Market Revenue Healthcare Analytics Market Industry Revenue | Page 2

Real-time data tracking, avoidance of complex physical ecosystem and remote access to data are the benefits
associated with cloud-based systems. The application segment includes clinical, operational & administrative,
financial and others. The “operational & administrative” services dominated the large market share in 2015.
This can be attributed to their wide applications encompassing supply chain management, strategic analytics
and workforce. However, the “financial” application is expected to hold the largest market share over the
forecast period due to their growing adoption in private as well as government health settings.
The factors that play an important role in the growth of healthcare analytics market include increasing demand,
growing population, increasing urbanization & industrialization, growing digitalization of healthcare data,
increasing government initiatives to increase EHR (Electronic Health Records) adoption, availability of big data
in healthcare, growing pressure to curb healthcare costs, rising focus on improving patient outcomes, increasing
venture capital investments, technological advancements and stringent government rules & regulations.
However, issues related to data integrity & safety, lack of skilled IT professionals and the other high pricing are
negatively impacting the growth of healthcare analytics industry.
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The market is widely analyzed based on different regional factors such as gross domestic product (GDP),
demographics, acceptance, inflation rate and others. The market is categorized based on type, component,
application, delivery mode, end-use and geography. The market is classified into component such as hardware,
software and services. The “services” segment held the large share in 2015 and is anticipated to grow at a high
CAGR in the next couple of years. Outsourcing of big data services is projected to dominate the service segment.
North America is anticipated to hold the largest market share in the upcoming period due to growing demand
to reduce rising healthcare costs, increasing cases of payment frauds, high per capita healthcare cost. However,
Asia Pacific is expected to witness high market share during the forecast period owing to the increasing
government initiatives to improve the medical infrastructure, growing population and promote economic
growth.
The key players contributing to the robust development of the healthcare analytics market include IBM
Corporation, SAS Institute Inc., Oracle Corporation, Allscripts Healthcare Solutions Inc., Cerner Corporation,
MEDai Inc., Optum Health Inc., MedeAnalytics, Wipro, CitusTech, Verscend, VitreosHealth, SCIO Health and
Verisk Analytics Inc.These market players are focusing on inorganic growth to sustain themselves amidst fierce
competition. As such, mergers, acquisitions, and joint ventures are the need of the hour.
Market Segment: