Industry Insights
The Global Healthcare Analytics Market size was valued at USD 5.6 billion in 2015 and is expected to grow at a CAGR of 25.3% over the forecast period. The healthcare analytics market growth is fuelled by various factors such as pressure to curb healthcare cost, the emergence of advanced healthcare analytics methods, growing demand for personalization in treatment, and rising impact of social media in healthcare. The Centre for Medicare and Medicaid, pressuring to curb the rising treatment costs and other expenditures incurred due to medical product errors and hospital workflow shortcomings.
Delivery of high healthcare standards in cost effective manner without comprising on the quality of care along with controlling the medical errors is a major concern for developed as well as developing nations. For instance, US has 2.4 times more healthcare expenditure as compared to global average and it is expected to increase by 68.0% in a coming decade. Healthcare analytics enables providers to identify meaningful clinical outcomes with respective to costs with the help of data mining through electronic patient records and identify the in-built medical shortcomings of the systems to provide affordable treatments to patients with less resource wastage.
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The rapid adoption of big data in healthcare has led to launch of many data-based tools which allow patients to make better decisions, have better health control and receive personalized care. The introduction of customized, web-based and cloud based electronic medical records along with advances in clinical decision support systems enable patients to leverage remote consultation and care. Data management combines human and artificial intelligence and therefore has the capacity to revolutionize healthcare market by offering customized and patient-oriented care. These changes are expected to fuel the growth of healthcare analytics market during the forecast period.
Big data in healthcare has facilitated the integration of evidence-based approach in healthcare decision making thereby enhancing the efficiency of health economics. For instance, in 2004, Vioxx, a painkiller, was found to have cardiovascular repercussions according to the investigation of data of patient health records provided by Kaiser Permanente, a health maintenance organization. Insurance and regulatory bodies such as I’ Assurance Maladie and FDA are using data analytics to identify various medical errors and shortcomings associated with drug safety by undertaking initiatives such as FDA Sentinel Initiative. These initiatives are thereby facilitating global penetration of data management services including healthcare analytics.
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Component Insights
Based on the component, the global healthcare analytics market is segmented into services, software, and hardware. Services segment held a lucrative share in 2016 and is anticipated to grow steady rate during the forecast period. the service segment was dominated by the outsourcing of data services. Outsourcing of big data services saves time and is cost effective.
Moreover, Outsourcing also enables access to skilled staff thereby eliminating the requirement of training of staff. The hardware segment held the second most market position after services segment. The high cost of hardware infrastructure, for instance, internet and computer systems, contributed to the growth of the hardware segment.
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Regional Insights
In 2016, North America held approximately 60.0% of market revenue. The factors contributing to the rise in adoption of these systems are high per capita healthcare expenditure, the pressure to curb healthcare costs and the rising prevalence of payment fraud. The Asia Pacific region is anticipated to grow at the rapid pace and is estimated to grow at CAGR of approximately more than 27.0% during the forecast period.
Application Insights
Based on application, the global healthcare analytics market is segmented into financial systems, operational and administrative, and clinical. Operations and administrative held a substantial share in 2016. Wide application of this segment in field of supply chain management, strategic analytics and workforce are the factors contributing to substantial share.