Global healthcare analytics/medical analytics market estimated to reach USD24.55 billion by 2021
The healthcare analytics market in 2016 was valued at USD7.39 billion and is expected to grow with a CAGR of 27% to reach USD24.55 billion by 2021. Factors driving the medical analytics market include increasing adoption of electronic health records, rising pressure to curb healthcare spending and need for improved patient outcomes.
The availability of big data in healthcare, rise in venture capital investments and technological advancements are other factors aiding in the market growth. Descriptive analytics accounted for the largest market share in 2016. The clinical analytics segment is expected to grow at the highest CAGR during the forecast period primarily attributed to growing adoption of analytics to curb healthcare costs.
There has been an increasing focus on personalized medicine-based analytics by healthcare providers. Factors such as dearth of skilled personnel, high cost of analytics solutions and operational gaps between payers and providers are some factors restraining the market growth. The market is witnessing an increasing focus on value-based medicine, social media and patient registries.
However, certain challenges including patient data confidentiality, inaccurate and inconsistent data and reluctance to adopt healthcare analytics in emerging countries prevail in the market.
Key market players include Allscripts Healthcare Solutions, Cerner Corporation, Health Catalyst, IBM Corporation, Inovalon Holdings, Mckesson Corporation, Medeanalytics, Optum (Part of Unitedhealth Group), Oracle Corporation, SAS Institute and Verisk Analytics.