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Healthcare analytics global market is poised to reach around $20 billion predicts IQ4I Research and Consultancy Pvt. Ltd.
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O
2014
IQ4I Research & Consultancy Pvt. Ltd.
info@iq4i.com
www.iq4i.com
Healthcare Analytics Global Market
[TOOL TYPE (Descriptive, Predictive and Prescriptive Analytics), APPLICATION (Clinical Data Analytics, Financial Analytics, Administrative Analytics, Research Analytics and Others), COMPONENTS (Hardware, Software, Services and Others), DELIVERY MODE (On-premise model, Web-hosted model, Cloud-based model and Others), VENDORS (Cross Industry, Healthcare Analytics specific and EMR & HER Vendors), END USERS (Payers, Providers, Healthcare Information Exchange and Others (ACO’s, IDN’s and Employers), GEOGRAPHY (North America, Europe, Asia-Pacific and Rest of the World)]
– Forecast to 2020
Copyright © 2014 IQ4I
All Rights Reserved. This document contains highly confidential
information and is the sole property of IQ4I. No part of it may be
circulated, copied, quoted, or otherwise reproduced without the
approval of IQ4I.
IQ4I Research & Consultancy Pvt. Ltd. Page 2
Healthcare Analytics Global Market
–Forecast to 2020
Table of Contents
1 Executive summary
2 Introduction
2.1 Key take aways
2.2 Report description
2.3 Markets covered
2.4 Stakeholders
2.5 Research Methodology
2.5.1 Market Size estimation
2.5.2 Market crack down & data triangulation
2.5.3 Secondary Research Resources
2.5.4 Primary Research Resources
2.5.5 Assumptions
3
Market Analysis
3.1 Introduction
3.2 Market segmentation
3.3 Factors Influencing Market
3.3.1 Drivers and Opportunities
3.3.1.1 Federal Healthcare Mandates
3.3.1.2
Emergence of Big Data and advancements in analytical technologies
3.3.1.3
Rising incidence of ageing population and pervasiveness of chronic and infectious diseases
3.3.1.4
Preference for paperless environment propels growth
3.3.1.5 Increasing role of social media in healthcare delivery
3.3.1.6 Digitalization of world commerce
3.3.1.7 Return of investments (ROI) in business analytics
3.3.1.8
Urge for effective usage of patient data in healthcare enterprises
3.3.1.9
Defensive medicine practices and personalized medicine usage
3.3.1.10
Novel approach towards new treatment and advanced technologies
IQ4I Research & Consultancy Pvt. Ltd. Page 3
Healthcare Analytics Global Market
–Forecast to 2020
3.3.2 Restraints and Threats
3.3.2.1 Shortage of Clinicians and Specialists
3.3.2.2 Lack of patient data confidentiality and transparency
3.3.2.3 Barrier to IT adoption
3.3.2.4 Functional gap between payers and providers
3.3.2.5 Increase in governmental regulation
3.3.2.6 Reimbursement issues
3.3.2.7 Increasing cost of implementing analytics
3.3.3 Benefits
3.3.3.1 Ease of Big Data Management
3.3.3.2 Emergency care & Anticipatory care
3.3.3.3 Transformation from volume-based to value-based business
3.3.3.4 Fraud detection
3.3.4 Burning issues
3.3.4.1 New market entrants with intensified competition
3.3.4.2 EHR adoption
3.3.4.3 Lack of Interoperability
3.3.4.4 Advancement in smartphones and tablets
3.3.4.5 Real-time market bidding
3.3.5 Winning strategies
3.3.5.1
Managing abundant data and inadequate knowledge about the data usage
3.4 Porter's five force analysis
3.5 Regulatory affairs
3.6 Market Share Analysis by Major players
3.6.1 Introduction
3.6.2 Cross-Industry Vendors
3.6.3 Healthcare Specific Vendors
3.6.4 EMR Vendors
3.7 Venture capital investments
3.8 Product life cycle analysis
4 Healthcare Analytics Market, By Type
4.1 Introduction
4.2 Descriptive Analytics
4.3 Predictive Analytics
4.4 Prescriptive Analytics
IQ4I Research & Consultancy Pvt. Ltd. Page 4
Healthcare Analytics Global Market
–Forecast to 2020
5 Healthcare Analytics Market, By Application
5.1 Introduction
5.2 Clinical Data Analytics
5.2.1 Quality Care
5.2.2 Medical Error Reduction
5.2.3 Physician Performance Evaluation
5.2.4 Customer Relationship Management
5.3 Financial Analytics
5.3.1 Claims Analytics
5.3.2 Revenue Cycle Analytics
5.3.3 Risk Analytics
5.4 Administrative Analytics
5.4.1 Supply Chain Analytics
5.4.2 Workforce Analytics
5.4.3 Strategic Analytics
5.5 Research Analytics
5.6 Others
6 Healthcare Analytics Market, By Component
6.1 Introduction
6.2 Hardware
6.3 Software
6.4 Services
6.5 Others
7 Healthcare Analytics, By Delivery Mode
7.1 Introduction
7.2 On-premise model
7.3 Web-hosted model
7.4 Cloud-based model
7.5 Others
8 Healthcare Analytics, By End-User
8.1 Introduction
8.2 Healthcare
8.2.1 Payers
8.2.2 Providers
8.2.3 Healthcare Information Exchanges (HIES)
8.3 Others (ACOs, IDNs, Employers)
9 Geographical Analysis
9.1 Introduction
9.2 North America
IQ4I Research & Consultancy Pvt. Ltd. Page 5
Healthcare Analytics Global Market
–Forecast to 2020
9.4 Europe
9.5 Asia
9.6 Rest of the World
10 Company Developments
10.1 Introduction
10.2 New Product Launch
10.3 Agreements, Partnerships, Collaborations & Contracts
10.4 Mergers & Acquisitions
10.5 Expansions
10.6 Approvals
11 Major Companies
11.1 Cerner Corporation
11.2 Information Builders
11.3 IBM Corporation
11.4 Truven Health Analytics
11.5 McKesson Corporation
11.6 MedeAnalytics, Inc.
11.7 Oracle Corporation
11.8 Optum, Inc.
11.9 Allscripts Healthcare Solutions, Inc.
11.10 Epic
IQ4I Research & Consultancy Pvt. Ltd. Page 6
Healthcare Analytics Global Market
–Forecast to 2020
1.1 REPORT DESCRIPTION
The healthcare analytics global market is estimated to be $XX billion in 2013 and is expected to
grow at a CAGR of XX% to reach approximately $20 billion by 2020. The analytics assist the
healthcare organizations in reducing the hospitals stays of patients, meeting regulatory
compliance, enhanced quality care, prevention of chronic diseases, and fraud detection. Global
healthcare analytics market is segmented into types, applications, components, delivery modes,
and end users. By types the market is further alienated into descriptive, predictive and
prescriptive analytics. Components market is alienated into hardware, software and services.
Mode of delivery is classified into on-promise, web-hosted and cloud-based models. Depending
on the end users, the healthcare analytics market is alienated into healthcare and others.
This report studies the global healthcare analytics market over the forecast period 2014 to 2020.
The market is expected to grow at a CAGR of more than XX% during the forecast period.
Factors such as increasing healthcare IT adoption, centralized healthcare mandates across the
globe, emerging fields of predictive, prescriptive analytics and venture capital investments are
driving the market growth. In addition, the digitization of world commerce, the emergence of big
data, and increase in the number of advanced technologies are providing the growth
opportunities. On the other hand, some factors such as lack of skilled labor with analytical skills,
data securing, and patient data privacy are hampering the growth of the market.
North America accounts for the largest share of the healthcare analytics market driven by the
U.S. centralized healthcare mandates such as Meaningful Use, ICD-10 implementation, and
The Patient Protection and Affordable Care Act (PPACA). These initiatives assist to improve the
acceptance of Electronic Health Records (EHRs) and Healthcare Information Exchange (HIE),
thus improving the usage of analytics to influence the generated data. The European market is
expected to be the second largest market, growing at a lower rate mainly due to the economic
crisis. The Asian market is fairly new to medical analytics, however, the increasing IT skills,
outsourcing trend and healthcare IT adoption will force this market to grow. Among the Rest of
the world regions Middle East and North African regions are found to be the strongly emerging
lead by the favorable investments in the healthcare IT sector.
The healthcare analytics market is a fragmented market with key players such as IBM
Corporation (U.S.), Truven Health Analytics, Inc. (U.S.), Oracle Corporation (U.S.), Optum, Inc.
(U.S.), McKesson Corporation (U.S.), SAS Institute, Inc. (U.S.), LexisNexis Risk Solutions
(U.S.), Inovalon, Inc. (U.S.), Verisk Health, Inc. (U.S.), Predixion Software (U.S.), iHealth
Analytics, Inc. (U.S.), Predilytics (U.S.), MedeAnalytics, Inc. (U.S.), and Cerner Corporation
(U.S.) along with others.
IQ4I Research & Consultancy Pvt. Ltd. Page 7
Healthcare Analytics Global Market
–Forecast to 2020
The report provides an in depth market analysis of the above mentioned segments across the
North America, Europe, Asia-Pacific and Rest of the World.
1.2 MARKET SEGMENTATION
FIGURE 1
HEALTHCARE ANALYTICS MARKET: MARKET SEGMENTATION
Source: Annual/Financial Reports, SEC Filings, Investor/Corporate presentations, American Health Information
Management Association (AHIMA), Canadian Healthcare Association (CHA), Health Care Anti-
fraud Association (CHCAA), Centers for Medicare & Medicaid Services (CMS), OECD, WHO, and Industry Expert
Interviews
Healthcare Analytics By Region
Global Healthcare Analytics Market
Healthcare Analytics By Type
Payers
Providers
HIE
Others
North America
Europe
Asia-Pacific
RoW
On-premise
model
Web-hosted
model
Cloud-based
model
Descriptive
Analytics
Predictive
Analytics
Prescriptive
Analytics
Clinical Data
Analytics
Financial/Revenu
e Analytics
Operational
Analytics
Hardware
Software
Services
Healthcare Analytics By End User
Healthcare Analytics By Component
Healthcare Analytics By Application
Healthcare Analytics By Delivery Mode
Research
Analytics
Others
Others Others
IQ4I Research & Consultancy Pvt. Ltd. Page 8
Healthcare Analytics Global Market
–Forecast to 2020
1.3 RESEARCH METHODOLOGY
FIGURE 2
HEALTHCARE ANALYTICS MARKET: RESEARCH APPROACH
Source: Annual/Financial Reports, SEC Filings, Investor/Corporate presentations, American Health Information
Management Association (AHIMA), Canadian Healthcare Association (CHA), Health Care Anti-
fraud Association (CHCAA), Centers for Medicare & Medicaid Services (CMS), OECD, WHO, and Industry Expert
Interviews
1.3.1 MARKET SIZE EST IMATION
The global healthcare analytics market size, its different segments and sub-segments is
analyzed using both top-down and bottom-up approaches. The market size and revenue
calculated using research methodology involves primary and secondary research of major
players in the market, factors influencing the market, market segmentation and geographical
market scenario.
• Bottom-up and Top-down approach
• Data triangulation
• Qualitative & Quantitative analysis
• Healthcare Analytics market segmentation
• Market size, CAGR and market trends validation
• Market size of sub segments and market shares of major players
• Upcoming trends and technological advancements in types,
applications and end users
• Validation of factors influencing market and regional market shares
• Technical information of Healthcare Analytic tools and components
• Strategic insights, financial revenues and competitive intelligence of
Key players
• Types, end users, and applications of healthcare analytics
• Market trends and growth scenario of sub markets and parent market
Market
Breakdown
Primary
Research
Secondary
Research
IQ4I Research & Consultancy Pvt. Ltd. Page 9
Healthcare Analytics Global Market
–Forecast to 2020
Secondary research of major players include the study of their annual and financial reports,
press release while primary research involves interviews from the supply side (CEOs, directors,
strategic growth managers, international/regional marketing managers, and marketing
executives) and the demand side (reference laboratory heads, hospitals, and purchase
managers).
Primary and secondary sources helped in verification of percentage shares, splits, and
breakdowns. This data is consolidated with detailed inputs and presented in this report.
FIGURE 3
HEALTHCARE ANALYTICS MARKET: TOP-DOWN AND BOTTOM-UP
APPROACH
Source: Annual/Financial Reports, SEC Filings, Investor/Corporate presentations, American Health Information
Management Association (AHIMA), Canadian Healthcare Association (CHA), Health Care Anti-
fraud Association (CHCAA), Centers for Medicare & Medicaid Services (CMS), OECD, WHO, and Industry Expert
Interviews
Global Healthcare IT
market
Market share of EHR, EMR, Healthcare
Analytical tools and Service providers
Regional market shares
Market share of sub
segments in regional markets
Sub segments
market size and
CAGR
Overall
market size and CAGR
Market share of the players in
the overall Healthcare AnalyticsMarket and sub markets
Top players revenue IBM Corporation (U.S.),
Truven Health Analytics, Inc. (U.S.), Oracle Corporation (U.S.), Optum, Inc. (U.S.),
McKesson Corporation (U.S.),
MedeAnalytics, Inc. (U.S.), and Cerner Corporation (U.S.)
Global Healthcare IT integration
market
IQ4I Research & Consultancy Pvt. Ltd. Page 10
Healthcare Analytics Global Market
–Forecast to 2020
FIGURE 4
HEALTHCARE ANALYTICS MARKET: FORECASTING MODEL
Source: Annual/Financial Reports, SEC Filings, Investor/Corporate presentations, American Health Information
Management Association (AHIMA), Canadian Healthcare Association (CHA), Health Care Anti-
fraud Association (CHCAA), Centers for Medicare & Medicaid Services (CMS), OECD, WHO, and Industry Expert
Interviews
Historical Data
and trends of
Healthcare AnalyticsMarket
Evolution
Company
developmentsApplications
Download Pattern
Regulatory
Landscape
Factors Influencing
Market Growth Market Opportunities
• Defensive medicine
practices and personalized
medicine usage
• Novel approach towards
new technologies
Agreements & Joint
ventures Contributed for
XX%.
New product launch
Contributed for XX %
Technology
Evolution
Supply chain
trendAdoption pattern Regulations
Market ShareValue and volume
analysis
Geographical
Usage
Market Penetration
• Digitalization of world
commerce
• Urge for effective usage of
patient data in healthcare
enterprises
Market Restraints
• Shortage of Clinicians and
Specialists
• Lack of patient data
confidentiality and
transparency
Investments
In May 2014, XX completed
the acquisition of XX a leading
healthcare analytics service
provider in U.S.
Market Drivers
• Federal Healthcare Mandates
• Emergence of Big Data and
advancements in analytical
technologies
• Quick Return of investments
(ROI) in business analytics
.
Historical Market Data
Impact Analysis of Market
Trends
Market Size & Forecast by
Types
Market Size & Forecast by
Applications & End Users
Global Healthcare
Analytics Market Size,
Segmental share and
CAGR from 2014-2020
Market Trend and
Growth Forecasting
IQ4I Research & Consultancy Pvt. Ltd. Page 11
Healthcare Analytics Global Market
–Forecast to 2020
1.3.2 MARKET BREAKDOWN & DATA TRIANGULATION
FIGURE 5
HEALTHCARE ANALYTICS MARKET: MARKET BREAKDOWN & DATA
TRIANGULATION
Source: Annual/Financial Reports, SEC Filings, Investor/Corporate presentations, American Health Information
Management Association (AHIMA), Canadian Healthcare Association (CHA), Health Care Anti-
fraud Association (CHCAA), Centers for Medicare & Medicaid Services (CMS), OECD, WHO, and Industry Expert
Interviews
Demand & Supply
side
Payers, Providers,
Healthcare Institutions,
Major software and
service providers
Market share of Healthcare
Analytics Market in Global
HCIT market
Top -down
Primary
Research
Bottom -up
Secondary
Research
Healthcare Analytics
Market
(~ Bn)
(2013)
•Financial/Annual reports
•Investor Presentations
•SEC filings
•Scientific Journals
•Organizations/
Associations & Groups
Major player analysis
of key players: IBM
Corporation, Truven
Health Analytics, Inc.,
Oracle Corporation,
Optum, Inc.
IQ4I Research & Consultancy Pvt. Ltd. Page 12
Healthcare Analytics Global Market
–Forecast to 2020
2 EXECUTIVE SUMMARY `
FIGURE 6
GLOBAL HEALTHCARE ANALYTICS MARKET SHARE,
BY GEOGRAPHY (2013)
Source: Annual/Financial Reports, SEC Filings, Investor/Corporate presentations, American Health Information
Management Association (AHIMA), Canadian Healthcare Association (CHA), Health Care Anti-
fraud Association (CHCAA), Centers for Medicare & Medicaid Services (CMS), OECD, WHO, and Industry Expert
Interviews
Market Share (2013) %
North AmericaEurope
Asia
RoW
2%
3%
4%
5%
6%
7%
8%
9%
10%
0% 20% 40% 60% 80% 100%
CA
GR
% (
2012
–20
20)
IQ4I Research & Consultancy Pvt. Ltd. Page 13
Healthcare Analytics Global Market
–Forecast to 2020
TABLE 1
GLOBAL HEALTHCARE ANALYTICS MARKET REVENUE,
BY GEOGRAPHY, (2012-2020) ($MN)
Region 2012 2013 2014 2020 CAGR%
(2014-2020)
North America XX XX XX XX XX
Europe XX XX XX XX XX
Asia-Pacific XX XX XX XX XX
RoW XX XX XX XX XX
Total XX XX XX XX XX
Source: Annual/Financial Reports, SEC Filings, Investor/Corporate presentations, American Health Information
Management Association (AHIMA), Canadian Healthcare Association (CHA), Health Care Anti-
fraud Association (CHCAA), Centers for Medicare & Medicaid Services (CMS), OECD, WHO, and Industry Expert
Interviews
TABLE 2
GLOBAL HEALTHCARE ANALYTICS MARKET REVENUE,
BY TOOL TYPE (2012-2020) ($MN)
Type 2012 2013 2014 2020 CAGR %
(2014-2020)
Descriptive Analytics XX XX XX XX XX
Predictive Analytics XX XX XX XX XX
Prescriptive Analytics XX XX XX XX XX
Total XX XX XX XX XX
Source: Annual/Financial Reports, SEC Filings, Investor/Corporate presentations, American Health Information
Management Association (AHIMA), Canadian Healthcare Association (CHA), Health Care Anti-
fraud Association (CHCAA), Centers for Medicare & Medicaid Services (CMS), OECD, WHO, and Industry Expert
Interviews
IQ4I Research & Consultancy Pvt. Ltd. Page 14
Healthcare Analytics Global Market
–Forecast to 2020
TABLE 3
GLOBAL HEALTHCARE ANALYTICS MARKET REVENUE,
BY APPLICATION (2012-2020) ($MN)
Application 2012 2013 2014 2020 CAGR %
(2014-2020)
Clinical Data Analytics XX XX XX XX XX
Financial Analytics XX XX XX XX XX
Operational Analytics XX XX XX XX XX
Research Analytics XX XX XX XX XX
Others XX XX XX XX XX
Total XX XX XX XX XX
Source: Annual/Financial Reports, SEC Filings, Investor/Corporate presentations, American Health Information
Management Association (AHIMA), Canadian Healthcare Association (CHA), Health Care Anti-
fraud Association (CHCAA), Centers for Medicare & Medicaid Services (CMS), OECD, WHO, and Industry Expert
Interviews
IQ4I Research & Consultancy Pvt. Ltd. Page 15
Healthcare Analytics Global Market
–Forecast to 2020
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