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Diverse Data Analytics Offerings Together have Potential to Change Industry Paradigms
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Healthcare data analytics refers to information technology (IT) solutions and services that mine structured and unstructured digital content generated by healthcare industry stakeholders with the goal of achieving a pre-defined outcome. The healthcare industry is experiencing a redefinition of “value” through the changing expectations of care quality, reimbursement models, and patient experience. To deliver new forms of “value”, industry stakeholders need a far more granular dissection of data and payers, providers, pharmaceuticals and medical technology companies are taking this move very seriously.To support these rapidly evolving stakeholders, data analytics vendors are bringing new and innovative solutions to the market that can help solve highly specific business issues around developing new solutions, revenue streams, operating models, and target customers. However, current solutions seem to have a rather niche scope, which creates obstacles for both data analytics companies’ rather complex and crowded market landscape consisting multiple solution segments and their healthcare industry customers. While data analytics vendors need to navigate a rather complex and crowded market landscape consisting of multiple solution segments, healthcare organizations need to invest in diverse vendors to meet their business goals.Future market success lies in providing meaningful analytics based on real-world data that accelerate R&D, enhance complete care pathways for specific therapeutic areas, and augment human thinking. Vendors need to expand their solutions across complete healthcare functions or therapeutic areas through appropriate partnerships and/or portfolio expansion. This creates opportunities for integration of different types of analytics solutions; integration of diverse healthcare stakeholders and datasets, and/or integration of diverse target market segments, such as providing solutions comprehensive platforms that support patients, providers, and payers.A complex vendor landscape creates opportunity for strategic partnerships amongst leading multinationals and small- and medium-sized businesses. At the same time, Industry Convergence opens up Blue Ocean markets where existing participants can provide new solutions, address evolving customer needs, and experiment with innovative business models. In such an environment, it becomes imperative for companies to have a clear view of the market landscape with a constant eye out for potential peers and competitors. Key parameters used for identifying appropriate industry partners include company size and growth, vision & goals, solution portfolio, market presence, and future plans. This research profiles vendors across diverse domains within Healthcare Data analytics to bring the most recent and successful and/or high-potential companies to light. Frost & Sullivan’s focus has been to identify vendors who bring in the advantage purely in terms of analytics and not other components of data management and meaningful use.Key Questions this Study will Answer:• What are the current growth opportunities in healthcare data analytics? What is the impact of the external industry environment on this market?• Which are some unique companies that are introducing new and innovative solutions in the market?• How do these companies intend to transform healthcare industry paradigms over the next five years?• What is their action plan and potential for growth? • What are some key success factors in the healthcare data analytics market?
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