Descriptive analytics are the tools used for the collection and analysis of historical data and use that to find meaningful patterns and results. In case of the healthcare industry, the insights can be in terms of the number of disease cases, medicines used to treat certain ailments, average stay in hospital, etc. Descriptive analytics can prove useful when personalized healthcare has to be provided to patients. Past data metrics can be formed to provide a better visualization of the results and draw the diagnosis or trends to analyze current condition and predict further steps required.
The market for healthcare analytics is in the growth stage due to government initiatives to make the industry low cost, better quality- that can be achieved through the use of analytics. This is made possible since the diagnosis can be made more clearly and accurately, avoiding the costs of having undergone unnecessary treatment.
Analytics is of three types- predictive, descriptive, and prescriptive. Out of these, descriptive analytics lies on the bottom-most level of the big data value chain. It provides the ability to analyze data quantitatively and present the results in a form easy to understand. It largely deals with events that have already happened in an attempt to diagnose the issues of new and existing patients.
Data mining methods like decision tree making, neural network formation, clustering, and time series analysis are used to draw insights from the data available- but the approaches are still somewhat restricted to academia and still has apprehensions faced from the industry. One way to appeal to the healthcare providers is to present an aggregate system in the form of an enterprise data warehouse containing clinical, financial, and patient related data.Market Dynamics
The healthcare industry is in the transition stage from volume-based medicines to value-based medicines. The factors pushing this growth forward is intervention of government through policy implementation like EHR, technological advancement, growth in the sector due to emerging need for personalized treatment, etc.
However, the initial investment amount is large- due to which the entry barrier in the industry is set pretty high. Moreover, there is a need gap for trained IT professionals in healthcare due to which the backward support required is not there. Also, there is still apprehension in terms of sharing information with vendors and analytics companies.Market Segmentation
The global healthcare descriptive analytics market can be segmented based on the following attributes:
> Deployment model
> Private organizations
> Government organizations
> Research institutions
In case of deployment models, cloud-based services is witnessing a stark growth, but on-premise system still holds the larger share attributed to its framework allowing for more security. The stakeholders of the technology can span even wider to include not just the healthcare providers, but also the health insurance providers, healthcare payers, ambulatory services and venture capitalists.
North America is predicted to be the market leader regional wise- continuing its growth from around 60% revenue share in 2015. Various reasons can be attributed to the same- including increasing government regulations related to healthcare to minimize the costs associated, without compromising on quality. Electronic Health Records are also being used more- making use of analytics simpler and more efficient. Moreover, use of personalized medicine is on the rise- prompting the need for personalized healthcare that is more accurate by using descriptive analytics.
Europe and the Asia Pacific regions also follow next. The market in Asia Pacific is expected to grow at about 27% over the next few years- due to government intervention to make the medical infrastructure better.
The analytics technology presents many opportunities like the following:
> Implementation of various facets in the medical field like that of medicine, clinical DSS, health management, etc.
> Development of applications to support and implement EHRKey Players
The major players in the global healthcare descriptive analytics market are as follows:
> McKesson Corporation
> Medeanalytics, Inc.
> Optum, Inc.
> OracleReport Contents
> Market segments
> Market Drivers, Restraints and Opportunities
> Market Size & Forecast 2016 to 2022
> Supply & Demand Value Chain
> Market - Current Trends
> Competition & Major Companies
and R&D Status
> Porters Five Force Analysis
> Strategic and Critical Success Factor Analysis of Key PlayersRegional Analysis:
> North America
>> US and Canada
> Latin America
>> Mexico, Brazil, Argentina and Rest of Latin America
> Western Europe
>> EU5 (Germany, France, Italy, Spain, U.K.)
>> Nordic Countries (Denmark, Finland, Norway, and Sweden)
>> Benelux (Belgium, The Netherlands, and Luxembourg)
>> Rest of Western Europe
> Eastern Europe
>> Rest of Eastern Europe
> Asia Pacific
>> Australia and New Zealand
>> Rest of Asia Pacific
> Middle East and Africa
>> GCC countries (Saudi Arabia, Oman, Qatar, Bahrain, UAE and Kuwait)
>> South Africa
>> North Africa
>> Rest of Middle East and Africa
This report is an elaborate aggregation of primary inputs from industry experts and participants across the supply chain. It provides details on market segmentation which is derived from several product mapping exercises, macroeconomic parameters and other qualitative and quantitative insights. The impact of all such factors is delivered across multiple market segments and geographies.Report Highlights:
> Detailed Historical Overview (Market Origins, Product Launch Timeline, etc.)
> Consumer and Pricing Analysis
> Market dynamics of the industry
> Market Segmentation
> Estimated Market Sizing in terms of volume and value
> Recent trends in Market and impact
> Research Status and Technology
> Extensive Industry Structure Coverage
Publisher Name : Market Litmus