Increasing need to reduce healthcare expenditure, including cost associated with medical product flaws and hospital workflow inefficiencies, is anticipated to increase the usage of big data in the healthcare sector.

The digitalization of healthcare data is also one of the primary drivers of healthcare analytics. According to Intel, approximately more than 80.0% of the healthcare organizations in the U.S. have adopted Electronic Medical Records (EMR) systems. These systems collect a lot of data, which can be analyzed using various types of healthcare analytics to develop personalized medicine.

Advanced methods such as predictive analytics are widely used in government organizations such as healthcare financing systems primarily to avoid frauds in payments. For instance, in 2011, the Centers of Medicare and Medicaid Services (CMS) reported that under its Fraud Prevention System (FPS), predictive analytics helped in saving USD 1.5 billion through improper payments. Moreover, the CMS is developing next generation predictive analytics, which is expected to boost the usage of predictive analytics.

Key Market Trends

Financial Data Analytics Segment Expected to Dominate the Market in the Forecast Years

By application, the market has been segmented into clinical, financial, administrative, and research data analytics. The Financial Data Analytics segment is expected to register significant growth during the forecast period due to the technologically advanced solutions by healthcare providers and increased focus of payers on the early detection of fraud and reducing preventable costs.

North America is expected to dominate the Healthcare Descriptive Analysis Market

North America is expected to dominate the market followed by Europe. Factors, such as growing federal healthcare mandates to curb rising healthcare costs and provide quality care; increasing regulatory requirements; growing EHR adoption; and rising government initiatives focusing on personalized medicine, population health management, and value-based reimbursements are expected to drive market growth in North America.

Competitive Landscape

The Healthcare Descriptive Analysis market is moderately competitive and many of the global players are into the market. For instance - IBM, Inovalon, Cerner Corporation, Oracle Corporation, McKesson Corporation, MedeAnalytics, Inc., Optum, Inc., Allscripts Healthcare Solutions, Inc., etc. are providing healthcare descriptive analysis products across the globe.

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