This report studies the global healthcare analytics market over the forecast period 2014 to 2019.
The market is expected to grow at a CAGR of more than 25% during the forecast period. Factors such as increasing healthcare IT adoption, centralized healthcare mandates across the globe, emerging fields of predictive, prescriptive analytics and venture capital investments are driving the market growth. In addition, the digitization of world commerce, the emergence of big data, and increase in the number of advanced technologies are providing the growth opportunities.
On the other hand, some factors hampering the growth of the healthcare analytics market include lack of skilled labor with analytical skills, data securing, and patient data privacy.North America accounts for the largest share of the healthcare analytics market driven by the U.S. centralized healthcare mandates such as Meaningful Use, ICD-10 implementation, and The Patient Protection and Affordable Care Act (PPACA). These initiatives assist to improve the acceptance of Electronic Health Records (EHRs) and Healthcare Information Exchange (HIE), thus improving the usage of analytics to influence the generated data. The European market is expected to be the second largest market, growing at a lower rate mainly due to the economic crisis. The Asian market is fairly new to medical analytics; however, the increasing IT skills, outsourcing trend and healthcare IT adoption will force this market to grow.
The healthcare analytics market is a fragmented market with key players such as IBM Corporation (U.S.), Truven Health Analytics, Inc. (U.S.), Oracle Corporation (U.S.), Optum, Inc. (U.S.), McKesson Corporation (U.S.), SAS Institute, Inc. (U.S.), LexisNexis Risk Solutions (U.S.), Inovalon, Inc. (U.S.), Verisk Health, Inc. (U.S.), Predixion Software (U.S.), iHealth Analytics, Inc. (U.S.), Predilytics (U.S.), MedeAnalytics, Inc. (U.S.), and Cerner Corporation (U.S.) along with others.
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