Healthcare analytics helps making extensive use of all the medical data, qualitative analysis and statistical data, predictive modeling and explanatory modeling. It is one of the popular processes used marketing and consulting services. These systems reveal and help understand historical data patterns, which assists in predicting actionable insights about the industry. The outcome includes information about high risk patients, disease patterns most suitable treatments and fraudulent claims. These systems also help tracking performance of individual physicians. Global healthcare analytics market is largely driven by increasing demand, changing governmental rules and bountiful benefits of these systems. As a result of all these factors, medical analytics market is expected to make strong growth in near future.
Overview of Healthcare Analytics Industry
Federal health mandates, improved patient outcome, quality of care, physical performance evaluation, fraud detection, fraud prevention and efficiency of healthcare analytics systems are strongest drivers for the global medical analytics market. Apart from these reasons, the industry is also driven with technological advancements, rising capital investments and increasing adoption of healthcare information technology or HCIT are cited to be some of the major drivers for the impressive run of the industry.
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Healthcare analytics market is categorized based on the types of systems, components, applications delivery modes, end users and geography. Following are the details:
- Types: Descriptive, prescriptive and predictive analytics
- Components: Hardware, services and software
- Delivery: Web-hosted, cloud-hosted and on-premise
- Applications: Clinical, research, operational and administrative and financial analytics
- End-Users: Healthcare, life sciences and contract research organizations
- Geography: Europe, Asia Pacific, North America and rest of the world
Detailed analysis of the aforementioned segments provides valuable details about the medical analytics market. Based on the data collected about the market trends, threats, opportunities, business prospects and major competitors in the market, researchers expect the industry to maintain healthy growth. According to the recent market research reports, healthcare analytics market is expected to grow at an estimated CAGR of over 25% from 2013 to 2020. During the forecasting period, the industry will grow from $4,430.9 million in 2013 and become worth more than $21,346.4 million by 2020. As per the experts, this impressive growth is mainly driven by predicative analytics and perspective analytics. United States of America and Asia are expected to be the dominating regions in terms of both these types of medical analytics. Personalized and value based medicines are expected to create better business opportunities as far as the future is concerned.