Healthcare Analytics Market : Exploration on Prominent Players |IBM, OptumHealth Inc., McKesson Corporation, Allscripts Healthcare Solutions Inc., Cerner Corporation, Athenahealth Inc, Inovalon Holdings Inc., Computer Programs and Systems Inc., Change Hea
Healthcare analytics market will witness a significant growth due to emergence of big data in healthcare. Health data volume is anticipated to grow dramatically in the years ahead. Big data helps in discovering associations and understanding patterns and trends to improve care, save lives and lower costs. Advantages of big data analytics in healthcare including effective detection of diseases, managing population health and specific individual, detecting health care fraud efficiently will drive the industry growth.
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Rising demand for personalized medicine for certain diseases coupled with developing computational methods for analysis of large data will further fuel the market growth. Innovation in novel approaches such as whole genome sequencing, data and informatics, and wearable technology will generate large complex and diverse volumes of data. This factors will stimulate the healthcare analytics market growth in the forecast period.
Lack of skilled personnel and high cost of analytics solutions may hamper the market growth. Lack of reliability, repeatability of certain biological data as well as issues with privacy, ownership, confidentiality, and also inadequate data from randomized controlled clinical trials with low quality of data will further restrain the growth opportunities in the market.
Predictive analytics will witness lucrative growth in the forecast timeframe owing to its wide range of application in statistical and machine learning methods to analyze historical data. It helps in forecasting data by utilizing the findings of diagnostic and descriptive analytics to detect tendencies, clusters, exceptions, and to predict target events, thereby propelling the segment growth.
Financial management is anticipated to exceed USD 5.5 billion by 2024 due to rising demand for increased efficiency and reduced costs while maintaining a high level of quality. Big data analytics tools such as revenue cycle management, fraud detection, risk adjustment and claims processing offerings will provide essential financial insights to healthcare organizations leading to acceleration of segment growth.
Hospitals are expected to witness growth at 12% CAGR from 2018 to 2024 owing to a rising demand for information and data governance to reduce duplicate records, to make easier use of electronic health records and to ensure value-based reimbursements. Healthcare analytics will further help hospitals in reducing administrative costs, cut down on fraud and abuse, provide improved patient wellness and better care coordination.
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U.S. will drive the healthcare analytics market in the coming years due to availability of well-established healthcare infrastructure and increasing adoption of electronic health records across healthcare. Government policies such as Affordable Care Act (ACA) in U.S., has allowed the Department of Health and Human Services to deliver data that promotes transparency in the markets for medical insurance and healthcare, leading to escalation of the region growth.
Some of the key industry players are Cognizant, IBM, Health Analytics, Allscripts Healthcare Solutions, OptumHealth, McKesson Corporation, Cerner Corporation, SAS Inc., Truven Health Analytics, Verisk Health and Change Healthcare. The strategic initiatives adopted by these companies are new product launches, acquisitions and collaborations. In 2018, Philips launched HealthSuits Insights offering tools and technologies to address the full process of developing, deploying and scaling AI solutions, thereby strengthening the market position and business portfolio.
Chapter 1. Methodology and Scope
1.1.1. Initial data exploration
1.1.2. Statistical model and forecast
1.1.3. Industry insights and validation
1.1.4. Market definition and forecast parameters
1.2. Data Sources
Chapter 2. Executive Summary
2.1. Healthcare analytics development industry 3600 synopsis, 2013 – 2024 (USD Million)
2.1.1. Business trends
2.1.2. Product trends
2.1.3. Application trends
2.1.4. End user trends
2.1.5. Regional trends
Chapter 3. Healthcare Analytics Development Industry Insights
3.1 Industry segmentation
3.2 Industry size and forecast, 2013 – 2024 (USD Million)
3.3 Industry impact forces
3.3.1 Growth drivers
126.96.36.199 Emergence of Big Data in healthcare
188.8.131.52 Emergence of personalized and evidence based medicine
184.108.40.206 Rising investments in venture capital funds
220.127.116.11 Growing need of increasing efficiency in healthcare sector by reducing unnecessary costs
18.104.22.168 Technological advancements
22.214.171.124 Emergence of social media and its impact on healthcare
3.3.2 Industry pitfalls & challenges
126.96.36.199 Lack of skilled IT professionals in healthcare
188.8.131.52 Data integrity and safety issues
3.4 Growth potential analysis, 2016
3.4.1 By Product
3.4.2 By Application
3.4.3 By End user
3.5 Investment landscape
3.6 Technology landscape
3.6.1 North America
3.7 Regulatory & reimbursement scenario
3.8 Industry growth outlook
3.9 Competitive landscape, 2016
3.9.1 Company revenue analysis
3.9.2 Product portfolio analysis
3.9.3 Strategy disboard
3.10 Porter’s analysis
3.11 PESTEL analysis
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