From 2016 through 2021, the global healthcare analytics market is projected to grow substantially, a Reports N Reports analysis found.
Here are five takeaways:
1. The market is projected to hit $24.55 billion by 2021, increasing at a compound annual growth rate of 27.1 percent.
2. This year, the market was valued at $7.39 billion.
3. Escalating healthcare costs, more regulatory mandates, higher EHR adoption and more government initiatives emphasizing personalized medicine, population management as well as value-based reimbursement will drive market growth.
4. Factors hindering market growth include an insufficient number of skilled professionals, operational gaps amongst payers and providers as well as analytics solutions' high cost.
5. Key market vendors include:
• Chicago-based IBM Corp.
• Optum in Eden Prairie, Minn.
• Cerner Corp. in Kansas City, Mo.
• Chicago-based SAS Institute
• Allscripts Health Solutions in Chicago
• San Francisco-based McKesson Corp.
• MedeAnalytics in Emeryville, Calif.
• Bowie, Md.-based Inovalon
• Oracle Corp. in Redwood City, Calif.
• Verisk Analytics in Jersey City, N.J.
• Health Catalyst in Salt Lake City