The North America Healthcare analytics market is which is currently validated to be a USD 3.13 Billion market in 2019 and is set to reach USD 11.4 Billion by 2024 with an annual growth rate of 29.54% during the forecast period 2019-2024.
Analytics in healthcare is an evidence-based approach to collecting the data and analyzing it to depict patterns and trends in healthcare for improvised and effective interventions. The usage of IT in the healthcare sector has been exponentially increasing over the previous year’s aiding the growth of the healthcare analytics market, which uses the chronological data in estimating the future trends, evaluate the decisions and to measure the performance that helps in improving business process and outcomes.
This analysis helps in improving the accuracy, service delivery of health system and efficiency with increased quality patients care and clinical outcomes laterally to the reduced cost and hospital readmission. It has also helped to tack a number of challenges in the healthcare industry where health insurance companies, resource crunches, regulatory pressure on healthcare providers, identification of population at risk amidst the global pandemics.
With the Integration of healthcare mandates around the world, there is an emergence of big data, increasing adaptation of IT in the healthcare sector, emerging fields of prescriptive, predictive analytics, the digitization of world commerce, and the capital investments are powering the growth of this market sector. Security issues, breach of confidential information, technological and cultural hurdles at the data source point, and low skilled workforce is causing concerns among the individuals and may confine the growth of this market across the globe. In addition, in creating an analytics network, it has to overcome barriers regarding fragmented political and economic relations among the countries that may also act as a major factor hindering the market growth.
The healthcare providers segment among the end-users is predicted to grow at the highest CAGR during the forecast period. Federal mandates for the implementation of EHRs and ICD-10 code sets swing towards value-based medicine and also, the increased focus on reduced costs and quality care are excelling the growth of this segment.
North America Healthcare Analytics Market segmented and sub-segmented into the following categories:
By Type: predictive, prescriptive analytics and descriptive/retrospective.
By Application: Financial, Clinical, and Operational & Administrative Analytics.
By End Users: public health systems, private healthcare providers, healthcare providers, Monitoring agencies, Health Insurance companies, Clinical and Medical research bodies, technology vendors.
By Country: the US and Canada.
North America currently has the largest share of XX% of the global market in 2015 and is estimated to dominate the market during the forecast period, owing to the federal mandates reassuring Healthcare IT acceptance in this region.
Keyplayers of the North America Healthcare Analytics Market Profiled in the Report are:
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3.1 Executive Summary
3.2 Key Inferences
3.3 New Developments
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 By Type
5.1.1 Predictive Analytics
5.1.2 Descriptive/Restrospective Analytics
5.1.3 Prescreptive Analytics
5.2 By Application
5.2.1 Financial Analytics
5.2.2 Clinical Analytics
5.2.3 Operational & Administrative Analytics
5.3 By End-user
5.3.1 Public Health Systems
5.3.2 Healthcare Providers
5.3.3 Private Healthcare Providers
5.3.4 Monitoring Agencies
5.3.5 Health Insurance Companies
5.3.6 Clinical and Medical Research Bodies
5.3.7 Technology Vendors
6. Geographical Analysis
6.2 United States
7.1 PESTLE analysis
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8.Market Leaders' Analysis
8.1.2 Product Analysis
8.1.3 Strategic Evaluation and Operations
8.1.4 Financial analysis
8.1.5 Legal issues
8.1.6 Recent Developments
8.1.7 SWOT analysis
8.1.8 Analyst View
8.2 SAS Institute Inc
8.3 Optum Inc.
8.4 IBM Corporation
8.5 Truven Health Analytics Inc.
8.6 Cerner Corporation
8.7 Verisk Analytics Inc.
8.8 Allscripts Health Solutions
8.9 Oracle Corporation
8.10 MedeAnalytics Inovalon Inc.
8.11 Health Catalyst
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10.1 Market Outlook
10.2 Investment Opportunities
a) List of Tables
b) List of Figures