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IQ4I Research & Consultancy Published a New Report on “Healthcare Analytics Global Market"
IQ4I Estimates The global Healthcare Analytics market to reach $20.8 billion by 2020
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The global Healthcare Analytics market is expected to reach $20.8 billion by 2020 and is mainly driven by factors such as federal healthcare mandates, emergence of big data and advancements in analytical technologies, rising incidence of aging population and pervasiveness of chronic and infectious diseases, preference for paperless environment propels growth, digitization of world. However, few factors such as lack of skilled labor with analytical skills, lack of patient data confidentiality and transparency, functional gap between payers and providers, increase in governmental regulation, and reimbursement issues are hampering the market growth.
In 2013, North America accounted for the largest share of 58.5% in 2013 and also registered the highest CAGR during the forecast period. Rest of the world regions such as Middle East and North/South African countries are also expected to grow at a strong CAGR from 2014 to 2020. The majority of the growth is driven by the factors such as government funding, technological standards, rising healthcare awareness/standards, extending social health insurance, and medical tourism. For instance, South Africa approximately spent $1.7 billion extra in the recent years in order to enhance the quality care.
Cerner Corporation (U.S.) is the largest player in the Healthcare Analytics market, followed by McKesson Corporation (U.S.) and Epic (U.S.). The Healthcare Analytics market is consolidated, with major players accounting for more than 80% market share in 2013. Top ten major players are Cerner Corporation (U.S.), McKesson Corporation (U.S.), Epic (U.S.), IBM Corporation (U.S.), Optum (U.S.), Oracle (U.S.), Allscripts (U.S.), MedeAnalytics (U.S.), Truven Analytics (U.S.), and Information Builders, Inc. (U.S.).