LOS ANGELES, Nov. 13, 2019 (GLOBE NEWSWIRE/KOREA IT TIMES) -- The global healthcare analytics market is expected to grow at a CAGR of around 23.4% from 2019 to 2026 and reach the market value of around US$ 52.2Bn by 2026.
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North America region accounted for the largest share of the market in 2018 and is anticipated to maintain its dominance during the forecast period. This can be attributed to the high Electronic Health Record (EHR) adoption, supporting government initiatives for personalized medicine, value-based reimbursement, awareness about population health management, and presence of key industry leaders in the region. Increasing number of patient registries and big data emergence in healthcare are the other key factors for the dominance of the region in the market. Europe held the second largest share in the market. However, Asia Pacific is witnessing significant growth during the forecast period. This can be attributed to increasing awareness about healthcare analytics and rapid adoption to these solutions, investment by market players to enter in this region, and growing spending capability of payers and providers.
The financial analytics segment accounted for the largest share of the market in 2018 by application and is expected to maintain its dominance during the forecast period due to the high demand from broad range of healthcare settings. Based on the application of healthcare analytics, the market has been segmented into financial analytics, clinical analytics, population health analytics, and operational & administrative analytics. High focus of payers on reducing preventable cost and the early detection of frauds are the major reasons for the demand and dominance of the financial analytics segment in the market.
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Based on the type, the market has been segmented into descriptive, predictive, prescriptive, and cognitive. Descriptive held the largest share of the market in 2018. However, prescriptive is anticipated to observe the fastest growth during the forecast period.
The on-premise model emerged as the largest share of the market in 2018 based on the deployment model of the software. This can be attributed to ease of customization and cost effective model of on-premise. On-premise and on-demand are the key segments of the market based on the deployment mode. Cloud based model is anticipated to observe the fastest growth during the forecast period due to safe data storage.
Based on end-users, the market has been segmented into payers and others. Others segment includes providers such as hospitals, ambulatory settings, and post acute care organization; accountable care organizations, and third-party administrators. Payers segment accounted for the maximum share of the market in 2018. This can be attributed to increasing need of healthcare analytics solutions due to rising healthcare cost, increasing competition, to optimize provider network, to curb fraud claims, and growing need of increase membership.
Key operating players in the healthcare analytics market are Allscripts Health Solutions, Cerner Corporation, CitiusTech, Inc., Health Catalyst, IBM Corporation, Inovalon, Oracle Corporation, Optum, Inc., McKesson Corporation, MedeAnalytics, SAS Institute, Inc., Inc., SCIO Health Analytics, Verscend Technologies, Inc., VitreosHealth, and Wipro Limited. Mergers, acquisitions, and R&D investment have been the most adopted strategies by market players to enhance their footprints in the industry.
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Some of the key observations regarding healthcare analytics industry include:
- In September 2019, Indegene, a healthcare IT firm, acquired DT associates, a pharmaceutical consulting company that focuses on digital operations and customer experience. After acquisition, now Indegene can help their client end to end, from measuring current maturity of customer and digital excellence to designing of commercial models.
- In February 2019, WellSky acquired Health Care Software, Inc. With the HCS acquisition, WellSky expands its service portfolio to broader range of care settings. HCS serves broader range of care settings including inpatient rehab, long term care facilities, senior living, inpatient psychiatric, and long term acute care hospitals.
- In January 2019, Definitive Healthcare acquired data services business of HIMSS Analytics. The deal is likely to enhance Definitive Healthcare’s market intelligence abilities.
- In December 2018, Encoda LLC, a revenue cycle management (RCM) services provider, acquired RCM division of Paramus, Microwize Technology, Inc. With the acquisition, Encoda adds certified professional coders and experienced billing staff to company’s RCM team and enhance company’s geographical footprint.
- In August 2018, Verscend Technologies, Inc., a data based healthcare solutions provider, acquired Cotiviti Holdings, Inc. The addition of Cotoviti portfolio improved the Verscend Technologies capability to serve its client in the area of waste, and abuse management; payment accuracy; fraud, quality improvement and reimbursement; risk adjustment, and population health management.