Sunday, 30 November 2014

Medical & Healthcare Analytics Market with a share in 2013 and is expected to grow at a CAGR of more than 25 percent

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The global healthcare industry is exhibiting transformation from volume-based to value-based business. Improved quality care, fraud detection, reduced length-of-stay in hospitals and prevention of novel diseases are the main demands put-forth by payers and providers.

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Medical & Healthcare analytics is an emerging segment which provides logical use of data and allied business insights developed through useful systematic order such as numerical, appropriate, quantitative, prognostic and other including budding replica to drive fact-based decision making for planning, management, measurement and learning. Factors such as federal health mandates, emergence of big data and technical advancements in analytical technologies, rising incidence of ageing population and pervasiveness of chronic and infectious diseases, preference for paperless environment propels growth and digitalization of world commerce are driving the market growth. Whereas, factors such as lack of skilled labor with analytical skills, lack of patient data confidentiality and transparency, functional gap between payers and providers, stringent governmental regulations and reimbursement scenarios are hindering the market growth.

The emerging blend of Bioinformatics and Health Informatics has encouraged research in all the healthcare segments such as target drug, personalized medicine, clinical decision support and population health management. The demand for big data analytics integrates most recent innovation in machine learning, logical methodologies, computational intelligence and data mining. Many of the healthcare experts including payers, providers are now starting to analyze big data to obtain detail knowledge, even though these efforts are still in the early stages, this efforts would collectively help to tackle the industry related problems  regarding inconsistency in healthcare quality and escalating healthcare expenditures.

The global medical & healthcare analytics is segmented based on the tool types, applications, components, delivery modes, end users and region. Depending on the tool type the market is segmented into three type’s namely descriptive, predictive and prescriptive analytics. Descriptive analytics accounted for the largest share in 2013 and is expected to grow at a strong double digit growth rate during the forecast period.

Based on application healthcare analytics market is divided into clinical, financial/revenue, administrative/operational, research and other analytical applications. Financial/revenue analytics holds the largest market with a share in 2013 and is expected to grow at a CAGR of more than 25%.

The global medical & healthcare analytics market by component is segmented into hardware, software and services. Services market commanded the largest share during forecasted period. Further healthcare analytics m Medical & Healthcare Analytics Marketarket by delivery mode is divided into on-premise, web-hosted and cloud-computing.
End-user market is classified into healthcare (Including payers, providers and health information exchange) and others. Payers market accounted for the largest revenue in 2013 and is expected to grow at a healthy CAGR. Based on region, the healthcare market is divided into North America, Europe, Asia Pacific and Rest of the World. North America dominated the global market and is growing at a CAGR of around 25%. Federal healthcare mandates, quick return of investments, big data emergence, digitalization of world commerce and increasing role of social media improved the market growth. Whereas lack of patient data security, functional gap between payers and providers, lack of skilled labors, reimbursement issues and increase in governmental regulation hampered the market growth. Mergers and acquisitions, joint ventures, collaborations of organization improved the market growth.

Major players in the healthcare analytics market include Cerner Corporation (U.S.), IBM Corporation (U.S.), Oracle Corporation (U.S.), Mc Kesson Corporation (U.S.), Information builders (U.S.), Truven Health Analytics (U.S.), MedeAnalytics, Inc. (U.S.), Optum, Inc (U.S), Allscripts Healthcare solutions (U.S.), and Epic (U.S.). Cerner Corporation is a dominant player with a share of 20%, followed by McKesson Corporation, Epic, Truven Health Analytics, Optum Inc,.

The global healthcare analytics market report evaluated detailed information about the market trends of diverse segmentation. Further market dynamics, challenges, opportunities are described.

Global Medical & Healthcare Analytics Market, by Tool Type:
Descriptive Analytics
Predictive Analytics
Prescriptive Analytics

Global Medical & Healthcare Analytics Markets, by Applications:
Clinical Data Analytics
Quality care
Medical error reduction
Physician performance evaluation
Customer relationship management
Financial Analytics
Claims analytics
Revenue cycle analytics
Risk analytics
Operational/Administrative Analytics
Supply chain analytics
Human resource/ Workforce analytics
Strategic analytics
Research Analytics

Global Medical & Healthcare Analytics Markets, by Component:

Global Medical & Healthcare Analytics Markets, by Delivery Model:
On-premise model
Web-hosted model
Cloud-based model

Global Medical & Healthcare Analytics Markets, by End-User:

Healthcare Information Exchanges (HIEs)
Others (ACOs, IDNs, Employers)

Global Medical & Healthcare Analytics Markets, by Region:
North America
Asia-Pacific (APAC)
Rest of World (RoW)

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