Medical & Healthcare Analytics Market with a Share in 2013 and Is Expected to Grow at a Cagr of More Than 25 Percent

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The global healthcare industry is exhibiting transformation from volume-based to value-based business. Improved quality care, fraud detection, reduced length-of-stay in hospitals and prevention of novel diseases are the main demands put-forth by payers and providers.

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Medical & Healthcare analytics is an emerging segment which provides logical use of data and allied business insights developed through useful systematic order such as numerical, appropriate, quantitative, prognostic and other including budding replica to drive fact-based decision making for planning, management, measurement and learning. Factors such as federal health mandates, emergence of big data and technical advancements in analytical technologies, rising incidence of ageing population and pervasiveness of chronic and infectious diseases, preference for paperless environment propels growth and digitalization of world commerce are driving the market growth. Whereas, factors such as lack of skilled labor with analytical skills, lack of patient data confidentiality and transparency, functional gap between payers and providers, stringent governmental regulations and reimbursement scenarios are hindering the market growth.

The emerging blend of Bioinformatics and Health Informatics has encouraged research in all the healthcare segments such as target drug, personalized medicine, clinical decision support and population health management. The demand for big data analytics integrates most recent innovation in machine learning, logical methodologies, computational intelligence and data mining. Many of the healthcare experts including payers, providers are now starting to analyze big data to...