HOME Research Insight Reducing Healthcare Costs and Increasing the Efficiency of Healthcare Process

Reducing Healthcare Costs and Increasing the Efficiency of Healthcare Process

The healthcare analytics market showcases a lucrative growth potential due to its several advantages, such as regulatory compliance, reduction of hospital readmissions and hospitals stays, prediction and prevention of chronic diseases, quality care, claims processing, and fraud detection and prevention. Across the globe, the adoption of healthcare analytics is increasing so as to leverage these benefits and reduce healthcare costs.

Increasing demand for better clinical outcomes, treating diseases at the earliest stage, increasing the efficiency of the healthcare process, and reducing healthcare costs are some of the major drivers that are slated to propel this market. The biggest driver for the healthcare analytics market is the increase in the number of federal healthcare mandates, such as American Recovery and Reinvestment Act of 2009 (ARRA), that offer incentives for hospitals and physicians who adopt electronic health records (EHRs) technology and document meaningful use. This will significantly increase the adoption of electronic health records (EHRs) and improve the efficiency of Healthcare Information Exchange (HIE) in the coming years. As the U.S. currently dominates the healthcare analytics market, strong growth in this region will further push the global healthcare analytics market.

The descriptive analytics market will continue to hold the largest market share during the forecast period. However, the advanced analytics (predictive analytics and prescriptive analytics) market poses a strong growth opportunity. Healthcare Information Exchanges (HIEs), Accountable Care Organizations (ACOs), and the provider segments are the new revenue pockets for this market in terms of end-user solutions. The healthcare analytics services market shows a great potential during the forecast period.

The U.S. dominates the healthcare analytics market. Europe represents the second-largest market, but is growing at a lower rate mainly due to the economic crisis and lack of government initiatives for analytics. The Asian market is relatively new to healthcare analytics; however, the increasing HCIT adoption, IT skills, and outsourcing trend will drive this market.

Related Reports:

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.

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