Healthcare data analytics entails a number of methods, technologies, and skills used for assessing and creating healthcare data from a broad gamut of health companies, with an objective to divulge essential patterns and obtain understanding for enhancing healthcare outcomes. A key role is been occupied by healthcare data analytics within global healthcare systems for improving patient outcomes and enhancing the quality of care at reasonable price.
The key factor driving the growth of the global healthcare data analytics market includes rising requirement to decrease healthcare expenses such as cost related to hospital workflow inefficiencies and medical product flaws. In addition, the advent of big data within the healthcare sector, technological developments, elevated concentration on gathering & examination of information from diverse resources for improved customer service, and the introduction of social media & its effect on the healthcare sector are other factors anticipated to fuel market growth during the forecast period. Furthermore, rising backing to healthcare tech firms that build mHealth apps, the Internet of Things (IoT), and other offerings will also drive the market growth.
The global healthcare data analytics market can be divided based on technology, application, component, end-user, deployment, and region. The market, by technology, is segregated into predictive analytics, prescriptive analytics, and descriptive analytics. The market, by component, is classified into software and services. The market, by deployment, is categorized into on-premise and on-cloud. The market, by application, is bifurcated into financial analytics, clinical analytics, operational & administrative analytics, and population health analytics. The market, by end-user, is segmented into healthcare provider, healthcare payer, academic organization, and biotechnology industry.
Regionally, the global healthcare data analytics was dominated by North America in 2019 owing to rising incidents of payment scams, high per capita healthcare cost, and mounting need to decrease escalating healthcare costs. Further, Asia Pacific is projected to witness substantial expansion during the forecast period on account of the manifestation of supportive government programs undertaken to enhance the medical infrastructure and stimulate economic expansion.
Few of the major players within the global healthcare data analytics market comprise OptumHealth, IBM, Allscripts Healthcare Solutions, McKesson Corporation, Athenahealth, Cerner Corporation, Computer Programs and Systems, Inovalon, Tenet Healthcare Corporation, Change Healthcare, Evolent Health, GE Healthcare, Health Catalyst, and Influence Health. These players are coming up with technologically innovative products with the better utility as well as undertaking various approaches such as M&As to hold a considerable market share. To cite, in October 2020, a New York-located private equity firm, JLL Partners, declared the procurement of a cloud-based enterprise analytics solutions provider for health plans and health systems, MedeAnalytics.