Healthcare analytics market worth $21.3 billion by 2020

DALLAS, USA: The "Healthcare Analytics/Medical Analytics Market by Application (Clinical, Financial, & Operational), Type (Predictive, & Prescriptive), End-user (Payer, Provider, HIE, ACO), Delivery Mode (On-premise, Web, & Cloud) - Trends & Global Forecasts to 2020", analyzes and studies the major market drivers, restraints, and opportunities in the USA, Europe, Asia, and the Rest of the World.

This report studies the global Healthcare Analytics Market over the forecast period 2013 to 2020. The market is estimated at $4,430.9 million in 2013 and is expected to reach $21,346.4 million by 2020, growing at a CAGR of 25.2% from 2013 to 2020.

Analytics solutions help healthcare systems in regulatory compliance, reduction of hospital readmissions and hospitals stays, prediction and prevention of chronic diseases, quality care, claims processing, and fraud detection. Collectively, this helps the healthcare industry in reducing costs and providing quality care.

With the stringent regulations and initiatives being taken by the governments across the globe to reduce healthcare costs, analytics is increasingly being adopted by healthcare systems to serve this purpose and to gain a competitive edge. As of 2013, descriptive analytics holds a major market share. However, predictive analytics and prescriptive analytics are the highest growing areas during the forecast period.

Based on end users, the market growth will be mainly driven by healthcare providers, Healthcare Information Exchanges (HIEs), and accountable care organizations (ACOs) during the forecast period. Based on geography, US dominates the market. This largest share of the US in the Healthcare Analytics Market is mainly attributed to federal healthcare mandates such as Meaningful Use, ICD-10 implementation, and The Patient Protection and Affordable Care Act (PPACA).

These initiatives help to boost the adoption of electronic health records (EHRs) and Healthcare Information Exchange (HIE), thereby boosting the usage of analytics to leverage the generated data.