Global Healthcare Analytics Market is Expected to be US$ 31529.98 Mn by 2022 Owing to Emergence of Big Data in Healthcare.

Healthcare analytics encompasses various technologies, methods, and skills employed at synthesizing and analyzing healthcare data from across a wide spectrum of health industries, with an aim to unravel crucial patterns and gain insights for improving healthcare outcomes. Healthcare analytics has been increasingly occupying a vital role in global healthcare systems for boosting patient outcomes and improving the quality of care at affordable cost. Healthcare organizations world over are increasingly leveraging the potential of data-backed decisions to improve patient engagement and experience. Moreover, healthcare analytics offers healthcare institutions crucial insights into revenue and risk models.

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Healthcare Analytics Market is Fragmented Due to the Presence of Many Start-ups and Medium Scale Healthcare Companies

Healthcare Analytics Market participants include SAP SE, McKesson Corporation, Microsoft Corporation, Oracle Corporation, IBM Corporation, SAS Institute Inc., OptumHealth Inc., LexisNexis Risk Solutions Inc., MedeAnalytics, Inc., Cerner Corporation, Allscripts Healthcare Solutions, Inc. and Inovalon amongst others. In April 2016, SAS Institute Inc. launched SAS Viya next-generation high performance analytics and visualization architecture in the market. The simple and powerful architecture of SAS Viya ensures easy deployment in the cloud or on-site. It is accessible from popular programming languages and public APIs

Adoption of cloud-based healthcare analytics system by small and medium level companies is providing major opportunity to the market. Small hospitals have discovered cloud storage to be the safest for storing hospital’s private and confidential data. Even the problems associated in storing back-up clinical data is reduced, when cloud-based healthcare analytics system is implemented by companies.

Predictive Analytics Accounted For a Larger Share in 2017 

Predictive analytics is the type of healthcare analytics that operates only on present data and helps doctors to predict future by observing patterns in data. The University of Chicago Medical Center (UCMC) is currently using predictive analytics to tackle the problem of operating room (OR) delays. The institute combined real-time data with processing algorithms to improve workflows and create notifications. The effort decreased waiting time by 15% to 20% and it is helping the hospital to save up to US$ 600,000 annually.

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European Union is expected to Hold Maximum Share in Future After North America

Patient data privacy and reimbursement issues have driven the Healthcare Analytics Market in Europe. Healthcare data is highly valuable to hackers because they can sell it at a high price in black market and Europe has registered many cases of data theft from hospital centers. This persuaded many of the hospitals and clinics in countries such as Germany, Italy and Spain to give up their traditional systems and implement healthcare analytics.

Key Market Segments in Healthcare Analytics Market are:
  • Healthcare Analytics Market – By Type
    • Descriptive Analytics
    • Predictive Analytics
    • Prescriptive Analytics
  • Market By Delivery Model
    • On-premise Models
    • On-demand Models
  • Healthcare Analytics Market – By Application
    • Clinical Analytics
    • Financial Analytics
    • Operational and Administrative Analytics
    • Population Health Analytics
  • Market By Component
    • Software
    • Hardware
    • Services
  • Market By Region
    • North America
      • U.S.
      • Rest of North America
    • Europe
      • France
      • The UK
      • Spain
      • Germany
      • Italy
      • Rest of Europe
    • Asia Pacific
      • China
      • Japan
      • India
      • Southeast Asia
      • Rest of Asia Pacific
    • Middle East and Africa
      • GCC Countries
      • Southern Africa
      • Rest of Middle East and Africa
    • Latin America
      • Brazil
      • Rest of Latin America
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