Fueled by federal mandates, the emergence of big data, aging populations, and the pervasiveness of chronic diseases, the global healthcare analytics market is expected to reach $20.8 billion by 2020, according to IQ4I Research & Consultancy.
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, concludes the research firm.
Last year, North America accounted for the largest share of the healthcare analytics market with 58.5 percent and also registered the highest compound annual growth rate (CAGR) during the firms 2014-2020 forecast period. Regions such as Middle East and North/South African countries are also expected to grow at a strong CAGR during that timeframe.
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, according to IQ4I.
The healthcare analytics market is consolidated with major vendors accounting for more than 80 percent of the market share, the firm finds. The top 10 companies in the healthcare analytics marketall U.S.-based corporationsare Cerner, McKesson, Epic, IBM, Optum, Oracle, Allscripts, MedeAnalytics, Truven Analytics, and Information Builders.
Boding well for these vendors is a new survey of senior information technology executives at some of the largest U.S. health systems which found that analytics ranked highest in terms of their respective IT priorities. In the survey, 54 percent of respondents rated analytics as their top IT priority, followed by investments in population health initiatives (42 percent), ICD-10 (30 percent), accountable care/shared risk initiatives (29 percent), and consolidation-related investments (11 percent).
And, more than 90 percent of respondentsall members of the College of Healthcare Information Management Executivesindicated that analytics will be extremely important or very important to their organization within the next 1-3 years.
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