Asia Pacific Healthcare Analytics Market is poised to touch $2.809 Billion by 2020

The Asia Pacific Healthcare analytics market is valued to be a $1.136 Billion market in 2015 and is estimated to be a $2.809 Billion market by 2020 with a CAGR of 19.85%. Healthcare analytics is an evidence-based approach for extensive collection of data from multiple sources and its statistical analysis depicting the current trends and patterns in the healthcare for improvised interventions.

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With the exponential rise in the IT healthcare sector over the past several years, there has been a dramatic growth in healthcare analytics which can predict the future trends, measure performance and evaluate decisions using the chronological data. This will in turn help in improving efficiency, accuracy and service delivery resulting in better quality of patients care and clinical outcomes laterally reducing the healthcare cost and hospital readmission.

However few factors are hindering the growth of market like Security issues, technological and cultural barriers, issues with confidentiality of the information and dearth of skilled workforce. In addition, hurdles associated in creating analytics network as a result of fragmented international political and economic relations may also act against the growth of market.

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The healthcare analytics market is segmented on the basis of types, applications, components delivery modes, end users and regions. Based on the type, the market is categorized into predictive analytics, prescriptive analytics and descriptive/retrospective analytics. By application it is classified into Clinical Analytics, Financial Analytics, and Operational & Administrative Analytics. Based on the end-users such as healthcare providers, private healthcare providers, public health systems, Monitoring agencies, Health Insurance companies, Medical and clinical research bodies, technology vendors.

Amongst the end users, the healthcare providers segment is expected to grow at a higher rate during the estimated period. Federal regulations mandates, for example the employment of EHRs and ICD-10 code sets, increased focus on quality care and swing towards value-based medicine and as a result cost are reduced helping for the growth of the market in this segment.

Based on the geography, the Asia-Pacific market is analysed among regions namely, China, India, Japan, and South Korea. Asia-Pacific accounts to only about 7.5% of the global healthcare analytics market in 2015 but is predicted to witness the highest growth rate in the forecast period.

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The healthcare analytics market is highly competitive, with several big as well as emerging market players present in the market which include SAS Institute, Inc., Optum, Inc., IBM Corporation, Truven Health Analytics Inc., Cerner Corporation, Verisk Analytics, Inc., McKesson Corporation, Allscripts Health Solutions, Oracle Corporation, MedeAnalytics, Inovalon, Inc. and Health Catalyst.

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