Here are nine insights:
1. Up from $7.39 billion in 2016, the market is expected to reach $24.55 billion by 2021.
2. Key market drives include rising EHR adoption and increasing focus on cutting healthcare spending.
3. Demand for improved patient outcomes, availability of big data as well as technological advancements will also spur market growth.
4. Additionally, the market will experience growth with the influx of pain registries and personalized medicine as well as cloud-based analytics.
5. Market barriers include a dearth of skilled professionals and the costliness of analytics solutions.
6. In 2016, the descriptive analytics segment captured the largest market share.
7. The healthcare analytics on-demand segment will likely experience the highest CAGR between 2016 and 2021.
8. Analysts predict North America will dominate the market through 2021, followed by Europe, due to increasing healthcare mandates to cut costs and improve quality of care.
9. IBM Corp., Optum, Cerner Corp., SAS Institute, Allscripts Health Solutions, McKesson Corp., MedeAnalytics, Inovalon, Oracle Corp., Verisk Analytics and Health Catalyst lead the space.
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