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Healthcare Analytics Market by Application (Financial, Clinical, Population Health Analytics, and Operational & Administrative), Analytics Type (Descriptive, Predictive, Prescriptive, and Cognitive), Deployment Mode (On-Premises and Cloud), and End User (Healthcare Providers, Pharmaceutical Industry, Biotechnology Industry, and Academic Organization): Global Opportunity Analysis and Industry Forecast, 2020–2027

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Oct 2020 | 76 Views
 
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Healthcare Analytics Market Insights

Healthcare analytics is a set of analytical solutions that include all healthcare analysis activities with help of data. The data is gathered from various key sectors of the healthcare industry such as clinical data, patient treatment/behaviors data, pharmaceutical and R&D data, and claims & cost data. Healthcare analytics help in improving clinical care while reducing excessive healthcare spending. Primary objectives of healthcare analytics are collaboration among all stakeholders, protecting security and privacy of patient’s personal information, and increasing user confidence on healthcare IT. Major healthcare players are funding in technological R&D processes to help innovative technological solutions with help of technologies such as analytics and artificial intelligence. With this, the healthcare industry is expected to add advance features and achieve competitive advantages in the overall industry. Hospitals, clinics, senior living facilities, long term care facilities, and payers are the most important end users of healthcare analytics. Main applications of the solutions include revenue cycle management, risk assessment, fraud detection, clinical analytics, claim processing, and supply chain analysis. 

 

Healthcare-Analytics-Market

Market scope and structure analysis:

            Report Metric

                                               Details

  Market size available for years

2020–2027

  Base year considered

2019

  Forecast period

2021–2027

  Forecast units

Value (USD)

  Segments covered

Application, Analytics Type, Deployment Mode, End User, and Region

  Regions covered

North America (U.S. and Canada), Europe (Germany, UK, France, and the Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, and Rest of LATAM) and Middle East and Africa

  Companies covered

Major players analyzed include Allscripts Health Solutions, Cerner Corporation, Citius Tech Inc., Health Catalyst, IBM Corporation, Mckesson Corporation, Oracle Corporation, Optum Inc., Verscend Technologies Inc., and Wipro Limited.

 

Impact of COVID-19 on Healthcare Analytics Market:

  • The effect of COVID-19 upon digital solutions over delivery of healthcare has been and continues to be very substantial and it is speeds up as fast as COVID-19 is moving across the globe. Many healthcare enterprises use technology in public health surveillance, from the linking of data in sentinel labs to the development of technological solutions to immediately link testing, thus enabling insights to be drawn around disease. Some countries like South Korea have developed the use of smartphone technology to assist in better managing contacts with quite exceptional results.
  • Owing to exponential increase in the number of infected patients, healthcare infrastructure such as specialist doctors, nurses, paramedical professionals, beds, and ventilators are being in work to their complete capacity. According to the Organization for Economic Corporation and Development (OECD), in 2019, there were 0.5 beds for 1,000 people in India. In the U.S., this number was 2.8 beds per 1000 individuals. Indonesia has 1 bed per 1000 individuals and Italy, the country with one of the best health infrastructures, had 3.2 beds per 1000 individuals and is struggling to deal with increase in patients. Thus, the pandemic has created a need to not only improve the healthcare infrastructure in volume but also by quality thus paving way for healthcare analytics.
  • During the crisis, surge in demand for medicines, medical devices, and other essential products such as PPE kits, gloves, and sanitizers is witnessed at a high rate.
  • Many hospitals are already running low on key medical supplies such as masks and ventilators, and many more are bracing for shortages of personal protective equipment due to the coronavirus. 

Top impacting factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis

Increase in venture capital investments and rise in various government initiatives to adopt electronic heath record systems in the healthcare industry across the globe are major factors expected to drive the market. In addition, growth in need to reduce healthcare spending and improve patient outcomes are also expected to boost the market growth. Emergence of big data in healthcare is also a factor expected to propel growth of the market. However, issues pertaining to healthcare data integrity and safety of patient data hamper the growth of market. Contrarily, rise in focus on value-based medicine and emergence of social media and its impact on healthcare industry are the opportunistic factors of the global market. 

Big data in healthcare

Big data has transformed the way in which any industry manages, analyzes, and control data. One of the most favorable areas where it can be applied to make a change is healthcare. Healthcare analytics have the ability to predict outbreaks of epidemics, reduce costs of treatment, enhance quality of life in general, and avoid preventable diseases. Implementation of big data analytics in healthcare has a lot of positive and life-saving outcomes. Big data applied to healthcare uses specific health data of a population and potentially helps to prevent epidemics, treat diseases, and reduce costs. Thus, big data technology is expected to provide lucrative growth opportunities for players in the market.

Issues pertaining to data integrity and safety

One of the strongest concerns related to the use and gathering of big data in healthcare analytics is lack of privacy, especially when it comes to health records of sensitive patients. To be effective and get the full, detailed look at a patient, big data must have access to all information, comprising private records and social media posts of patients. According to several big data experts, the technology takes away personal privacy for greater good. As big data applications are capable of predicting medical issues that may occur in the future, it acts as a positive approach for predictive healthcare IT. In the future, many patients are expected to depend on analytics technology rather than consulting healthcare professionals. Furthermore, although there are various data gathering legislations that are related to the privacy of health records, few of those laws fail to apply on big data sharing. Several experts and healthcare providers who believe in overhaul to the current privacy regulations are required to protect patients at the same time providing analysts with enough data to create effective analysis.

Key segments covered:

             Segments 

                                             Subsegments

  Application

  • Financial
  • Clinical
  • Population Health Analytics
  • Operational & Administrative

  Analytics Type

  • Descriptive
  • Predictive
  • Prescriptive
  • Cognitive

  Deployment Mode

  • On-Premise
  • Cloud

  End User

  • Healthcare Provider
  • Pharmaceutical Industry
  • Biotechnology Industry
  • Academic Organization

 

Key benefits of the report:

  • This study presents the analytical depiction of the global healthcare analytics industry along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the market share.
  • The current market is quantitatively analyzed from 2020 to 2027 to highlight the market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
  • The report provides a detailed market analysis based on the present and future competitive intensity of the market
 
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