Jun 9th, 2014 · Comments Off
We exist in the Universe, that is data-driven, where thousands of records, messages, pictures and opinions are composed through abundant sources. Analytics can convert these facts into actionable insights, process improvements and predictive approaches, which would dramatically influence the attainment of a health care system.
Healthcare Analytics systems disclose and comprehend chronological patterns of statistics to forecast and deliver actionable insights to improve clinical, financial, and operational performance of healthcare establishments. The outcomes reveal best suited treatments, disease patterns, patients at high risk, fraudulent claims, and the performance of private physicians.
Segmentation in Healthcare Analytics Market
The marketplace is segmented based on Products, Applications, Components, Delivery Modes, End Users, and Geography. On the foundation of product type, the market is split into descriptive, predictive, and prescriptive analytics. The market, by component, is then separated into hardware, software, and services. Established in the mode of delivery, the securities industry is classified into on-premise models, web-hosted model, and cloud-based models. Based on end users, the market is segmented into health care and others. The health care segment is further divided into payers, providers, Health Information Exchanges (HIEs), and others. Based on geography, the market is classified in the U.S., U.K., Europe, Asia, and the Rest of the World (RoW). It cuts through several facets of the healthcare analytics market such as market size, market share for each segment, and the drivers and inhibitors of this marketplace.
Drivers and Future
The marketplace is driven by various factors such as federal health care mandates, benefits associated with the utilization of analytics (such as improved patient results, physician performance evaluation, quality care, and fraud detection and bar), technological advancements, increasing Healthcare Information Technology adoption, and venture capital investments.
Our forecasting reveals that this market would experience a double – digit growth, it is because of the various benefits healthcare industries perceives in adopting analytics:
- Integration of health and wellness through care management results
- Advance pronouncements about when and how to care for
- Improved revenue management cycle
- Better consumer commitment, health, and supervision tools
- Clinical analytics integrated with health management
- Consolidation of health supervision tools with communications tools, workflows, and analytics
- Clinical decision support organization
- Claims data analysis for fraud etc.
These are a few factors which probably increased the adoption rate of analytics in the healthcare sector, but, lack of manpower with techno - functional expertise, information passing and data breaches are a few elements, which can hamper the development of this marketplace.
The worldwide market is evaluated at an estimated $4,803 million in 2014 and is anticipated to reach $10670.6 million by 2018, at a CAGR of 22.08% from 2014 to 2018. Development is primarily driven by Predictive Analytics and Prescriptive Analytics in the US and Asia. The major opportunities in the securities industry are valued-based medical specialty and individualized medicine.