The worldwide healthcare analytics market is projected to hit $18.7 billion by 2020, according to WhaTech.
Here are seven highlights:
1. The market was valued at $5.8 billion last year.
2. The healthcare analytics market is expected to grow at a CAGR of 26.5 percent until 2020.
3. The healthcare provider segment is projected to grow at the highest CAGR until 2020.
4. Federal requirements including the implementation of EHRs, ICD-10, the transition to value-based medicine and the increased emphasis on quality care and lower costs will spur the market's growth.
5. The operational gap between payers and providers, lack of skilled personnel and analytic solutions' escalated costs may hinder the market's growth.
6. North America will experience the greatest growth due to federal mandates, strong government support, substantial venture capital investment for analysts and increased accessibility of analytics solutions.
7. Key players include IBM, SAS Institution, Optum, Truven Health Analytics, Cerner, McKesson, Versik Analytics, Oracle, Allscripts Health Solutions, MedeAnalytics, Inovalon and Health Catalyst.
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