Global Healthcare Analytics Market Booming Demand Leading To Exponential CAGR Growth By 2028 |IBM, Wipro Limited, Allscripts, Cerner Corporation, Health Catalyst, Inovalon
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Global Healthcare Analytics Market is projected to register a healthy CAGR of 15.4% in the forecast period of 2019 to 2026.
Global Healthcare Analytics Market, By Type (Prescriptive Analytics, Predictive Analytics, Descriptive Analytics), Component (Services, Software, Hardware), Delivery Model (On-Demand, On-Premise), Application (Clinical Analytics, Population Health Analytics, Operational and Administrative Analytics, Financial Analytics), End User (Healthcare Payers, Healthcare Providers and ACOS, HIES, MCOS, AND TPAS) Industry Trends and Forecast to 2026), Geography (North America, Europe, Asia-Pacific, South America, Middle East and Africa)– Industry Trends and Forecast to 2026
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Some of the prominent participants operating in this market are IBM, Wipro Limited, Allscripts, Cerner Corporation, Health Catalyst, Inovalon, McKesson Corporation, MEDEANALYTICS, INC., Optum, Inc., Oracle, SAS Institute Inc., SCIOInspire, Corp., Verscend Technologies Pvt. Ltd, CitiusTech Inc. Vitreos Health, Ikon Tech IQVIA, and GENERAL ELECTRIC and others
Healthcare analytics is also known as clinical data analytics which is the branch of analysis that offers insights into patient records, hospital management, diagnosis and more providing insights on macro and micro levels. Healthcare analytics helps in providing real-time data that can help in deciding the course of future treatment of the patient.
Analytics can be used in multiple ways in today’s healthcare setting, like:
- Operations management
- Clinical variability (cost/quality/outcomes) assessment
- Patient segmentation
- Risk management
- Population health
- Patient monitoring
Segmentation: Global Healthcare Analytics Market
The Global Healthcare Analytics Market is segmented into five notable segments such as Type, Component, Delivery Model, Application and End User
- On the basis of type, the market is segmented into predictive analytics, descriptive analytics and prescriptive analytics.Prescriptive analytics segment is growing at the highest CAGR and expected in the forecast period of 2019 to 2026.
- In 2018 , McKesson launched Health Mart Atlas, which is the largest network of high-performing community pharmacies dedicated to delivering high quality care with a personal touch
- On the basis of component, the market is segmented into software, hardware and services. The services segment is sub-segmented into support services and business analytics services.Software segment is estimated to grow at the highest CAGR in the forecast period of 2019 to 2026.
- In 2018, McKesson acquired RxCrossroads . With this acquisition McKesson has become a partner with pharmaceutical manufacturers, providers, pharmacies, governments and other organizations in healthcare to help provide medicines, medical products and healthcare services to the patients.
- On the basis of delivery model, the market is segmented into on-demand and on-premise.On-demand segment is growing at the highest CAGR of in the forecast period of 2019 to 2026.
- In 2018, EPSi, Allscripts flagship budgeting, long-range planning, cost accounting and financial decision support platform, announced a partnership with MPA Healthcare Solutions.
- On the basis of application, the market is segmented into clinical analytics, financial analytics, operational and administrative analytics and population health analytics. The clinical analytics segment is sub-segmented into quality improvement and clinical benchmarking, clinical decision support, regulatory reporting and compliance, comparative analytics/ effectiveness and precision health. The financial analytics segment is sub-segmented into claims processing, revenue cycle management (RCM), payment integrity and fraud, waste, and abuse (FWA) and risk adjustment and risk assessment. The operational and administrative analytics segment is sub-segmented into supply chain analytics, workforce analytics, enterprise performance, supply chain analytics, market intelligence, research analytics and strategic analytics. The population health analytics segment is sub-segmented into population risk management, population care management, patient engagement, clinical outcome management and activity-based costing.Population health analytics segment is growing at the highest CAGR in the forecast period of 2019 to 2026.
- In 2018, OptumServe, the federal government health services business of Optum, was recently selected to continue to provide health services to participants in two federal health programs, building on years of successful service to first responders and the U.S. Armed Forces. .
- On the basis of end user, the market is segmented into healthcare payers, healthcare providers and ACOS, HIES, MCOS, and TPAS. The healthcare payers segment is sub-segmented into government agencies, private insurance companies and employers and private exchanges. The healthcare providers segment is sub-segmented into post-acute care organizations, hospitals, physician practices, and IDNS and ambulatory settings.Healthcare Payers segment is growing at the highest CAGR in the forecast period of 2019 to 2026.
- In 2018, Cerner began an EHR implementation at the five hospitals and 50 primary and specialty care clinics part of University of Missouri (MU) Health Care in Columbia.
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- In 2018, Medtronic plc and its strategic technology partner, IBM Watson Health, announced commercial availability of the Sugar.IQ smart diabetes assistant, a first-of-its-kind intelligent app designed to simplify and improve daily diabetes management
- In 2018, SAS for Containers was launched. This will help IBM Watson Health to expand their product portfolio and become a strong market player.
- In 2018, ExpressCoverage has been launched by McKesson Specialty Health and CoverMyMeds (divisions of McKesson Corporation). This is an integrated eServices platform designed to improve the patient care journey. ExpressCoverage is a new and powerful patient provision platform that will help consumers to connect patients, providers, payers and the life science industry to facilitate patient access and adherence for improved outcomes.
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