NEW YORK, March 5, 2015 /PRNewswire/ -- The Global market for Healthcare Analytics is poised to reach $23,800 million by the end of 2020 growing at an estimated CAGR of 23.9%. The healthcare industry is undergoing a transformation from volume-based to value-based business. Factors such as improved quality care, reduced length-of-stay in hospitals, fraud detection, and prevention of novel diseases are the main demands from payers and providers.

The Global Healthcare Analytics market is segmented on the basis of Technology/Platform (Predictive Analytics, Prescriptive Analytics, and Descriptive Analytics), Application (Clinical Data Analytics, Financial Data Analytics, Administrative Data Analytics and Research Data Analytics), Component (Software, Hardware and Services), Mode of Delivery (Cloud Based model, Web hosted model, and On premise model), End-User (Healthcare, Pharmaceuticals, Biotechnology, Academia and Others), Geography (North America, Europe, Asia Pacific and Rest of the World).

Drivers

Emergence of Big Data in healthcare, introduction of federal healthcare policies, increased focus on data collection & analysis for better customer service, progress in clinical outcomes, rapid technological advances & emergence of social media and its impact on the healthcare industry are the major factors driving the growth of the global Healthcare analytics market.

Challenges

Lack of proper skilled labor, data integrity issues, cost & complexity of the software and major opposition from the medical industry towards accepting an IT based approach are hindering the growth of the market.

What the report offers

1. Market Definition for the specified topic along with identification of key drivers and restraints for the market.

2. Market analysis for the Global Healthcare Analytics Market, with region specific assessments and competition analysis on a global and regional scale.

3. Identification of factors instrumental in changing the market scenarios, rising prospective opportunities and identification of key companies which can influence the market on a global and regional scale.

4. Extensively researched competitive landscape section with profiles of major companies along with their strategic initiatives and market shares.

5. Identification and analysis of the Macro and Micro factors that affect the Global Healthcare Analytics market on both global and regional scale.

6. A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information.

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MarketsandMarkets.com Report Code: HIT 2180

Publishing Date: December 2013

The global healthcare analytics market is segmented based on products, applications, components, delivery modes, end users, and geography. On the basis of product type, the market is divided into descriptive, predictive, and prescriptive analytics. The healthcare analytics market, by component, is divided into hardware, software, and services. Based on the mode of delivery, the market is classified into on-premise models, web-hosted models, and cloud-based models. Based on end users, the market is segmented into healthcare and others. The healthcare segment is further divided into payers, providers, Health Information Exchanges (HIEs), and others. Based on geography, the market is classified into the U.S., Europe, Asia, and the Rest of the world (RoW).

The market shows a double-digit growth rate due to supportive elements such as digitization of world commerce, the emergence of Big Data, and also due to the increase in the number of advanced technologies. Factors such as federal healthcare mandates, growing healthcare IT adoption across the globe, growing fields of predictive and prescriptive analytics, and venture capital investments are driving the market. However, factors such as data security issues, patient data confidentiality, cultural barriers to IT adoption, and lack of manpower with cross-functional analytical skills may hinder the growth of this market.

The U.S. healthcare analytics market is a well-established yet lucrative market. The European market is the second-largest market, growing at a lower rate mainly due to the economic crisis and lack of government initiatives for analytics. The Asian market is relatively new to medical analytics; however, the increasing HCIT adoption, IT skills, and outsourcing trend will drive this market.

The market is a highly fragmented market with some major players such as IBM Corporation (U.S.), Oracle Corporation (U.S.), Truven Health Analytics, Inc. (U.S.), Verisk Health, Inc. (U.S.), Optum, Inc. (U.S.), MedeAnalytics, Inc. (U.S.), McKesson Corporation (U.S.), SAS Institute, Inc. (U.S.), LexisNexis Risk Solutions (U.S.), Inovalon, Inc. (U.S.), Predixion Software (U.S.), iHealth Analytics, Inc. (U.S.), Predilytics (U.S.), and Cerner Corporation (U.S.), among others.