Global Healthcare Analytics Market was valued at $7.1 Billion in 2016 and is estimated to grow at a CAGR of over 23% from 2017 to 2024.
The global healthcare analytics technology, which makes widespread usage of data for qualitative as well as quantitative analysis, is presently undergoing an industry transformation. The industry is witnessing a dramatic shift from volume-based medicines & reimbursement to value-based medicines & reimbursement.
The growing emphasis on improving healthcare quality coupled with reduced length-of-stay at infirmaries/hospitals is a major factor driving growth in this market. The industry is also witnessing increased focus on lower costs of healthcare & medicine, and fraud detection, which is also expected to catapult demand significantly over the forecast period.
Driven by the escalating demand to improve the efficiency of existing healthcare institutions and medical activities worldwide, the global healthcare analytics market is estimated to witness double digit growth over the next few years. Additionally, snowballing demand and need to lower the ever increasing healthcare costs is anticipated to further propel market growth.
Favorable government initiatives to improve the quality of healthcare facilities accessible to everyone is instigating and encouraging the private and public organization to adopt this technique thereby fueling the overall market growth. Further, higher incentives for value-based medical services paired with the integration of big data in healthcare are also anticipated to escalate market growth.
The industry is however witnessing the wide gap between providers and payers regarding operation and availability and is also facing challenges pertaining to the high cost of initial investments along with the lack of technical expertise. This is expected to obstruct the overall market growth over the forecast period.
“Optimal Price Point (OPP) for Healthcare Analytics Product/Services”
Estimated Average solution cost – $ xx globally. However, with growth in machine data, growing solution implementation and increasing SMEs, OPP and range of acceptable Prices (RAP) are going to change. We at Ameri Research continuously track these prices with our proprietary pricing model.
“Predictive and prescriptive analytics to dominate market growth”
Big Data and analytics are aiding customers to identify members expected to develop contrary health risk conditions and foreseeing members that can be safely transmitted from unnecessary conducts in favor of lower cost substitutes. Today’s leading providers and payers are refining the quality of care by positioning the customer at the focus with patient-centered approaches.
“IBM, SAS and Oracle to lead market growth”
The global healthcare analytics market is highly fragmented with a number of emerging players gaining market traction. The industry is however dominated by the presence of big companies including Cognizant, Truven Health Analytics, Health Catalyst, MedAssets, Inc., McKesson Corporation, Mede Analytics Inc., Optum, and Verisk Health.
Prominent industry participants emphasize on data visualization standardized reporting, simulations, forecasting, historical trend analysis, and scenario development in an attempt to increase their share and penetrate into the highly untapped market.
The industry is witnessing mounting demand for scalability both in terms of human resources and technology with specialized skills and expertise. Technological advancements have significantly overcome issues such as data breach, data security and confidentiality of information.