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Healthcare Clinical Analytics Market Segmented Stand-alone, Integrated Platform with On-Premise, Cloud-based Deployment in In-House, Outsourced Solution
The global market for healthcare analytics is witnessing a high adoption rate with the introduction of digitization in the healthcare sector. The use of advanced technologies such as Big data in the healthcare domain is aiding the medical practitioners in obtaining a vast amount of useful medical data and records with these analytics platforms.
Cost-effectiveness and enhanced decision-making based on the available data is highly valued in the market. Advanced analytical and mathematical tools are employed by healthcare providers to obtain a high level of patient outcome data. Industry leaders are increasingly using these analytics tools to curtail the vast spending on healthcare.
The global market can be broadly segmented into types that are stand-alone and integrated where the stand-alone type is expected to capture a major market share. Hospitals are projected to be the most prominent end-users in the coming years owing to the high footfall of patients. Other end-users including clinics, insurance companies, and government players are also expected to contribute substantial revenue in the market.Prominent market players are leveraging advanced technologies to develop highly sophisticated and effective tools. Established players profiled in the healthcare clinical analytics market are Hewlett Packard Enterprise Company, IBM Corporation, Allscripts Healthcare Solutions, CareCloud Corporation, McKesson Corp., and Oracle Corp.
The global healthcare clinical analytics market is thriving all over the world due to the high adoption rates of healthcare records that are electronic in nature and can be stored digitally. Also, there is an increasing pressure to curtail healthcare spending and need for better and efficient patient outcomes. All of this is leading to the use of big data in the healthcare arena, where such records can be effectively analyzed and conclusions can be drawn on the basis of such vast amount of data.
Healthcare clinical analytics enables the implementation of the value-based care. With the help of this technology, healthcare providers can use data-driven decision making that enables them to improve the efficiency of their decision making process, removes costs that are preventable and streamlines the entire system. There is a major transition going in the healthcare infrastructure where patient outcome data was confined to manual forms and databases which is now rapidly changing and presently clinical data is available in digital form in order to make the entire system transparent and streamlined.
Due to this digitally available healthcare information, highly progressive statistical, analytical and mathematical tools can be employed to garner high value information.
According to the assessment of Persistence Market Research, the global healthcare clinical analytics market is forecasted to reach a figure of about US$ 28,000 Mn in 2022 and is poised to exhibit a robust CAGR in the period of assessment.
The market in North America is set to dominate the global healthcare clinical analytics market in terms of value and this trend is projected to sustain itself throughout the assessment period. North America healthcare clinical analytics market is the most attractive market, growing at a robust CAGR over the forecast period.
According to the projections of Persistence Market Research, the stand-alone platform type segment is expected to reach a value of about US$ 9,000 Mn in the year 2022. This signifies a robust CAGR during the forecast period of 2017-2022. The stand-alone platform type segment is estimated to account for more than one-third of the revenue share of the platform segment by the end of the year 2017 and is expected to lose in market share by 2022 over 2017.
According to the assessment of Persistence Market Research, the hospitals segment is poised to touch a figure of about US$ 10,500 Mn in the year 2022. This signifies a CAGR of more than 10% during the assessment period from 2017 till the year 2022. The hospitals segment is estimated to account for nearly half of the revenue share of the end-user segment by the end of the year 2017 and is projected to lose market share by 2022 over 2017.
The report also profiles companies that are expected to remain active in the expansion of global healthcare clinical analytics market through 2022, which include IBM Corporation, Cerner Corp., McKesson Corp., Allscripts Healthcare Solutions, Inc., Oracle Corp., Optum Inc., Medical Information Technology Inc., Hewlett Packard Enterprise Company, Qsi Management Llc and CareCloud Corporation.