGR during the forecast period. The high growth of this segment is attributed to the growing adoption of analytics by healthcare providers due to the rising pressure to curb healthcare costs, federal mandates such as the implementation of ICD-10 code sets, increasing adoption of electronic healthcare records, need to improve patient outcomes and reduce hospital readmission rates, and rising focus on analytics based on personalized medicine.

Based on 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. 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.

Based on the delivery model, the healthcare analytics market is segmented into on-demand and on-premise models. The on-demand healthcare analytics segment is expected to grow at the highest CAGR during the forecast period. The high growth of this segment is attributed to the lack of upfront capital investments for hardware, higher flexibility, and the pay-as-you-go pricing of this model, and increased demand for self-driven analytics.

Based on the end user, the healthcare analytics market is segmented into payers; providers; and ACOs, HIEs, MCOs, and TPAs. The payers segment is expected to dominate the market during the forecast period.

In 2017, North America is expected to dominate the market, followed by Europe. Factors such as growing federal healthcare mandates to curb rising healthcare costs and provide quality care; increasing regulatory requirements; growing HER 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.

While the healthcare analytics market presents significant growth opportunities, market growth may be limited to a certain extent due to lack of skilled analysts that limits the use of healthcare solutions. The high cost of these solutions and operational gaps between payers and providers may also hinder the overall growth of the market.

Key Topics Covered:

1 Introduction
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Scope
1.4 Currency
1.5 Limitations
1.6 Stakeholders

2 Research Methodology
2.1 Research Data
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 Global Market, By Type, 2019 vs 2014 (USD Billion)
4.3 Global Market, By Component, 2019 vs 2014 (USD Billion)
4.4 Global Market, By Delivery Model
4.5 Financial Analytics Market Share, By Type & Region (2019)
4.6 Global Market, By End User, 2019 vs 2024 (USD Billion)
4.7 Global 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 EHR 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 Market for Healthcare Analytics, 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 Market for Healthcare Analytics, 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 Market for Healthcare Analytics, 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 Market for Healthcare Analytics, 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 Market for Healthcare Analytics, 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 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 Global Market
10.4 ACOS, HIES, MCOS, and TPAS

11 Market for Healthcare Analytics, By Region

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
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

For more information about this report visit https://www.researchandmarkets.com/research/fhwht8/global_healthcare?w=12

Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.

                    CONTACT: ResearchAndMarkets.com
                             Laura Wood, Senior Press Manager
                             press@researchandmarkets.com
                             For E.S.T Office Hours Call 1-917-300-0470
                             For U.S./CAN Toll Free Call 1-800-526-8630
                             For GMT Office Hours Call +353-1-416-8900
                    Related Topics: Healthcare Analytics