Healthcare Analytics Market - Outlook ( ) for USA

Transcription

1 Healthcare Analytics Market - Outlook ( ) for USA explore@researchfox.com

2 ResearchFox Consulting is an Indian market research and consulting firm based in Bangalore. We strive to provide our clients with research data and reports which they can trust and analyze. Insights gleaned from our detailed and comprehensive research reports helps our clients stay ahead of trends. ResearchFox serves clients with services from data collection to analysis and reports. ResearchFox has extensive sector expertise and its consultants are abreast of global trends and issues across industries. Our areas of expertise include Manufacturing, IT, FMCG, Healthcare, Automotive, Government Sector and NGO, BFSI and Retail. Disclaimer : This report is furnished to the recipient for information purposes only. Each recipient should conduct their own investigation and analysis of any such information contained in this report. No recipient is entitled to rely on the work of ResearchFox Consulting Pvt.Ltd. contained in this report for any purpose. ResearchFox Consulting Pvt. Ltd. makes no representations or warranties regarding the accuracy or completeness of such information and expressly disclaims any and all liabilities based on such information or on omissions therefrom. The recipient must not reproduce, disclose or distribute the information contained herein without the express prior written consent of ResearchFox Consulting Pvt.Ltd. Copyright ResearchFox Consulting Private Limited 2

3 Table of Contents 1. Introduction 1.1. Report Description 1.2. Objective 1.3. Scope of the Research 1.4. Regions Covered 1.5. Key Takeaways 1.6. Key Stakeholders 1.7. Key Terminologies 1.8. List of Abbreviations 2. Executive Summary 2.1. Executive Overview 3. Research and Forecasting 3.1. Research Methodology 3.2. Forecasting Methodology 4. Industry Landscape 4.1. Market Size and Growth 4.2. Competitive Landscape 4.3. Market Share 4.4. Company Classification 4.5. Region Outlook 4.6. Market Metrics 4.7. Porter's Five Forces Model 4.8. Key Drivers Analysis 4.9. Key Constraints Analysis Key Opportunities Identified Key Challenges Identified 5. Market Segmentation 5.1. Region USA Market Size and Forecasting Key Drivers Analysis Key Constraints Analysis Key Opportunities Identified Key Challenges Identified Sub Segments Application : Staffing Application : Research Application : Operational Application : Financial Application : Clinical Intelligence 3

4 Type : Prescriptive Analytics Type : Predictive Analytics Type : Descriptive Analytics Component : Hardware Component : Services Component : Software Delivery Mode : Cloud Delivery Mode : On-Premise Delivery Mode : Web-Hosted End User : Others End User : Payers End User : Providers 4

5 dfgfd dfgfdh dfgfh dfhgf Introduction 01 5

6 1. Introduction 1.1. Report Description Healthcare establishments around the world are confronted with pressure to decrease expenses and improve synchronization between internal process and patient outcomes. However,evidence is swelling that the healthcare industry is even more challenged by ingrained inadequacies and sub-optimal clinical results. Structuring and developing analytic proficiency can help these organizations harness "analytical tools" to generate actionable insights, make their future vision a reality, progress events and decrease time to value. This report presents an interpretative easy-to-understand facts of how the current healthcare analytics market is segmented based on end- user verticals, delivery platforms, applications, technology components and geography. It cuts through several facets of the healthcare analytics market such as market size, market share for each segment, and the drivers and inhibitors of this marketplace Objective This segment outlines the objectives and scope of the research adopted for this study. The objectives of the study for this research service are as follows: 1. To understand the healthcare analytics market across the globe by addressing the challenges faced by the healthcare industry with regards to the adoption of analytics. 2. To estimate the size of present global healthcare analytics market and to forecast the global healthcare analytics market size Scope of the Research This research report encompasses the global market by end-user verticals, delivery platforms, applications, technology components and geography Regions Covered Our report covers all major healthcare analytics markets across the globe. We have covered specific countries from each region. USA It is the most matured markets for healthcare industry UK The majority of the healthcare analytics firms have their second offices in the UK Europe (Germany, France, Italy, Spain, and Parts of Russia) Most of the countries in Europe have structured healthcare system, hence the scope of analytics becomes larger Asia (India, China, Singapore, Japan, South Korea) Although this market is at a nascent stage but its increasing adoption of IT in healthcare makes it one of the favorite destinations for healthcare analytics firms 6

7 Rest of the World (Australia, Canada, South Africa,Brazil, U.A.E.) All these countries have adopted IT in various verticals and are gradually adopting analytics in the healthcare industry 1.5. Key Takeaways 1. Determining the market potential of the healthcare analytics segment across the globe 2. Major end-users benefiting from healthcare analytics 3. Addressable market in healthcare analytics and how it is affecting the strategic initiatives of leading companies 4. Identifying drivers & constraints affecting the IT purchase decision of end-users 5. Identifying the target market segments 6. Analyzing the trends, forecasts, and opportunities in the main market and its segments 7. Measuring and forecasting the global healthcare analytics market and its sub markets Key Stakeholders As a business owner or stakeholder, one needs to pay attention to clues on what is going to happen in the market, in order to stay ahead in the league. While it is good to participate with the own clan to understand the current market better and to mature sales performance in existing markets, a smart stakeholder will always seek information on its market and competition. The major beneficiaries of these reports are healthcare analytics firms, independent software vendors, IT service providers, IT hardware companies, and analytics service providers. This comprehensive report allows companies to alleviate risk, recognize new opportunities andinitiate effective strategies for growth. 7

8 1.7. Key Terminologies 1. Accountable Care Organization (ACO): An organization of healthcare providers that agrees to be accountable for the quality, cost, and overall care of medicare beneficiaries who are enrolled in the traditional fee-for-service program. 2. Centers for Medicare and Medicaid Services (CMS): It is a federal agency within the United States Department of Health and Human Services(DHHS) that administers the Medicare program and works in partnership with State Governments to administer Medicaid, the State Children's Health Insurance Program (SCHIP), and health insurance portability standards. 3. Medicaid: Medicaid is a means-tested health and medical services program for certain individuals and families with low incomes and few resources. Primary oversight of the program is handled at the federal level, but each state:a. Establishes its own eligibility standards, b. Determines the type, amount, duration, and scope of services, c. Sets the rate of payment for services, and administers its own Medicaid program 4. Medicare: Medicare is a Federal health insurance program that pays for hospital and medical care for elderly and certain disabled Americans. The program consists of two main parts for hospitaland medical insurance (Part A and Part B) and two additional parts that provide flexibility and prescription drugs (Part C and Part D). 5. Health Care Insurance Exchange (HIE): In the United States of America, health insurance market places, also called health exchanges, are organizations set up to facilitate the purchase of health insurance in each state. 6. Health Information Management (HIM): It is the practice of maintenance and care of health records by traditional (paper-based) and electronic means in hospitals, physician's office clinics, health departments, health insurance companies, and other facilities that provide healthcare or maintenance of health records. 8

9 1.8. List of Abbreviations 1. Accountable Care Organization (ACO): An organization of healthcare providers that agrees to be accountable for the quality, cost, and overall care of medicare beneficiaries who are enrolled in the traditional fee-for-service program. 2. Centers for Medicare and Medicaid Services (CMS): It is a federal agency within the United States Department of Health and Human Services (DHHS) that administers the Medicare program and works in partnership with State Governments to administer Medicaid, the State Children's Health Insurance Program (SCHIP), and health insurance portability standards. 3. Medicaid : Medicaid is a means-tested health and medical services program for certain individuals and families with low incomes and few resources. Primary oversight of the program is handled at the federal level, but each state: a. Establishes its own eligibility standards b. Determines the type, amount, duration, and scope of services c. Sets the rate of payment for services d. Administers its own Medicaid program 4. Medicare : Medicare is a Federal health insurance program that pays for hospital and medical care for elderly and certain disabled Americans. The program consists of two main parts for hospital and medical insurance (Part A and Part B) and two additional parts that provide flexibility and prescription drugs (Part C and Part D). 5. Health Care Insurance Exchange (HIE): In the United States, health insurance market places, also called health exchanges, are organizations set up to facilitate the purchase of health insurance in each state. 6. Health Information Management (HIM): It is the practice of maintenance and care of health records by traditional (paper-based) and electronic means in hospitals, physician's office clinics, health departments, health insurance companies, and other facilities that provide healthcare or maintenance of health records. 9

10 dfgfd dfgfdh dfgfh dfhgf Executive Summary 02 10

11 2. Executive Summary 2.1. Executive Overview Federal healthcare mandates and, benefits associated with the utilization of analytics (such as improved patient results, physician performance evaluation, quality care and fraud detection,technological advancements, increasing healthcare information technology adoption, and venture capital investments) are among several drivers of the global healthcare analytics, which is projected to be worth more than USD 10 billion by Currently, the worldwide market is valued to be worth an estimated USD 4.8 billion, however it will grow at a CAGR of more than 22% over the next 4 years. Development is primarily driven by Predictive Analytics and Prescriptive Analytics in the US and Asia. End users in the market's growth include healthcare providers, health information exchanges and accountable care organizations. In the USA, federal mandates such as International Statistical Classification of Diseases -10 (ICD-10) and use of Electronic Health Records (EHR) will be critical to such growth. Factors such as data security issues, cultural barriers to IT adoption and a lack of skilled manpower in the field of analytics could hinder the marketgrowth. The marketplace is segmented based on Products, Applications, Components, Delivery Modes, End- Users and Geography. On the foundation of product type, the market is split into descriptive,predictive, and prescriptive analytics. The market, by component, is then separated into hardware, software, and services. Established in the mode of delivery, the securities industry is classified into on-premise models, web-hosted model, and cloud-based models. Based on end-users,the market is segmented into healthcare and others. The healthcare segment is further divided into healthcare payers, healthcare providers, Health Information Exchanges (HIEs), and others. The market is further classified into the USA, UK, Europe, Asia, and the Rest of the World (RoW),based on geography. Our forecasting reveals that this market would experience a double - digit growth because of the various benefits healthcare industries perceive in adopting analytics. The perceived benefits areas follows: a. Advanced pronouncements about when and how to care b. Improved revenue management cycle c. Better consumer commitment, health and supervision tools d. Clinical analytics integrated with health management e. Consolidation of health supervision tools with communication tools, workflows, and analytics f. Claims data analysis for fraud detection, etc. These are few of the factors which have increased the adoption rate of analytics in the healthcare sector. However, lack of manpower with technical and functional expertise, weak communication infrastructure and data breaches are some of the elements which could potentially hamper the development of this marketplace. The Asian healthcare analytics market is at a nascent stage but with various mandates from Government authorities, increasing IT adoption across the globe, digitization of global commerce and with increasing awareness on analytics and Big Data, it is now no hidden fact that healthcare IT market has a huge development potential in Asia as well. The U.K. healthcare analytics market is big and established, and is second only to the U.S.A and inspite of being a mature market, they are nonetheless a very lucrative marketplace. It is the onus of the healthcare organizations to keep themselves employed and updated on rapid and drastic advancements in analytics. 11

12 dfgfd dfgfdh dfgfh dfhgf Research and Forecasting 03 12

13 3.1. Research Methodology Base Year: 2014 Forecasting Period: Sampling The leading suppliers of each end-user product categories that were chosen to provide a larger representative sample. Purposive unit sampling was adopted for every service segment such as verticals, regions, end-users and others. This was resorted to, in order to elicit the appropriate inputs with regard to the qualitative growth aspects of the market Secondary Research The research methodology that was carried out was desk research through various journals, association reports, and in house database to build a knowledge base on various market service segments, product categories and industry trends. Various fact based data was analyzed. Some of the sources included: a. ResearchFox Knowledge Base: Previous data on the market has been put through a rigorous and comprehensive analysis to analyze the current state. b. Desk Research: Industry reports, annual reports, press releases, webinars, journals and publication, independent rating agencies and government statistics Primary Research Primary interviews were conducted among various stakeholders: Product and service companies Members of associations and alliances Subject Matter Experts and Evangelists Consultants and Strategists 13

14 Industry Information It was essential to understand the current industry landscape, market dynamics, security ecosystem and competitor metrics. To estimate the global market, Chief Experience Officers (CXOs), Marketing Heads, Sales Managers and product stakeholders were interviewed Technical Information In addition to the interviews with leading participants for industry-related information, ResearchFox conducted interviews with Research and Development (R&D) and Design and Development teams to understand the current usage of the products by service type and also to find out the emerging trends. Finally, interviews with suppliers were conducted to cross check the validity of information and also to understand the emerging trends in the end-user segment. The detailed methodology for primary research is outlined below Primary Interview Questionnaire Design ResearchFox developed a detailed questionnaire, which was used by the analysts as a guide for their discussions. This process ensured the collection of all necessary data. The questionnaire was designed to elicit unbiased industry level data (market size, production, sales, and others), that had check points (questions such as company level information and their position in the industry acted as check points) to ensure accuracy of the data. The questionnaire included the following sections: 1. Industry level information 2. Characteristics and Dynamics 3. Company-specific information 4. Market segmentation data Interview Questionnaire Test and Validation Following the design of the questionnaire, ResearchFox carried out some initial interviews to verify that the appropriate market and technology data was generated. After the final design of the questionnaire, ResearchFox began full scale primary research. Specific companies targeted for primary research interviews were selected based upon market participation. Higher was the entity's profile, more attractive was the entity. 14

15 Interview Process As participants respond in the course of an interview, ResearchFox analysts are trained to move from lower priority and/ or sensitive topics to increasingly key and/or sensitive topics in response to the interviewee's behavior. This responsive and reflective interview process, combined with the analysts' ability to discuss the industry and technical issues in an open and sharing environment, allows ResearchFox to probe for key data, operations, and competitive information. Multiple contacts within a single organization and with an individual are often planned and/or staged in order to optimize and complete the information gathering process Research Validation At a point, when 20 percent of the research interviews and/or data collection had been completed, ResearchFox consultants evaluated the preliminary findings to assure that up-to-date results are in line with project objectives. The analyst team analyzed the information from the interviews and information was validated through a combination of the following validation techniques: Cross checking with other primary data and previously developed in-house research Review of secondary information, such as trade journals, annual reports and industry directories 15

16 3.2. Forecasting Methodology Step-by-Step Methodology for Market Estimation and Forecasting Market Estimation and Forecast Methodology, 2015 Step 1 Method Understand the market mechanism for the market through structured, systematic and theoretically established norms of analyzing, designing, introducing and quality assurance of the market estimation 2 Measuring the various market drivers, constraints, opportunities and challenges at regular intervals of time 3 Integrate expert-opinion of discussions in consultation with the ResearchFox Analyst team 4 Market estimation and forecast calculation 5 Delphi method and Causal Analysis used as and when required 6 Rigorous quality check with heads of Research Team, Subject Matter Experts and Consultants before final publication Source: ResearchFox Significance and Importance of the Market Forecast, 2015 Sr. No. Significance and Importance 1 Helps revisit on the company's R&D investments 2 Keeps the Sales and Marketing team posted on the market prospects 3 Strategize investment and expansion plans 4 Improve business planning 5 Helps create business aims and set sales figures within the company 6 Aware of the current market competition 7 Support plans for Merger and Acquisition (M&A) Source: ResearchFox 16

17 About ResearchFox WHAT WE STAND FOR We strive towards helping our customers take informed decisions by providing different perspectives for business. We don't believe in flashing LOGOs but are proud to mention that we have been helping all sizes of businesses since our inception. We are glad to have contributed in our own little way towards making a business successful. Whether you are a start-up or a large enterprise, we assure equal treatment to all, after all "Customer is King"! THE TEAM We are a bunch of 25 people with handful of grey hair between us. Our humble experience of around 75 man years in market research and business consulting has led us to believe that this industry is ripe for disruption. With the advent of enterprise consumerization and rapid digitization across industries, days are numbered for traditional business models of market research and consulting services. We make all efforts to bring different (fresh) perspectives to Market, Competition, and Growth of your business. Contact Us: Suggest a Report Topic: Report topics are approved based on number of users with the same suggestion and users are notified when the topic is approved. If you prefer to customize a report, or would like to get your report done exclusively in less than a months time! Bangalore Hyderabad Pune Philippines # 4 & 5, 1st & 2nd Floor, # 104 & 105, 1st Floor, 6th Floor Pentagon P-2, L29 Joy Nostalg Centre, 1st Cross, Bhuvana Towers, Magarpatta City, 17 ADB Avenue, Krishna Reddy Colony, CMR Building, Hadapsar, Ortigas Center, Domlur Layout, Sarojini Devi Road, Pune , Pasig City, Manila, Bangalore , Secunderabad , India Philippines India India Phone: explore@researchfox.com Phone: explore@researchfox.com Phone: explore@researchfox.com explore@researchfox.com The information contained here in is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. 48