PUNE: According to a new market research report “Healthcare Analytics/Medical Analytics Market by Type (predictive, prescriptive) Application (Clinical, RCM, Claim, Fraud, Waste, Supply Chain, PHM) Component (Service, Software) Delivery (On demand, Cloud) End User (Payer, Hospital, ACO) – Global Forecast to 2022”, published by MarketsandMarkets™, the market is expected to reach USD 29.84 Billion by 2022 from USD 8.92 Billion in 2017, at a CAGR of 27.3%.
The growth of the market is attributed to increasing government initiatives to increase EHR adoption, growing pressure to curb healthcare costs, availability of big data in healthcare, increasing venture capital investments, rising focus on improving patient outcomes, and technological advancements.
The descriptive analytics segment is expected to dominate the market in 2017
Based on the type, the Healthcare Analytics Market is segmented descriptive, predictive, and prescriptive analytics. In 2017, the descriptive analytics segment is expected to account for the largest share of the Healthcare Analytics Market. Descriptive analytics forms the base for the effective application of predictive or prescriptive analytics. Thus, descriptive analytics is expected to continue to dominate the Healthcare Analytics Market during the forecast period.
The clinical analytics segment is projected to grow at the highest CAGR during the forecast period.
By applications, the Healthcare Analytics Market is segmented into clinical analytics, financial analytics, operational and administrative analytics, and population health analytics. The clinical analytics segment is expected to grow at the highest rate during the forecast period. The high growth of this segment is attributed to the growing adoption of analytics by healthcare providers due to the rising pressure to curb healthcare costs, federal mandates such as the implementation of ICD-10 code sets, increasing adoption of electronic healthcare records, need to improve patient outcomes and reduce hospital readmission rates, and rising focus on personalized medicine-based analytics.
North America to dominate the Healthcare Analytics Market
In 2017, North America is expected to dominate the market followed by Europe. The large share of the North American segment is attributed to factors such as the growing federal healthcare mandates to curb rising healthcare costs and provide quality care; increasing regulatory requirements; growing EHR adoption; and rising government initiatives focusing on personalized medicine, population health management, and value-based reimbursements.
The Healthcare Analytics Market is highly competitive with the presence of several small and big players. Some of the players in the Healthcare Analytics Market include Allscripts (US), Cerner (US), Health Catalyst (US), IBM (US), Inovalon (US), McKesson (US), MedeAnalytics (US), Optum (US), Oracle (US), SAS (US), Wipro (India), Verscend (US), CitusTech (US), VitreosHealth (US), and SCIO Health (US).