Spain Healthcare Financial Analytics Market Analysis

Spain Healthcare Financial Analytics Market Analysis


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Spain Healthcare Financial Analytics market size was valued at $xx Mn in 2022 and is estimated to expand at a CAGR of 5.8% from 2022-30 and will reach $xx Mn in 2030. The market is segmented by type, component, and deployment. Spain’s Healthcare Financial Analytics market will grow as the demand for data-driven decision-making is rising, and financial analytics. The key market players are Salumedia Tecnologías, Datadec, Dicompacs, Biocryptology, Health in Code, and others.

ID: IN10ESDH082 CATEGORY: Digital Health GEOGRAPHY: Spain AUTHOR: Chandani Patel

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Spain Healthcare Financial Analytics Market Executive Summary

Spain Healthcare Financial Analytics market size was valued at $xx Mn in 2022 and is estimated to expand at a CAGR of 5.8% from 2022-30 and will reach $xx Mn in 2030. In Spain, public expenditure is the primary source of funding for health (69.8% of total health expenditure). Public funds come mostly from general taxes and the ACs manage most of the public health resources (92.2% of public health expenditure and 64% of total health expenditure.

The market for healthcare financial analytics is anticipated to increase as a result of the latest technology’s growing influence in the healthcare industry. The advantages that analytics offer will also lead to a rise in their utilization, which will spur the market for healthcare financial analytics to grow.

Big data analytics are being used more and more frequently in the healthcare industry. The market for healthcare financial analytics will see this element act as a growth catalyst. Big data analytics also guarantee excellent efficiency and low error rates in spending. The need for healthcare financial analytics is therefore anticipated to rise significantly in the coming years based on these factors.

The increased use of electronic health records by numerous healthcare institutions would significantly boost the market for healthcare financial analytics' growth prospects. Also, numerous laws are being passed that support electronic health records and related technology. As a result, these elements will have a significant impact on the market for healthcare financial analytics.

Market Dynamics

Market Growth Drivers

This law establishes the legal framework for the organization, management, and financing of the Spanish National Health System (SNS). It also sets out the principles and guidelines for the use of health data for research, evaluation, and planning purposes. This law regulates the processing of personal data in Spain, including health data. It sets out the requirements for obtaining consent, the purposes for which data can be processed, and the rights of data subjects. Healthcare financial analytics companies must comply with this law when handling sensitive health data.

Furthermore, this strategy sets out the guidelines and objectives for the development and implementation of health information systems in Spain. It includes measures to improve the quality and availability of health data, as well as to ensure the interoperability and security of health information systems. This decree regulates the technical requirements for healthcare information systems in Spain, including those used for financial analytics. It sets out the standards and protocols for data exchange, security, and privacy. Additionally, this plan outlines the strategies and actions to improve the quality, effectiveness, and efficiency of the Spanish National Health System. It includes measures to promote the use of health information systems and analytics to support decision-making and performance management.

Market Restraints:

Healthcare data in Spain is often fragmented and stored in different systems, which can make it difficult to integrate and analyze. This can limit the effectiveness of healthcare financial analytics. The processing and sharing of healthcare data raise privacy and security concerns, particularly in the context of sensitive health information. Healthcare financial analytics companies must comply with strict data protection regulations in Spain. Moreover, despite the high demand for healthcare services, the funding for the healthcare sector in Spain is limited. This can limit the investment in healthcare financial analytics and the adoption of digital technologies.

Competitive Landscape

Key Players

  • Salumedia Tecnologías
  • Datadec
  • Dicompacs
  • Biocryptology
  • Health in Code
  • Medtep
  • Bionline
  • Pervasive Technologies
  • Quiron Prevención
  • Savana Medica

Recent Developments

June 2021: Savana Medica raised €15 million in a funding round led by Cathay Innovation and Adara Ventures. The company offers AI-powered clinical decision support tools and financial analytics solutions for healthcare providers and payers.

February 2021: Medtep announced a partnership with Sanitas, a leading healthcare insurer in Spain, to provide a digital health platform for chronic disease management. The platform includes financial analytics tools for insurers to track patient outcomes and reduce costs.

Healthcare Policies and Regulatory Landscape

In Spain, healthcare financial analytics is regulated by several laws and regulations. Here are some of the key regulations that apply to healthcare financial analytics in Spain:

  • Law on Autonomy and Responsibility of the Health System: This law establishes the legal framework for the organization, management, and financing of the Spanish National Health System (SNS). It also sets out the principles and guidelines for the use of health data for research, evaluation, and planning purposes.
  • Data Protection Law: This law regulates the processing of personal data in Spain, including health data. It sets out the requirements for obtaining consent, the purposes for which data can be processed, and the rights of data subjects. Healthcare financial analytics companies must comply with this law when handling sensitive health data.
  • Health Information Systems Strategy: This strategy sets out the guidelines and objectives for the development and implementation of health information systems in Spain. It includes measures to improve the quality and availability of health data, as well as to ensure the interoperability and security of health information systems.
  • Royal Decree on Healthcare Information Systems: This decree regulates the technical requirements for healthcare information systems in Spain, including those used for financial analytics. It sets out the standards and protocols for data exchange, security, and privacy.
  • National Health System Quality and Cohesion Plan: This plan outlines the strategies and actions to improve the quality, effectiveness, and efficiency of the Spanish National Health System. It includes measures to promote the use of health information systems and analytics to support decision-making and performance management. In general, healthcare financial analytics companies in Spain must comply with a range of regulations related to data protection, health information systems, and the organization and financing of the healthcare system. These regulations are aimed at ensuring the privacy, security, and quality of healthcare data and promoting the efficient and effective use of healthcare resources.

 

1. Executive Summary
1.1 Digital Health Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Digital Health Policy in Country
1.6 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Diagnosis
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Healthcare Financial Analytics Market Segmentation

By Type

  • Claim Analytics
  • Revenue Cycle Management
  • Risk Management Analytics
  • Others

By Component

  • Hardware
  • Software & Services

By Deployment

The market is divided into on-premises and cloud-based deployments. Because cloud platforms are being adopted at a faster rate, the cloud-based category is anticipated to experience stronger growth throughout the projected period. The growing use of cloud analytics, which enables businesses to include data from all sources, is what is driving the financial analytics industry. Additionally, the market for healthcare financial analytics is anticipated to benefit from the desire for better claims and revenue management systems in healthcare and the acceptance of cloud computing across numerous industries. Some governments in Europe are starting programmes to promote the growth of information technology in healthcare.

  • On-premise
  • Cloud-based

Insights10 will provide you with the reports within 10 key parameters which are:

  1. Market Overview
  2. Market Growth Drivers & Restraints
  3. Epidemiology of Disease Type
  4. Market Segmentation
  5. Market Share
  6. Competitive Landscape
  7. Key Company Profiles
  8. Healthcare Policies & Regulatory Framework
  9. Reimbursement Scenario
  10. Factors Driving Future Growth

Based on our many years of experience, we believe that these are the parameters that are critical to decision-making for business stakeholders. Our focused approach to developing reports focused on 10 key parameters, enabled us to arrive at the name “Insights10”.

 

Stage I: Market Data Collection

Primary Interviews: We have developed a network of experts, freelancers, and researchers across countries through which we engage with local experts to gather key data points and assumptions about each market. We also engage regularly with some of the best market research agencies such as Atheneum, GuidePoint, GLG, etc. to conduct surveys and interviews, and build intelligence. We have language translators as a part of our team, who between them can cover 30+ languages allowing us to extract better local insights.

Secondary Data Collection: We have developed strong expertise and experience in secondary data collection methods for developing unique data sets and research material. We gather data from multiple reliable sources to maintain a high level of accuracy and consistency. The market data is analyzed and forecasted using appropriate statistical and coherent models. The report offers an overall analysis of the market size, growth, and market share as well as a segment-level analysis of the specific market. Our report includes precise, to-the-point information related to the overall market, competition, growth drivers, challenges, regulatory updates, and competition.

Data Sources: We have access to multiple highly reliable free and subscription data sources. We have many years of experience to understand which sources are more dependable for what and which to prefer for the reliable and latest information. The key sources of information include the following, but are not limited to:

 

 

Stage II: Market Data Analysis and Statistical Model

Market Trends: We generally look at macro parameters and micro indicators. The macro parameters include changes in government policies, demand and supply of the market, government intervention programs, and major market share. The micro indicators are GDP growth, market size, market volume, etc. We also understand nuances specific to each country like the US, Canada, India, Germany, etc., and have worked across 60+ countries and hence not only understand global trends but how these differ by country, how payment models, market structure, cultural parameters, etc. differ in each country.

Market Sizing and Analysis: Our expert data analytics team has created various market forecast models by employing the top-down approach i.e. starting with the large overall market and segmenting different areas and the bottom-up approach i.e. starting with population and epidemiology and rolling up based on spend, etc., estimating the size of the market, and distributing among the geographic and/or product segments.

The top-down approach is mainly used for new product forecasting and the bottom-up approach is used for demand estimation of any product for different countries summed up to form the total market. We are able to round off insights and build stronger forecasts because we always do both these methods and triangulate the final numbers.

The study on the market covers the analysis of the leading geographies such as Asia-Pacific, Africa, Europe, Middle East, North America, and  Latin America for the period of 2022 to 2030. The qualitative analysis covers the industry landscape and trends, market opportunities, competitive landscape, and policy and regulatory scenario, and the quantitative analysis covers different market estimates and forecasts.

Data Triangulation & Validation:

Data triangulation of various sources and results of the research are carried out by benchmarking with reliable sources such as industry statistics, statistical databases, and company-level averages, etc.

We make sure to finalize the numbers in alignment with the market research. Firstly, our internal experts ensure thorough validation and checking to ensure accurate and precise analysis and then validation is also done using a multiple-data analysis model. Two-level validation is done and entails the finalization of the report scope and the way of representation pattern.

 

 

Stage III: Interpretation and Presentation

Analysis & Interpretation: The information gathered is then analyzed and synthesized. The second series of interviews are done if necessary to check and validate. The future opportunities are analyzed by understanding product commercialization and many other factors. It also comprises the analysis of data discrepancies observed across various data sources. Information procured from secondary and primary results is then, interpreted by considering the following parameters: (a partial list)

  • Establishing market drivers and trends
  • Analyzing the regulatory landscape to understand future growth
  • Market Segment based analysis to obtain revenue/volume
  • ​Analyzing current needs and determining penetration to estimate the market

Insights: Our reports deliver actionable insights backed with supporting facts and figures to assist you in achieving exemplary growth. Our in-depth analyses are interspersed with relevant insights and statistics to offer an executive-level view of a given market. The description helps in correlating many minor factors affecting the market and their impact on the different segments within the market.

Data curated from the analysis and interpretation are drawn to portray all in one consolidated report.

Presentation & Reporting: The market research report is presented in different forms such as charts by using a scientific approach for easy understanding. Historic, current, and future analysis is provided for each market in terms of both value and volume. The size of the market is interpreted in the US Dollar value and the respective unit, based on the product, for volume consumption.

The foreign exchange rates are calculated on the respective dates and for the respective regions covered in the study.

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Last updated on: 30 January 2024
Updated by: Anish Swaminathan

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