Healthcare Analytics Market Is Projected To Grow Due To Enhanced Application Scope In Clinical, Financial, Operational & Administrative Sector Till 2024: Grand View Research, Inc.
The global healthcare analytics (HA) market is expected to
reach USD 42.8 billion by 2024, according to a new report by Grand View
Research, Inc. Efforts to reduce the spiraling healthcare costs is facilitating
the usage of the healthcare analytics. Additionally, the benefits of HA include
the improvement of patient access to customized care, the furthering of
transparent operations to enable better public oversight, and innovation in
patient care delivery and services.
Furthermore, analytics play a
major part in striving to ameliorate the health economic efficiency. For
instance, l’Assurance Maladie in France employed analytics to assess the
clinical safety of the class of cholesterol-lowering drugs, statins, which have
been implicated in causing severe side-effects, and the derived results were used
to introduce evidence-based performance measures to address the cracks in the
operational system.
Browse full research report on
Healthcare Analytics Market
Further key findings from the report suggest:
- Descriptive
analytics held a significant share in 2015 owing to its applications in
process optimization in organizations. On the other hand, predictive
analytics is anticipated to grow at a lucrative rate over the forecast
period mainly due to its wide applicability in medical systems, such as
fraud prevention, disease prevalence forecasts, and risk assessment.
- The services
category dominated the component segment in 2015. Outsourcing of these big
data services contributed towards their growth in leading to the high
volume of services rendered. Moreover, the outsourcing of services helps
in cutting costs associated with infrastructure requirements and in
addition, avoids the requirement of skilled individuals to perform the
same task.
- The hardware
systems category dominated the component segment, high-cost of the
hardware, such as the use of computer systems and internet servers
contributed to its growth.
- On-premise
delivered analytic services dominated the delivery mode category with
around 54.0% share in 2015. However, the cloud-based delivery mode segment
is anticipated to grow at a profitable rate over the forecast period. The
benefits of the cloud system, which include remote data entry and
real-time data entry features are expected to result in the growth of this
segment.
- The
applications of the healthcare big data include financial applications,
operational & administrative applications, and clinical applications.
Operational and administrative applications governed the applications
segment and held a remunerative share in the year, 2015.
- The demand
for financial applications is anticipated to boost over the forecast
period. These applications include payment and claim settlements and fraud
prevention and risk analysis. Various initiatives undertaken by the
government, such as the Fraud Prevention System (FPS) from the CMS is promoting
its adoption.
- The end-users
of HA include payers, providers, and others. Payers held a significant
market share in 2015 and the providers are anticipated to grow at a
lucrative rate. The usage of these services by providers is for population
health management, quality improvement, and personalized care.
- North America
captured a significant share in the global market. Advanced healthcare
infrastructure in this region and the growing per capita healthcare
expenditure supported the greater consumption of these services.
- The Asia
Pacific region is expected to witness gainful growth attributable to the
untapped opportunities in the countries including India and China.
- Some key
players operating in the healthcare analytics market include IBM
Corporation, Oracle Corporation, SAS, Cerner Corporation, Allscripts
Healthcare Solutions, Inc., Optum Health, Inc., and Verisk Analytics, Inc.
The notable initiatives in the industry include new product launches,
collaboration with government bodies, and investments directed towards
R&D efforts.
- For instance,
in December 2015 Truven Health Analytics, Inc. and Philips Electronics
N.V. integrated Truven Health Micromedex Solutions in the management
platform, the Tasy System. This integrated platform is anticipated to
facilitate fast and easy access to a wealth of evidence-based medical
information present in the drug interaction repositories of Micromedex
Solutions.
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