Healthcare Analytics Market
Healthcare investment is the prime factor, which drives the healthcare analytics market. Rise in healthcare expenditure, effective hospital management is directly proportional to quality of care. Healthcare analytics able to provide insights to reduce costs, identify at-risk populations, minimize inefficiencies, and predict future healthcare needs and diagnostic tests.
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This report on healthcare analytics market dynamics identifies the past, present and future opportunities and possible challenges to the key stakeholders operating in the market. In addition, the market report includes regulatory policies and competition analysis with graphical representation in the competition to assess the market. Moreover, PBI analyzed healthcare analytics market to better equip clients with possible investment opportunities across the regions and product opportunities.
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The advanced analytics can play a vital role in healthcare systems and provide insights to manage business proactively and efficiently. Moreover, analytics enables predict patient’s future health needs, which is more useful for provider and payer. Hence, most of the healthcare organizations are inclining towards healthcare analytics. For instance, electronic health records (EHR) provides patient data like history, prescriptions, personal details like contact number, email address, diagnostic test results, physician’s comments etc. However, lack of skilled resources, limited healthcare infrastructure in developing countries, data confidentiality are major challenges of the healthcare analytics market.
The global healthcare Analytics market is divided into following categories-
1. Type
• Descriptive Analytics
• Predictive Analytics
• Prescriptive Analytics
2. Application
• Population Health Analytics
• Financial Management
• Clinical Data Management
• Operations Management
• Others
3. Component
• Hardware
• Software
• Services
4. End-Users
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Hospitals, clinics and others.
And lastly, on the basis of the geographical regions, the global healthcare analytics market have five major regions- North America, Latin America, Europe, the Middle East & Africa and Asia-Pacific. North America holds a major revenue share of global healthcare analytics market. U.S. Healthcare Analytics Market is expected to expand at significant rate owing to rise in healthcare expenditure, and adoption of newer technologies. Analytics used to implement payment process depends on performance rather than volume, the provider would be paid for value, depends on outcomes. Data-driven models have been using to identify disease risk factors. Health Insurance Portability and Accountability Act’s (HIPAA), permits the disclosure of confidential information regarding health for research without an authorization of the patient.
Some of the key players’ profiles in the global Healthcare Analytics Market include Allscripts Health Solutions (U.S.), Cerner Corporation (U.S.), BM Corporation (U.S.), Inovalon (U.S.), McKesson Corporation (U.S.), Mede Analytics, Inc. (U.S.), Oracle Corporation (U.S.), Optum, Inc. (U.S.), Verisk Analytics (U.S.), SAS Institute, Inc. (U.S.) are few names.
Market players are focusing on mergers and acquisitions to improve their market position in Healthcare Analytics market. In 2016, Advera Health Analytics, a healthcare informatics company, launched Evidex, a web-based platform with structured real-world drug evidence which combines annotated data from curated clinical trial results.
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