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Global Healthcare Descriptive Analytics Market

  • Id : RNR-140613
  • Category : Pharma Healthcare
  • Publish Date : July 2017
  • Pages : 185
  • Format : PDF
License Type

Description
The healthcare analytics technology, which extensively uses data for quantitative and qualitative analysis, is undergoing an industry transformation from volume-based medicines and reimbursement to value-based medicines and reimbursement.

Descriptive analytics can be defined as the ability to collect and analyze historical data and past events, including summaries of hospitalizations, number of disease cases, the length of stay in hospitals and list of used medicines and drugs to gain meaningful insights. Descriptive analytics provides a clear understanding of what has happened in the past and its visualization through key performance metrics or other data in the report or dashboard describing the current situation and past performance.

 Key Drivers

Some of the key driving factors for this market are:

Government interest in creating an integrated database of every patient by implementing policies like e-health record, e-medical record etc.

Emergence of personalized medicine where every patient or group of patient is treated differently based on their background or history

Need to increase efficiency of current medical practices to make healthcare accessible to all

Integration of big data in healthcare

Technological advancements

Expansion of healthcare IT

Restraints

The technology also has certain constraints to overcome, such as:

High cost of initial investments

Lack of properly trained IT professionals in healthcare

Healthcare providers' reluctance to share data with the third party (analytics firm).

Data integrity and safety concerns

Opportunities

The technology has several opportunities as well. These include:

Introduction and implementation of Electronic Health Records (EHR)

Rising investments in venture capital funds

Implementation of trends in the medical-IT field, such as precision medicines, EHR, analytics-driven personalized medicines, clinical DSS, health and disease management, and so on.

The global healthcare descriptive analytics market is segmented on the basis of application (clinical data analytics, financial data analytics, administrative data analytics, and research data analytics), component (software, hardware, and services), deployment (on-premise model and cloud-based model), end-user (private organization (hospitals, clinics, physicians), government organization, NGOs and research institutions), and geography (North America, Europe, Asia-Pacific, Middle East & Africa and Latin America).

Currently, the descriptive analytics segment accounts for the largest market share of 72% in the global healthcare technology but its share may decrease if growing economies don't compensate for the loss in developed countries where the technology is shifting towards more advanced technology like predictive and prescriptive analytics. By application, the clinical analytics segment is forecasted to have the highest growth rate. Although the market growth of the cloud-based services segment is increasing substantially, the on-premise delivery system segment still accounts for the largest share due to its multi-vendor framework. This kind of architecture usually ensures the safety of data and transactions from attacks.