Market Scenario
The practice analytics market share is estimated to expand at a CAGR of 11.80% from 2022 to 2030.
Practice analytics serves as a basic tool for providing essential support to produce business. It can be defined as the capability to evaluate and examine the state of practice in a business. Practice analytics in healthcare involves examination of actionable information from sets of the patient data, which are collected from the revenue cycle management system and the electronic health records (EHRs).
The increasing advancements in technology has led to the growing digitalization in the healthcare industries, rising advances in medical science, increasing awareness about software for analyzing and summarizing data are the major drivers for the growth of the market during the forecast period. Moreover, growing demand for SaaS (Software as a Service) based analysis and SQL database is also expected to contribute to the market growth. Despite the drivers, analysis of huge amount of data is time consuming which is anticipated to be major restraint for the growth of the market during the assessment period.
Practice Analytics Market-Competitive Landscape
The global practice analytics market outlook is characterized by the presence of several well-established and small players, the market appears to be highly competitive and fragmented. Multinational players are increasingly expanding their regional footprint in the developing economy, making it difficult for regional vendors to compete with them, especially in terms of features such as product differentiation, diverse product portfolios, and quality. The well-established market players are engaged in strategic acquisitions, collaborations, partnerships, global expansion, and product launches to gain competitive advantage in this market and to maintain their market position.
In November 2017, Greenway Health, a leading health information technology and services provider, announced that all three of its electronic health record and practice management solutions received 2015 ONC Health IT certification. The certified editions of Prime Suite v18.00, Intergy v11.00 and SuccessEHS v9.0, were certified in June.
In October 2017, Greenway Health introduced Greenway Analytics with the aim to help physicians to use the practice data and improve the patient care. Additionally, Green Analytics is embedded in the company’s latest release of prime Suite, which turns practice data into actionable information.
In July 2017, Cardinal Health Inc. a global integrated healthcare products and services company announced acquisition of Medtronic's Patient Care, Deep Vein Thrombosis and Nutritional Insufficiency business for USD 6.1 billion. With this acquisition, the Patient Care, Deep Vein Thrombosis and Nutritional Insufficiency business become part of the company’s medical segment.
In July 2017, Accenture announced that it has entered into a collaboration with Roche to improve and transform diabetic patient care by developing data-driven analytics platform for Roche’s digital diabetes ecosystem. With this collaboration, Roche’s new digital ecosystem and services are aimed to be built on the Accenture Intelligent Patient Platform.
In January 2017, Medisys Health Group Inc. announced the acquisition of Tri Fit Incorporated. Tri Fit Incorporated has been engaged in delivering corporate fitness facility management and design services and wellness programming to around 110,000 users across Canada.
In December 2016, McKesson Corporation, a global healthcare services company, announced the acquisition of Rexall Health for USD 2.1 billion. With this acquisition, the company aims to serve its customers across Canada with enhanced retail pharmacy capabilities.
Accenture (US), AGS Health, Inc. (India), Practice Analytics (US), Greenway Health, LLC (US), MediSys Health Group Inc. (US), Cardinal Health Inc. (US), McKesson Corporation (US), Harris dogcart (US), Meditab (US), UroGPO (US), Global Health Management Services (US), IBM and KNIME (Switzerland) are some prominent players in the market.
Regional Analysis
Geographically, the global practice analytics market report is segmented into the Americas, Europe, Asia-Pacific and Middle East Africa. North America is anticipated to hold the largest market share during the assessment period. The market growth in this region is attributed to the growing use of information technology in healthcare industries, high adoption of technology, and rising industrialization followed by the development of IT industries. Following North America, Europe is the second largest market due to growing investments in the IT industries coupled with increasing research and development activities in the healthcare IT sector. Additionally, Asia-Pacific is estimated to be the fastest growing market owing to the increase in IT skills and outsourcing, rising prevalence of chronic diseases, and increasing development in healthcare IT sector in this region. The Middle East Africa is expected to have the lowest market share due to lack of technical knowledge and poor medical facilities, especially in the African region.
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