Data analytics key to defining and measuring ‘value’ in healthcare

Vendors that offer solutions across complete healthcare functions or therapeutic areas will be best positioned to harness growth opportunities, says Frost & Sullivan’s report

The healthcare industry is experiencing a redefinition of ‘value’ through the changing expectations of care quality, reimbursement models, and patient experience.

And, to deliver new forms of value, stakeholders need a far granular dissection of data within, and from outside, their enterprise.

In response, data analytics vendors are bringing new and innovative programmes to the market that can help solve highly-specific business issues, such as revenue streams, operating models, and target customer segments.

However, healthcare data analytics solutions currently available in the market tend to have a rather niche scope, creating challenges around scalability and business sustainability for both analytics vendors and their industry customers.

Vendors need to enlarge their services across complete healthcare functions or therapeutic areas through appropriate partnerships and/or portfolio expansion

While data analytics vendors need to navigate a rather-complex and crowded market landscape consisting of multiple solution segments; healthcare organisations need to invest in diverse suppliers to meet their business goals.

Frost & Sullivan’s analysis, Global Healthcare Data Analytics Companies-to-Action 2017, highlights the ecosystem evolution in high-priority digital health markets and profiles notable market players that have the potential to radically transform existing industry paradigms.

Other segments explored in this series include sleep technologies, oncology, precision medicine, leading ICT participants, and maternal care.

Profiles include company growth metrics, long-term vision and goals, market portfolio, business model, market presence, and future plans, with analyst opinions on its future potential.

Digital health industry manager, Natasha Gulati, said: “Future market success lies in providing meaningful analytics based on real-world data that accelerates research and development, and augments human thinking.

“Vendors need to enlarge their services across complete healthcare functions or therapeutic areas through appropriate partnerships and/or portfolio expansion.

“This creates opportunities for the integration of different types of analytics solutions, diverse healthcare stakeholders and datasets, and/or target market segments, such as providing comprehensive platforms that support patients, providers, and payers.”

A complex vendor landscape in digital health creates opportunities for strategic partnerships among leading multinationals and small and medium-sized businesses.

Future market success lies in providing meaningful analytics based on real-world data that accelerates research and development

At the same time, industry convergence opens up blue ocean markets, where existing participants can provide new concepts, 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 while eyeing potential peers and competitors.

Data analytics is the key to serving major healthcare industry needs, such as containing healthcare costs and improving efficiency; re-imagining care delivery, and feeding healthcare consumerism.

Frost & Sullivan tracks the need for, and the impact of, main technologies, like data analytics, on various aspects of healthcare and providing thought leadership on the future of several market segments.

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