Big data analytics is a fast-emerging topic in healthcare analytics. The emerging blend of bioinformatics and health informatics has encouraged research in all the healthcare segments, such as target drug, personalized medicine, clinical decision support, and population health management. The demand for big data analytics integrates the most recent innovation in machine learning, logical methodologies, computational intelligence, and data mining. Many healthcare experts including payers, providers are now starting to analyze big data to obtain detail knowledge, even though these efforts are still in the early stages, this effort would collectively help to tackle the industry-related problems regarding inconsistency in healthcare quality and escalating healthcare expenditures. The improvement in the quality of people's daily health and life activities as well as big data analytics to support and promote such research activities are some of the factors driving the market growth.
Key Market Trends
Cloud Based Segment is Expected to Show Better Growth over the Forecast Period
Based on deployment, it is segmented into on-premise, and cloud-based. The cloud-based segment is expected to show better growth during the forecast period, owing to the Increasing adoption of cloud platforms. The financial analytics market is driven by the rising application of cloud analytics as it allows organizations to incorporate data from all sources. In addition, the demand for better claims and revenue management systems in healthcare and cloud computing acceptance across various industries has pushed the financial planning to a new level and is expected to have a positive effect on the healthcare financial analytics market.
North America Dominates the Healthcare Financial Analytics Market
The healthcare infrastructure in the United States is expected to reflect positive trends in the financial analytics domain, owing to factors such as technological advancements, high requirement of management of big data generated from hospitals and other healthcare facilities. Furthermore, the growing popularity of software in the management of data reduces the manpower leading to increased adoption of healthcare financial analytics. Hence, the rising demand of advanced technologies across various verticals is expected to enhance the growth of the studied market.
The global players in the healthcare financial analytics market are – IBM, Allscripts Healthcare Solutions, Cerner Corporation, Health Catalyst, Mckesson Corporation, Optum Inc, Oracle Corporation, SAS Institute Inc. and Verisk Analytics, Inc.
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1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Emergence of Big Data in Healthcare
4.2.2 Growing Awareness For Digital Technologies
4.2.3 Technological Advancements Making Data Handling Easy
4.3 Market Restraints
4.3.1 Lack of Properly Trained IT Professionals in Healthcare
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Type
5.1.1 Claim Analytics
5.1.2 Revenue Cycle Management
5.1.3 Risk Management Analytics
5.2 By Component
5.2.2 Software & Services
5.3 By Deployment
5.4.1 North America
220.127.116.11 United States
18.104.22.168 United Kingdom
22.214.171.124 Rest of Europe
126.96.36.199 South Korea
188.8.131.52 Rest of Asia-Pacific
5.4.4 Middle-East and Africa
184.108.40.206 South Africa
220.127.116.11 Rest of Middle-East and Africa
5.4.5 South America
18.104.22.168 Rest of South America
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.2 Allscripts Healthcare Solutions
6.1.3 Cerner Corporation
6.1.4 Health Catalyst
6.1.5 Mckesson Corporation
6.1.6 Optum Inc
6.1.7 Oracle Corporation
6.1.8 SAS Institute Inc.
6.1.9 Verisk Analytics, Inc
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.