Global Practice Analytics Market - Overview
The global practice analytics market is growing with a rapid pace. According to a recent study report published by the Market Research Future, the global practice analytics market is booming and expected to gain prominence over the forecast period and is projected to grow a sound pace. The market is projected to demonstrate a sound growth by 2027, surpassing its previous growth records in terms of value with a sound CAGR during the anticipated period (2017-2027).
Practice analytics can be defined as the capability to evaluate and examine the state of a practice in a business. It serves as a basic tool for providing essential support to produce business. Practice analytics is used in report writing. Moreover, it can be used as a business intellect tool and is extensively utilised by the directors, managers, providers and support staff. In practice analytics, analysis of the data is done in detail. Thereafter, it is summarized for preparing reports and graphics, along with generating data files for exports to other applications. Such trends in the application of the techniques is driving the market growth. Moreover, increasing SaaS (Software as a Service) based analysis and SQL database are estimated to boost the growth during the forecast period. However, analysis of huge amount of data is time consuming. This is the major restrain that can hinder the market’s growth during the forecast period.
Practice Analytics (U.S.), Greenway Health (U.S.), Medisys (U.S.), Cardinal Health (U.S.), Mckesson (U.S.), DigiChart (U.S.), Meditab (U.S.), UROGPO (U.S.), Global Health Management Services (U.S.) and others are some of the prominent players at the forefront of competition in the Global Practice Analytics Market and are profiled in MRFR Analysis.
Global Practice Analytics Market - Competitive Analysis
Characterized by the presence of several well-established and small players, the global practice analytics market appears to be highly competitive and fragmented. International players are increasingly expanding their footprint in the developing economy, making it difficult for regional vendors to compete with them, especially in terms of features such as product differentiation, product portfolios, quality, and pricing. The market is witnessing intensified competition which is expected to get more intensified further during the forecast period. The intense competition prevalent in the market dictates the consolidation among marketers.
Well established players incorporate acquisition, collaboration, partnership, expansion, and product launch in order 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, became available to help the customers to succeed in value-based care programs such as the Merit-based Incentive Payment System (MIPS) and Alternative Payment Models.
In January, 2017- Medisys Health Group Inc. which is Canada’s only national provider of preventive and executive health services, announced that it has completed the acquisition of Tri Fit Incorporated. This accelerated Medisys’ pathway into a leadership position in Canadian corporate wellness.
In April, 2018- Cardinal Health announced that it has entered into a definitive agreement to acquire Medtronic's Patient Care, Deep Vein Thrombosis and Nutritional Insufficiency businesses for USD 6.1 billion in cash. The purchase price did not included cash tax benefits of at least USD 100 million. The acquisition is expected to be financed with a combination of USD 4.5 billion in new senior unsecured notes and existing cash. The transaction is expected to close in the first quarter of Cardinal Health's fiscal year 2018.
In December, 2016- McKesson Corporation, a leading international healthcare services and information technology company, announced that it has completed the acquisition of Rexall Health for USD 2.9 billion CAD. This was followed by the agreement reached with the Competition Bureau of Canada for the acquisition of Rexall Health and approval received under the Investment Canada Act.
In August, 2016- Harris’ Healthcare group announced that it has completed the acquisition of digiChart Inc. digiChart is a provider of electronic medical records (EMR) and practice management solutions for Obstetricians and Gynecologists practices in the U.S.
Global Practice Analytics Market - Regional Analysis
On regional basis, the practice analytics market is segmented into Americas, Europe, Asia Pacific and Middle East & Africa. North America commanded the largest market. Increasing use of information technology in healthcare industries and rising industrialization followed by the development of IT industries are the major drivers for the market growth of the market within the region. Following the similar trends of North America, Europe stands second in the market. On the other hand Asia Pacific is estimated to be the fastest growing market. The Middle East and Africa have the lowest market share due to lack of technical knowledge and poor medical facilities.
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