Healthcare Analytics Market: Growth and Opportunities in Global Industry by 2023

Healthcare analytics is an evidence-based strategy for data collection from multiple sources and its analysis which indicate certain trends and patterns for efficient and improvised healthcare interventions. The term has been widely used for drawing inferences from factual data which has been quantified through analytical procedures. The analytical techniques can be classified into predictive (identifying trends from simulation and modelling techniques), prescriptive (optimal and efficient clinical and financial outcomes), and descriptive(describing current situation through standard reporting) techniques.

The digitization of the clinical data that are available in a variety of forms/clinical records such as images, lab results, and reports, administrative and financial information will aid in the paperless repository of healthcare intelligence. This revolution will improve the efficiency, accuracy and service delivery of the health systems with improved clinical outcomes and patient care along with reduced hospital readmissions& healthcare costs.

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Healthcare analytics has become a silver bullet targeting a multitude of issues and challenges cropping in the current scenario where resource crunches, regulatory pressures on healthcare providers & health insurance companies, disease surveillance and identification of population at risk amidst global pandemics Besides, operational advantages to the healthcare industry in terms of revenue management cycle, and consolidation of the health records; there are several other domains where healthcare analytics can be used extensively.

Healthcare analytics can be an effective tool for stratifying population to cater to public health priorities on epidemiological basis. It can be of immense value in national preventive care, empowering patients with rights, health policy recommendation, public health financing, efficient government spending in health infrastructure, and facilitate enforcement of healthcare laws for patient protection in developing countries.

The technological and cultural barriers at the data source point, data breach or security issues, issues with confidentiality of the information, and lack of skilled personnel may restrain the growth of this industry across the globe. Moreover, associated break points in creating global healthcare analytics network due to fragmented international political and economic relations may also pose a major threat towards the healthcare analytics market.

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Geographically, North America dominates the healthcare analytics market, which is evident from the presence of key market players in the United States. Moreover, the large market share is attributable to the impact of legislations in the U.S such as Electronic Health Records (EHR), and incentives funded by the Health Information Technology for Economic and Clinical Health (HITECH). It will further gain importance when hospital readmissions will be penalized by the U.S Centers for Medicare and Medicaid.

The healthcare analytics market can be segmented by end-users such as healthcare providers, public health systems, private healthcare providers, monitoring agencies/Accountable care Organizations (ACOs)/federal regulations, health insurance companies, clinical and medical research bodies/ CROs, technology vendors. By major application areas, the healthcare analytics market can be segmented into Big Data analytics, HIPAA, predictive analytics, genome sequencing and genome wide association studies in the Electronic Medical Records and Genomics (eMERGE) network.

Majority of the healthcare organizations place high value to the analytic elements like data visualization, historic trend analysis, standardized reporting, forecasting, simulations and scenario development. There is a growing demand for scalability both in terms of technology and human resources with specialized expertise and skills. Some of the leading market players in the healthcare analytics market include Cognizant, Health Catalyst, IBM, Mede Analytics, Inc., MedAssets, Inc., McKesson Corporation, Optum,Oracle, Inc., SAS Inc., Truven Health Analytics, and Verisk Health.

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