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Healthcare Analytics Market - Growth, Trends, and Forecasts (2020 - 2025)

  • ID: 5119842
  • Report
  • June 2020
  • Region: Global
  • 117 pages
  • Mordor Intelligence

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FEATURED COMPANIES

  • 3M Company
  • Cerner Corporation
  • Information Builders Inc
  • Mckesson Corporation
  • Oracle Corporation
  • Philips Healthcare
  • MORE
The factors such as the emergence of big data in the healthcare industry, increased focus on collection and analysis of data from different sources for better customer service, technological advancements and the advent of social media and its impact on the healthcare industry are driving the healthcare analytics market. Also, increasing funding to healthcare technology companies that developed mHealth apps, big data analytics, and the Internet of Things (IoT) offerings will boost global market size. Technological advances facilitating information sharing and improved compliance to Health Insurance Portability and Accountability Act (HIPAA) patient data confidentiality standards are expected to accelerate business growth. However, data storage and analysing the raw data require properly skilled personnel. There is a growing skill gap that is acting as a barrier to the healthcare sector. Lack of broad skills, knowledge, expertise, and experience required to work in the data analytics field is a significant concern.

Key Market Trends

Descriptive analytics market is estimated to grow substantially by 2025

By Technology Type segment, the market is further segmented into Predictive Analytics, Prescriptive Analytics, and Descriptive Analytics. Descriptive analytics is the most basic and widely accepted form of analytics which acts as a precursor for predictive and prescriptive analytics. The ability of descriptive analytics to analyse historical data and gain actionable future insights will favour segment growth. Hence, Descriptive analytics market is anticipated to grow significantly during the forecast period. In 2018, McKesson launched Health Mart Atlas, which is the largest network of high-performing community pharmacies dedicated to delivering high-quality care with a personal touch.

Prescriptive analytics segment is anticipated to witness lucrative CAGR between 2020 and 2025 owing to its ability to predict possible outcomes and its implications on crucial business metrics. It is comparatively complex with few players optimising it to achieve the best outcomes by identifying data uncertainties.

North America regions holds the major share globally in healthcare analytics market

The United States healthcare analytics market holds the largest market share in the North America region due to the healthcare infrastructure in the United States is experiencing a positive trend in the healthcare analytics domain. The substantial growth avenues in the region can be attributed to the presence of several globally prominent players in the region. The implementation of the Health Insurance Portability and Accountability Act of 1996 (HIPAA) regulation in the United States has led to the growth of the market. For example, in the federal government is encouraging the use of its healthcare data through various policies and initiatives. Affordable Care Act (ACA), the most important healthcare legislation in the United States, has authorized the Department of Health and Human Services to release data that promote transparency in the markets for healthcare and medical insurance. The government is offering incentive payments for healthcare providers to use EMRs and has taken necessary actions to liberate data from agencies, like Centers for Medicare and Medicaid Services, the Food and Drug Administration, and Centers for Disease Control.

Similarly, government initiatives were undertaken in various other countries that have the potential to help patients by improving the quality of healthcare is driving the healthcare analytics market. Emerging economies, on the other hand, will witness growth riding on the back of surging governmental spending on healthcare infrastructure. Healthcare organisations also realize that social determinants of health contribute to the wellbeing of a patient more than medical issues.

Competitive Landscape

A number of providers of healthcare analytics are increasingly focused on offering scalable solutions that can adapt to advancement in technology as well as human expertise and skills in healthcare organizations. Key players are adopting various market strategies to enhance their market presence which has led to many recent developments.

For instance,
  • In 2018, McKesson acquired RxCrossroads. With this acquisition, McKesson has become a partner with pharmaceutical manufacturers, providers, pharmacies, governments and other organizations in healthcare to help provide medicines, medical products and healthcare services to the patients.
  • In 2018, EPSi, Allscripts entered into a partnership with MPA Healthcare Solutions. In 2018, ExpressCoverage has been launched by McKesson Specialty Health and CoverMyMeds (divisions of McKesson Corporation).
Reasons to Purchase this report:
  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support
Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • 3M Company
  • Cerner Corporation
  • Information Builders Inc
  • Mckesson Corporation
  • Oracle Corporation
  • Philips Healthcare
  • MORE
1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Technological Advancements and Favorable Governemnt Initiatives
4.2.2 Emergence of Big Data in Healthcare Industry
4.3 Market Restraints
4.3.1 Cost and Complexity of Software
4.3.2 Data Integrity and Privacy Concerns
4.3.3 Lack of Proper Skilled Labors
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry

5 MARKET SEGMENTATION
5.1 By Technology Type
5.1.1 Predictive Analytics
5.1.2 Prescriptive Analytics
5.1.3 Descriptive Analytics
5.2 By Application
5.2.1 Clinical Data Analytics
5.2.1.1 Quality Healthcare
5.2.1.2 Client Relationship Management
5.2.1.3 Healthcare Workers Performance Evaluation
5.2.1.4 Hospital/Clinical Data Management and Curation
5.2.2 Financial Data Analytics
5.2.2.1 Financial Data Analytics
5.2.2.2 Revenue Generation Analytics
5.2.2.3 Insurance Claim Analytics
5.2.3 Administrative Data Analytics
5.2.3.1 Supply Chain Management Analytics
5.2.3.2 HR Analytics
5.2.3.3 Strategy Analytics
5.2.3.4 Research Data Analytics
5.2.3.5 Other Applications
5.3 By Product
5.3.1 Hardware
5.3.2 Software
5.3.3 Service
5.4 By Mode of Delivery
5.4.1 On-Premise Model
5.4.2 Cloud-Based Model
5.5 End-users
5.5.1 Healthcare Provider
5.5.2 Pharmaceutical Industry
5.5.3 Biotechnology Industry
5.5.4 Academic Organization
5.6 Geography
5.6.1 North America
5.6.1.1 United States
5.6.1.2 Canada
5.6.1.3 Mexico
5.6.2 Europe
5.6.2.1 Germany
5.6.2.2 United Kingdom
5.6.2.3 France
5.6.2.4 Italy
5.6.2.5 Spain
5.6.2.6 Rest of Europe
5.6.3 Asia Pacific
5.6.3.1 China
5.6.3.2 Japan
5.6.3.3 India
5.6.3.4 Australia
5.6.3.5 South Korea
5.6.3.6 Rest of Asia-Pacific
5.6.4 Middle East and Africa
5.6.4.1 GCC
5.6.4.2 South Africa
5.6.4.3 Rest of Middle East and Africa
5.6.5 South America
5.6.5.1 Brazil
5.6.5.2 Argentina
5.6.5.3 Rest of South America

6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 International Business Machines Corporation (IBM)
6.1.2 3M Company
6.1.3 Allscripts Healthcare Solutions
6.1.4 Cerner Corporation
6.1.5 Oracle Corporation
6.1.6 Philips Healthcare
6.1.7 Sas Institute Inc.
6.1.8 Mckesson Corporation
6.1.9 Information Builders Inc

7 MARKET OPPORTUNITIES AND FUTURE TRENDS
Note: Product cover images may vary from those shown

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  • International Business Machines Corporation (IBM)
  • 3M Company
  • Allscripts Healthcare Solutions
  • Cerner Corporation
  • Oracle Corporation
  • Philips Healthcare
  • Sas Institute Inc.
  • Mckesson Corporation
  • Information Builders Inc
Note: Product cover images may vary from those shown

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