(PharmaNewsWire.Com, May 15, 2017 ) According to the report Healthcare Analytics Market published by Market Data Forecast, the global market is projected to reach USD 17.62 Billion by 2021, at a CAGR of 25.41% from 2016 to 2021
Increased healthcare mandates worldwide, rise in adoption of IT in healthcare sector, the emergence of big data, developments in the fields of prescriptive, predictive analytics, the digitization of world commerce, and capital investments are fuelling the market growth of this sector. However, security concerns, issues with confidentiality of the data, technological and cultural barriers at the data source point, and unavailability of skilled workforce are limiting the growth of this industry. Furthermore, associated hurdles in creating global analytics network due to the political and economic barriers between countries are posing as serious challenge to the development of healthcare analytics market.
Besides, operational advantages to the healthcare industry in terms of consolidation of the health records and revenue management cycle, there are more than a few other domains where healthcare analytics can be used effectively.
3. By End-user Public Health Systems Healthcare Providers Private Healthcare Providers Monitoring Agencies Health Insurance companies Clinical and Medical Research Bodies Technology Vendors
4. By Region North America Europe Asia-Pacific Latin America Middle East & Africa
Among the end users, the healthcare providers segment is expected to grow at the highest CAGR during the forecast period. Federal mandates, such as the employment of EHRs and ICD-10 code sets, interest towards value-based medicine, and the mounting pressure for quality care and reduced costs are propelling the growth of this segment.
Some of the major companies operating in this industry are SAS Institute, Inc., Optum, Inc., IBM Corporation, Truven Health Analytics Inc., Cerner Corporation, Verisk Analytics, Inc., McKesson Corporation, Allscripts Health Solutions, Oracle Corporation, MedeAnalytics, Inovalon, Inc. and Health Catalyst.
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