Due in part to the large scope and increasing use of predictive analytics, the healthcare analytics market is poised for some pretty major growth -- and a Market Research Engine report has quantified it, predicting the market will reach $31 billion by 2022.
Aside from the scope, other factors contributing to the growth include centralized healthcare operations and improvements in the function of analytics platforms.
There are some restraints, however, topmost being the inconsistent security of analytics data. Patient privacy and the need for cross-functional analytical skills among staff are the other constraining factors identified in the report.
Analytics enable providers to make decisions based on vast amounts of data, and often these decisions result in savings. Case in point is Allina Health System, which applies analytics to patient data and has saved $45 million in five years due to performance improvement.
These savings were enabled by a data warehouse that incorporates about 75 sources of patient information, including from inpatient and outpatient electronic health records, as well as cost accounting and satisfaction surveys. Those are then linked to look at cost and outcomes simultaneously.
New York-based Prognos has also made extensive use of analytics. The company applies predictive analytic methodologies to clinical diagnostic data. Its registry has allowed clinicians and data scientists to develop over 500 proprietary patient profiles due to artificial intelligence capabilities.
More frequently, and especially in a value-based care framework, health insurers are focused on being patient-centric, making sure members are adhering to prescribed medications, following up with appointments, getting vaccinated and staying aware of wellness programs.
Key players profiled in the report include Verisk, Medai, MedeAnalytics, Optum Health, Truven Health, McKesson, Cerner and other large companies such as IBM and Oracle.