Increasing health IT adoption, global care mandates and venture capital investments will help to push the health analytics market to 25 percent annual growth over next five years, according to a new report from IQ4I Research & Consultancy.
However, a shortage of skilled people with the necessary analytical skills and difficulties in securing patient data and patient-privacy requirements pose barriers to wider adoption of healthcare analytics, the report notes.
North America makes up the greatest share of the healthcare analytics market, driven by government mandates such as Meaningful Use, ICD-10 and HIPAA, according to the report. Meanwhile, the market remains fragmented between a number of vendors, including traditional IT vendors, more pure-play healthcare IT vendors and niche players.
A recent KLAS report found the business intelligence market to be "bursting" with vendors, but with no clear leader. It also found that big data is still considered a vague topic, though business intelligence and analytics now are considered a "must-have" in healthcare.
Research and advisory services firm Strategy Meets Action (SMA) recently warned that insurers must master data as the strategic asset it is.
"The longer that insurers wait to get a handle on their data mastery maturity, including their strategy and data model, the more difficult it will become to leverage the exploding amount of data coming from the new and emerging technologies that are redefining the new digital world," Denise Garth, partner and chief digital officer at SMA, told Insurance & Technology.
Recent analysis of existing Accountable Care Organizations found comprehensive and integrated data and analytic systems that provide meaningful population data in real-time to care teams, promote quality improvement and monitor spending trends key to ACOs' success.
To learn more:
- find the report