Healthcare Analytics & Medical Analytics Market (Predictive Modeling, Clinical Analytics, Financial Analytics & Others) – Trends & Global Forecasts to 2017

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Date: 1-Dec-2012
No. of pages: 272
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Healthcare organizations have large amounts of data but often do not have the tools to bring the data together for useful business information and planning. Healthcare analytics is the systematic use of data and related business insights developed through applied analytical disciplines such as, statistical, contextual, quantitative, predictive, cognitive, other including emerging model to drive fact-based decision making for planning, management, measurement and learning. Analytics may be descriptive, predictive or prescriptive.

Healthcare analytics involves application of statistical tools and techniques to healthcare-related data in order to study past situations such as operational performance or clinical outcomes to improve the quality and efficiency of clinical and business processes and performance.

The healthcare analytics market is showing a double-digit growth due to supportive elements such as digitization of world commerce, the emergence of big data and the advance of analytical technologies. Healthcare organizations can differentiate themselves through data analytics. Factors such as, federal healthcare mandates, wide scope of predictive analytics and improvements in the financial and operative function are driving the installation of healthcare data analysis in hospitals. While, the major concerns of this market are the security of data, privacy of individual patients and lack of manpower with cross-functional analytical skills. The healthcare analytics market is estimated to be $3.7 billion in 2012 and is growing at a rate of 23.7% from 2012 to 2017 to reach $ 10.8 billion.

Healthcare payers as well as the providers are leading the users of health care analytics for a range of functions from suggesting the most accurate diagnoses, cost reduction, fraud prevention, revenue generation, service improvement to real-time view of the business. The major driver for business analytics is the return on Investments (ROI), with a median of five years, from 10.0% to 1,000.0%.

The American Recovery and Reinvestment Act of 2009 (ARRA) offers incentives for hospitals and physicians who adopt technology and document related to patient safety, coordination, and quality of care. Data analytics tools are becoming an attractive purchase for decision makers, even in an economic climate forcing hospital budget cuts, layoffs and closures.

Healthcare Analytics provides several benefits across payers and providers, which are expected to increase, as the healthcare data analytics market is still in the nascent stages. In addition, as the analytics penetrates the Asian market there would be niche benefits, which would be discovered, based on the needs.

The healthcare analytics market is a well-established market in the U.S. It is showcasing double-digit growth compared to other healthcare IT market. The European market is the second largest market, growing at a lower rate due to the economic crisis. The Asian market is relatively new to the healthcare data analytics, however, the increasing initiatives and outsourcing will drive the market. Australia and New Zealand are developed market in terms of healthcare IT, and are setting an example for the use of healthcare data analytics.

The major players in the market are Verisk (U.S.), Medai (U.S.), MedeAnalytics (U.S.), Optum Health (U.S.), Truven Health (U.S.), McKesson (U.S.), Cerner (U.S.) and other larger players such as IBM (U.S.), Oracle (U.S.).

Scope of the Report

This research report covers the global healthcare analytics market by applications, delivery mode, components, and end users.

Healthcare analytics market, by application

  • Clinical
  • Financial
  • Predictive Modeling
  • Operational and Administrative
  • Research

Healthcare analytics market, by delivery modes

  • On-premise
  • Web-hosted
  • Cloud-based

Healthcare analytics market, by components

  • Hardware
  • Software
  • Services

Healthcare analytics market, by end-users

  • Healthcare
  • Payers
  • Providers
  • Others

Healthcare analytics market, by geography

  • U.S.
  • Europe
  • Asia
  • Rest of the World (Australia, New Zealand, LATAM region, Middle East, Africa and Russia, Australia, and New Zealand)

Healthcare Analytics & Medical Analytics Market (Predictive Modeling, Clinical Analytics, Financial Analytics & Others) – Trends & Global Forecasts to 2017

Table Of Contents

1 Introduction 19
1.1 Key Take-Aways 19
1.2 Report Description 19
1.3 Markets Covered 20
1.4 Stakeholders 21
1.5 Research Methodology 22
1.5.1 Market Size 22
1.5.2 Market Share 22
1.5.3 Key Data Points From Secondary Sources 22
1.5.4 Key Data Points From Primary Sources 23
1.5.5 Assumptions 23

2 Executive Summary 25

3 Market Overview 28
3.1 Introduction 29
3.2 Market Definition 30
3.3 Market Segmentation 30
3.4 Market Dynamics 31
3.4.1 Drivers 32
3.4.1.1 Better Clinical Outcomes 32
3.4.1.2 Results In Better Efficiency & Management 32
3.4.1.3 Federal Healthcare Mandates 32
3.4.1.4 Big Data In Healthcare 33
3.4.2 Restraints 33
3.4.2.1 Resistance To Systems-Approach By The Medical Community 33
3.4.2.2 Operational Gap Between Payer & Provider Front 33
3.4.2.3 Acute It Staff Shortage In Healthcare 34
3.4.2.4 Lack Of Comparable & Transparent Data In Healthcare 34
3.4.3 Opportunities 34
3.4.3.1 Double Digit EHR Market Growth 34
3.4.3.2 Increasing Approach Towards Value-Based Medicine Due To Peer Pressure 35
3.4.3.3 Personalized Medicine Based On Analytics 35
3.4.3.4 Decision Support Will Be Easier To Access 35
3.5 Challenges 36
3.5.1 Financial Constraints 36
3.5.2 Ensuring Patient Confidentiality 36
3.5.3 Traditional Techniques 37
3.5.4 Diversity Of Systems 37
3.6 Benefits 37
3.6.1 Health Information Exchange (HIE) 38
3.6.2 Ease Of Handling Big Data 39
3.6.3 Emergency Care & Preventative Care 39
3.6.4 Saves Time & Cost 39
3.6.5 Data Clarity & Transparency 40
3.6.6 Fraud Detection 40

4 Global Healthcare Analytics Market, By Application 41
4.1 Introduction 42
4.2 Clinical Analytics 43
4.2.1 Market Dynamics 44
4.2.1.1 Drivers 44
4.2.1.1.1 EHR Effectiveness Boosted By Clinical Analytics 44
4.2.1.1.2 Increase In The Amount Of Clinical Data 44
4.2.1.1.3 Cost Effective Treatment Is Provided 44
4.2.1.2 Restraint 45
4.2.1.2.1 No Standardized Data Format 45
4.2.2 Quality Care 46
4.2.3 Medical Error Reduction 47
4.2.4 Physician Performance Evaluation 48
4.2.5 Customer Relationship Management 49
4.3 Financial Analytics 50
4.3.1 Claim Analytics 52
4.3.2 Revenue Management 53
4.3.3 Risk Management Analytics 54
4.4 Predictive Analytics 55
4.5 Operational & Administrative Analytics 57
4.5.1 Supply Chain 58
4.5.2 Human Resource 59
4.5.2.1 Employee Time Allocation 61
4.5.2.2 Employee Performance Evaluation 62
4.5.3 Strategic 63
4.6 Research 64

5 Global Healthcare Analytics Market, By Components 66
5.1 Introduction 67
5.2 Hardware 68
5.2.1 Access Devices 69
5.2.2 Peripherals 69
5.2.3 Servers 69
5.2.4 Storage Devices 69
5.2.5 Networking Devices 70
5.3 Software 70
5.4 Services 71
5.4.1 Consulting 72
5.4.2 Implementation Services & On-Going It Support 73
5.4.3 Training & Education 73
5.4.4 Post-Sale & Maintenance 73

6 Global Healthcare Analytics Market, By Delivery Modes 74
6.1 Introduction 75
6.2 On-Premises 76
6.3 Web-Hosted 77
6.4 Cloud-Based 79

7 Global Healthcare Analytics Market, By End-Users 81
7.1 Introduction 82
7.2 Healthcare 83
7.2.1 Payers 84
7.2.2 Providers 86
7.3 Others 89

8 Geographic Analysis 91
8.1 Introduction 92
8.2 U.S. 93
8.3 Europe 102
8.4 Asia 110
8.5 Rest Of The World (RoW) 117

9 Competitive Landscape 125
9.1 Introduction 125
9.2 New Product Launch/ Product Development Most Preferred Strategic Approach 127
9.3 Maximum Developments In 2012 128
9.4 Medeanalytics: Most Active Company 129

10 Company Profile 161
10.1 Cerner Corporation 161
10.2 Fuzzy Logix, LLC 172
10.3 Humedica, Inc. 176
10.4 IBM Corporation 180
10.5 Information Builders, Inc. 188
10.6 Inovalon, Inc. 192
10.7 Kyruus, Inc. 196
10.8 Mckesson Corporation 198
10.9 Medai 207
10.10 Medeanalytics, Inc. 213
10.11 Metric Insights, Inc. 220
10.12 Optum, Inc. (Part Of Unitedhealth Group Inc.) 222
10.13 Oracle Corporation 230
10.14 Paradigm4 238
10.15 Precision Software, Ltd. 240
10.16 Predixion Software 243
10.17 Rapid Insight, Inc. 247
10.18 Sas Institute, Inc. 250
10.19 Truven Health Analytics, Inc. 255
10.20 Vantage Point Healthcare Information Systems, Inc. 264
10.21 Verisk Analytics, Inc. 266
10.22 Vitalspring Technologies, Inc. 275

List Of Tables

Table 1 Global Healthcare Analytics Market Revenue, By Application, 2010 – 2017 ($Million) 42
Table 2 Global Healthcare Clinical Analytics Market Revenue, By Types, 2010 – 2017 ($Million) 45
Table 3 Healthcare Clinical Analytics Market Revenue, By Geography, 2010 – 2017 ($Million) 46
Table 4 Healthcare Quality Care Clinical Analytics Market Revenue, By Geography, 2010 – 2017 ($Million) 47
Table 5 Healthcare Medical Error Reduction Analytics Market Revenue, By Geography, 2010 – 2017 ($Million) 48
Table 6 Healthcare Physician Performance Evaluation Analytics Market Revenue, By Geography, 2010 – 2017 ($Million) 49
Table 7 Healthcare Customer Relationship Management Analytics Market Revenue, By Geography, 2010 – 2017 ($Million) 50
Table 8 Global Healthcare Financial Analytics Market Revenue, By Types, 2010 – 2017 ($Million) 51
Table 9 Healthcare Financial Analytics Market Revenue, By Geography, 2010 – 2017 ($Million) 52
Table 10 Healthcare Claims Analytics Market Revenue, By Geography, 2010 – 2017 ($Million) 53
Table 11 Healthcare Revenue Management Market Revenue, By Geography, 2010 – 2017 ($Million) 54
Table 12 Healthcare Risk Management Analytics Market Revenue, By Geography, 2010 – 2017 ($Million) 55
Table 13 Healthcare Predictive Analytics Market Revenue, By Geography, 2010 – 2017 ($Million) 56
Table 14 Global Healthcare Operational & Administrative Analytics Market Revenue, By Types, 2010 – 2017 ($Million) 57
Table 15 Healthcare Operational & Administrative Analytics Market Revenue, By Geography, 2010 – 2017 ($Million) 58
Table 16 Healthcare Supply Chain Analytics Market Revenue, By Geography, 2010 – 2017 ($Million) 59
Table 17 Global Healthcare Human Resource Analytics Market Revenue, By Types, 2010 – 2017 ($Million) 60
Table 18 Healthcare Human Resource Analytics Market Revenue, By Geography, 2010 – 2017 ($Million) 61
Table 19 Healthcare Employee Time Allocation Market Revenue, By Geography, 2010 – 2017 ($Million) 62
Table 20 Healthcare Employee Performance Evaluation Market Revenue, By Geography, 2010 – 2017 ($Million) 63
Table 21 Healthcare Strategic Analytics Market Revenue, By Geography, 2010 – 2017 ($Million) 64
Table 22 Healthcare Research Analytics Market Revenue, By Geography, 2010 – 2017 ($Million) 65
Table 23 Global Healthcare Analytics Market Revenue, By Components, 2010 – 2017 ($Million) 67
Table 24 Healthcare Analytics Hardware Market Revenue, By Geography, 2010 – 2017 ($Million) 68
Table 25 Healthcare Analytics Software Market Revenue, By Geography, 2010 – 2017 ($Million) 71
Table 26 Healthcare Analytics Services Market Revenue, By Geography, 2010 – 2017 ($Million) 72
Table 27 Global Healthcare Analytics Market Revenue, By Delivery Modes, 2010 – 2017 ($Million) 75
Table 28 Healthcare Analytics On-Premises Market Revenue, By Geography, 2010 – 2017 ($Million) 77
Table 29 Healthcare Analytics Web-Hosted Market Revenue, By Geography, 2010 – 2017 ($Million) 78
Table 30 Healthcare Analytics Cloud-Based Market Revenue, By Geography, 2010 – 2017 ($Million) 80
Table 31 Global Healthcare Analytics Market Revenue, By End-Users, 2010 – 2017 ($Million) 82
Table 32 Global Healthcare End-Users, Market Revenue, By Types, 2010 – 2017 ($Million) 83
Table 33 Healthcare End-Users Market Revenue, By Geography, 2010 – 2017 ($Million) 84
Table 34 Healthcare Payers Market Revenue, By Geography, 2010 – 2017 ($Million) 86
Table 35 Comparison Between Data Generated From Claims & Emr 88
Table 36 Healthcare Provider Market Revenue, By Geography, 2010 – 2017 ($Million) 89
Table 37 Other End-Users Healthcare Analytics Market Revenue, By Geography, 2010 – 2017 ($Million) 90
Table 38 Healthcare Analytics Market Revenue, By Geography, 2010 – 2017 ($Million) 93
Table 39 U.S.: Healthcare Analytics Market Revenue, By Application, 2010 – 2017 ($Million) 95
Table 40 U.S.: Healthcare Clinical Analytics Market Revenue, By Types, 2010 – 2017($Million) 96
Table 41 U.S.: Healthcare Financial Analytics Market Revenue, By Types, 2010 – 2017 ($Million) 97
Table 42 U.S.: Healthcare Operational & Administrative Analytics Market Revenue, By Types, 2010 – 2017 ($Million) 98
Table 43 U.S.: Healthcare Human Resource Analytics Market Revenue, By Types, 2010 – 2017 ($Million) 99
Table 44 U.S.: Healthcare Analytics Market Revenue, By Components, 2010 – 2017 ($Million) 99
Table 45 U.S.: Healthcare Analytics Market Revenue, By Delivery Modes, 2010 – 2017 ($Million) 100
Table 46 U.S.: Healthcare Analytics Market Revenue, By End-Users, 2010 – 2017 ($Million) 101
Table 47 U.S.: Healthcare End-Users Market Revenue, By Types, 2010 – 2017 ($Million) 101
Table 48 Europe: Healthcare Analytics Market Revenue, By Application, 2010 – 2017 ($Million) 103
Table 49 Europe: Healthcare Clinical Analytics Market Revenue, By Types, 2010 – 2017 ($Million) 104
Table 50 Europe: Healthcare Financial Analytics Market Revenue, By Types, 2010 – 2017 ($Million) 105
Table 51 Europe: Healthcare Operational & Administrative Analytics Market Revenue, By Types, 2010 – 2017 ($Million) 106
Table 52 Europe: Healthcare Human Resource Analytics Market Revenue, By Types, 2010 – 2017 ($Million) 106
Table 53 Europe: Healthcare Analytics Market Revenue, By Components, 2010 – 2017 ($Million) 107
Table 54 Europe: Healthcare Analytics Market Revenue, By Delivery Modes, 2010 – 2017 ($Million) 108
Table 55 Europe: Healthcare Analytics Market Revenue, By End-Users, 2010 – 2017 ($Million) 108
Table 56 Europe: Healthcare End-Users Market Revenue, By Types, 2010 – 2017 ($Million) 109
Table 57 Asia: Healthcare Analytics Market Revenue, By Application, 2010 – 2017 ($Million) 111
Table 58 Asia: Healthcare Clinical Analytics Market Revenue, By Types, 2010 – 2017 ($Million) 112
Table 59 Asia: Healthcare Financial Analytics Market Revenue, By Types, 2010 – 2017 ($Million) 113
Table 60 Asia: Healthcare Operational & Administrative Analytics Market Revenue, By Types, 2010 – 2017 ($Million) 114
Table 61 Asia: Healthcare Human Resource Analytics Market Revenue, By Types, 2010 –2017 ($Million) 114
Table 62 Asia: Healthcare Analytics Market Revenue, By Components, 2010 – 2017 ($Million) 115
Table 63 Asia: Healthcare Analytics Market Revenue, By Delivery Modes, 2010 – 2017 ($Million) 116
Table 64 Asia: Healthcare Analytics Market Revenue, By End-Users, 2010 – 2017 ($Million) 116
Table 65 Asia: Healthcare End-Users Market Revenue, By Types, 2010 – 2017 ($Million) 117
Table 66 Row: Healthcare Analytics Market Revenue, By Application, 2010 – 2017 ($Million) 118
Table 67 Row: Healthcare Clinical Analytics Market Revenue, By Types, 2010 – 2017 ($Million) 119
Table 68 Row: Healthcare Financial Analytics Market Revenue, By Types, 2010 – 2017 ($Million) 120
Table 69 Row: Healthcare Operational & Administrative Analytics Market Revenue, By Types, 2010 – 2017 ($Million) 120
Table 70 Row: Healthcare Human Resource Analytics Market Revenue, By Types, 2010 – 2017 ($Million) 121
Table 71 Row: Healthcare Analytics Market Revenue, By Components, 2010 – 2017 ($Million) 122
Table 72 Row: Healthcare Analytics Market Revenue, By Delivery Modes, 2010 – 2017 ($Million) 122
Table 73 Row: Healthcare Analytics Market Revenue, By End-Users, 2010 – 2017 ($Million) 123
Table 74 Row: Healthcare End-Users Market Revenue, By Types, 2010 – 2017 ($Million) 124
Table 75 Mergers & Acquisitions, 2010 – 2012 130
Table 76 Agreements, Partnerships, Collaborations, Contracts & Joint Ventures, 2010 – 2012 132
Table 77 New Product Launch, 2009 – 2012 144
Table 78 Expansion, 2009 – 2012 157
Table 79 Other Developments, 2010 – 2012 159
Table 80 Cerner Corporation: Total Revenue And R&D Expenditure, 2009 – 2011 ($Million) 162
Table 81 Cerner Corporation: Total Revenue, By Segments, 2009 – 2011 ($Million) 162
Table 82 Cerner Corporation: Total Revenue, By Geography, 2009 – 2011 ($Million) 163
Table 83 Ibm Corporation: Total Revenue And R&D Expenses, 2009 – 2011 ($Million) 181
Table 84 Ibm Corporation: Total Revenue, By Segments, 2009 – 2011 ($Million) 181
Table 85 Ibm Corporation: Total Revenue, By Geography, 2009 – 2011 ($Million) 182
Table 86 Mckesson Corporation Total Revenue And R&D Expenses, 2010 – 2012 ($Million) 199
Table 87 Mckesson Corporation: Total Revenue, By Segment, 2010 – 2012 ($Million) 199
Table 88 Mckesson Corporation: Total Revenue, By Geography, 2010 – 2012 ($Million) 200
Table 89 Reed Elsevier: Total Revenue, 2009 – 2011 ($Million) 208
Table 90 Reed Elsevier: Total Revenue, By Segments, 2009 – 2011 ($Million) 208
Table 91 Reed Elsevier: Total Revenue, By Geography, 2009 – 2011 ($Million) 209
Table 92 Oracle Corporation: Total Revenue And R&D Expenditure, 2010 – 2012 ($Million) 231
Table 93 Oracle Corporation Total Revenue, By Segments, 2010 – 2012 ($Million) 231
Table 94 Oracle Corporation: Total Revenue, By Geography, 2010 – 2012 ($Million) 232
Table 95 Verisk Analytics, Inc.: Total Revenue And R&D Expenses, 2009 – 2011 ($Million) 267
Table 96 Verisk Analytics, Inc.: Total Revenue, By Segments, 2009 – 2011 ($Million) 267
Table 97 Verisk Analytics, Inc. Total Revenue Of Decision Analytics Segment, 2009 – 2011 ($Million) 268
Table 98 Verisk Analytics, Inc.: Total Revenue Of Risk Assessment Segments, 2009 – 2011 ($Million) 269

List Of Figures

Figure 1   Global Healthcare Analytics Market Revenue, By Application, 2010 – 2017 ($Million) 26
Figure 2 Healthcare Analytics Market Segmentation 30
Figure 3 Healthcare Analytics Market Dynamics 31
Figure 4 Benefits Of Healthcare Analytics 38
Figure 5 Healthcare Analytics Market Revenue, By Geography, 2012 92
Figure 6 Global Healthcare Analytics Market, By Growth Strategies, 2010 – 2012 126
Figure 7 Global Healthcare Analytics Market Growth Strategies, By Players, 2010 – 2012 127
Figure 8 Global Healthcare Analytics Market Developments, By Growth Strategies, 2010 – 2012 128
Figure 9 Global Healthcare Analytics Market Growth Strategy, By Company, 2010 – 2012 129

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