This report aims to provide detailed insights into the global Healthcare Analytics Market. It provides valuable information on the type, procedure, application, and region in the market. Furthermore, the information for these segments, by region, is also presented in this report. Leading players in the market are profiled to study their product offerings and understand the strategies undertaken by them to be competitive in this market.
Expected Revenue Growth:
The healthcare analytics market is projected to reach USD 75.1 billion by 2026 from an estimated USD 21.1 billion in 2021, at a CAGR of 28.9% during the forecasted period.
Healthcare analytics is the efficient use of data and related business insights developed through statistical, quantitative, predictive, comparative, cognitive, and other emerging applied analytical models. Healthcare analytics tools help reveal and understand historical data patterns, predict future outcomes, and provide actionable insights to drive fact-based decision-making for improved clinical, financial, and operational performance of healthcare organizations. The use of analytics helps healthcare systems reduce healthcare costs and improve the quality of care.
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Drivers: Increasing adoption of EHRin developing and developed countries
In the US, various federal mandates, such as the American Recovery and Reinvestment Act of 2009 (ARRA) and the implementation of ICD-10 code sets are encouraging healthcare organizations to adopt EHRs, focus on the quality of care to comply with pay-for-performance initiatives, and enhance information exchange between various health systems. The implementation of such initiatives is helping providers gather patient data electronically and supporting data integration and chronic disease management. This ultimately helps prevent hospital readmissions and reduces hospital stays, minimizes claims fraud and abuse, improves patient health, and reduces healthcare costs.
Several other federal regulations in the US compel healthcare organizations to focus on digitization and care quality; these include the Health Insurance Portability and Accountability Act (HIPAA) and the Patient Protection and Affordable Care Act (PPACA). The growing need for hospitals in the US to comply with federal healthcare mandates is encouraging them to use data analytics tools for decision-making, improving care quality, and preventing avoidable costs. Since the US is a major contributor to the healthcare analytics market, the implementation of these initiatives is considered a positive indicator of the growth of the overall market.
Restraints: High costs of analytics solutions
Despite the known benefits of analytics in healthcare organizations, its adoption is low among price-sensitive end users owing to the high implementation and subscription/licensing fees of advanced analytics solutions. Only top-tier hospitals have the capability and funding to utilize big data in order to provide actionable insights effectively.
Advanced on-premise healthcare analytics solutions can cost over USD 200,000 for implementation and about the same for annual subscription/licensing fees. This makes it challenging for hospitals to justify their spending on analytics solutions, at least in the short term when they are focused on implementing EHRs and upgrading RCM systems. The impact of this factor is greater in emerging markets where several end users struggle to secure budgets for IT over medical equipment.
Opportunities: Emergence of value-based medicines
According to the American Journal of Managed Care, value-based medicine is the practice of medicine based on the objective value (improvement in length of life and/quality of life) conferred by healthcare interventions as determined by utilizing a set of standardized parameters (commonly used to evaluate value and cost-effectiveness). Future healthcare trends are more quality-oriented, focusing on the quality of services provided as well as on generating novel approaches to value-based medicine and care management. Gradually, most hospitals are recognizing the inefficiencies of traditional approaches in patient care, quality assurance, and cost management. Therefore, healthcare BI solutions will be among the top priorities on the investment list of hospitals for logistics management, HIE, and predictive analysis of diseases.
Value-based medicine is redefining healthcare and capturing results-oriented data and making it usable. BI helps healthcare organizations determine what data they need and further helps them to analyze, evaluate, and utilize this data to understand the overall costs versus benefits and gain a competitive advantage. It also enables transparency in all processes to examine every purchase from the standpoint of value, utility, and outcomes.
Challenges: Patient data confidentiality concerns
Patient data contains personal, private, or confidential information that requires strict safeguards to prevent its misuse. The growing use of automated technologies (such as EHRs and medical claims processing), as well as the shifting trend toward health information exchanges (HIEs), have altered the healthcare privacy and security landscape. The electronic exchange of patient data offers greater reach and efficiency in healthcare delivery but involves greater data risk and liability due to broader access and can result in data breaches.
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North America holds the largest share in this market
North America dominated the healthcare analytics market, with a share of 61.0% in 2020, followed by Europe and the Asia Pacific. The large share of North America in the global healthcare analytics market can be attributed to the implementation of federal health mandates that encourage the adoption of HCIT solutions, increasing focus on PHM, a significant amount of VC investments, growing pressure to reduce healthcare costs, technological advancements, and high product and service availability in this region. Moreover, most of the leading players in the healthcare analytics market have their headquarters in North America.
Key Market Players
The key players have a strong foothold in the market and offer a wide range of products & services. Some of the key players in this market are IBM (US), Optum (US), Cerner (US), SAS Institute (US), Allscripts (US), McKesson (US), MedeAnalytics (US), Inovalon (US), Oracle (US), Health Catalyst (US), SCIO Health Analytics (US), Cotiviti (formerly Verscend Technologies) (US), CitiusTech (US), Wipro (India), and VitreosHealth (US) among others.
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