Technological advancements such as Internet of Things (IoT), Big Data, Cloud Computing, and others have transformed the way industries perform their businesses. Healthcare is among one of those industries which are slowly adopting to new way of operations or digitization. Availability of Big Data in healthcare, has led to requirement for analytics and increasing in funding are the factors for growth in healthcare analytics market.
Developing countries will still have difficulties in adopting early to new technologies, few of the key factors which restrict the early adoption of analytics in healthcare will include limited awareness of the technologies, lack of skills to implement the solutions, poor infrastructure and cyber threats. Whereas, these technologies come associated with number of opportunities such as easy recoding and maintenance, centralized database, increasing investments, and others. These advancing technologies will bridge the gap between payers and providers, while befitting both in long run. Hence the growth of healthcare analytics is foreseen and estimated to increase by 2025.
The healthcare analytics market is broadly classified into segments such as type, application, deployment model, and geography. Application segment is further sub-divided into clinical analytics, financial analytics, and administrative analytics. Clinical analytics is growing and is estimated to hold the major share due to increasing amount of data being generated. Further types is divided into predictive analytics, prescriptive analytics and descriptive analytics. Some of the key trends of deploying this technology will vary with infrastructures, the healthcare analytics is deployed in two models, namely on-premise and on-demand delivery.
There are two major stake holders in healthcare industries such as payers and healthcare service providers, the payers include government agencies, insurance company, employers, and private agencies. While the service providers are classified into to hospitals, physicians, pharmaceuticals and others. The global healthcare analytics market is also segmented on the basis of regions into North America, Europe, Asia Pacific, South America and Middle East & Africa. North America is leading with major share in the market followed by APAC and Europe. The increasing adoption for digitization and mHealth concepts in developing regions such as APAC will pave the path for healthcare analytics market will change the dimension of healthcare industry in coming years.
Some of the key market players include Allscripts Health Solution, Cerner Corporation, Health Catalyst, IBM Corporation, Inovalon, Inc., Mckesson Corporation, Medeanalytics, Optum, Inc., Oracle Corporation,a nd SAS Institute,Inc. among others. Some of the key stake holders healthcare analytics market include MNC`s, healthcare analytics vendors, hospitals, health insurance companies, research agencies, consultants, investors and venture capitalists.