- Product Overview
- Market Highlights
- Healthcare Analytics Market: Segments
- Market Dynamics
- Healthcare Analytics Market: Key Players
- Healthcare Analytics Market: Regions
- Healthcare Analytics Market Report Scope and Segmentation
- Frequently Asked Questions
The expansion of digitalization and usage of sophisticated technologies such as AI, IoT, and ML, together with the use of smart healthcare equipment and services, is resulting in the release of a massive quantity of structured and unstructured data in the healthcare sector. To evaluate and drive better decision-making, the data must be presented in a suitable state. As a result, the need for healthcare analytics is increasing. Furthermore, the rising need for predictive and preventative analytics is fueling the rise of healthcare analytics, thanks to the increased usage of smart healthcare equipment. Furthermore, healthcare analytics provide advantages like as increased operational efficiency, finding the best remedy for a condition, and proactive equipment maintenance, among others.
Healthcare Analytics Market is expected to project a notable CAGR of 27.88% in 2030
The market will expand as healthcare prices rise as a result of a growing portfolio of services, treatment sophistication, and the desire to cut costs and improve operational efficiencies. In addition, the rising amount of sophisticated data generated by the shift from paper to electronic health records, as well as its capacity to improve medical practice, will fuel industry demand. Furthermore, market growth would be driven by technology improvements and an increase in investor interest in healthcare analytical tools.
Recent highlights in the Healthcare Analytics Market
In December 2020, Cerner bought Kantar Health, a Kantar Group business that provides data, analytics, and real-world evidence to the life science industry.
In August 2018, Verscend Technology (US) had acquired Cotiviti Holdings, Inc. (US), a leading supplier of payment accuracy and analytics-driven solutions with a focus on the healthcare sector.
Healthcare Analytics Market: Segments
Descriptive Analytics to grow with the highest CAGR during 2020-30
Healthcare Analytics Market is segmented by Types into Descriptive Analytics, Predictive Analytics, Prescriptive Analytics, and Cognitive Analytics. Among these, the Descriptive Analytics category dominated the market in 2020 and is projected to continue the growth throughout the forecast period. The first step in turning large data into useful insights is descriptive analytics. These analytical solutions explain or summarize raw data acquired in the past in order to discover the causes for success or failure in the past. Furthermore, the vast majority of healthcare companies with EHR systems also have descriptive analytics in place.
Cloud-based segment to grow with the highest CAGR during 2020-30
Healthcare Analytics Market is segmented by Deployment into On-premise and Cloud-based. Among these, the Cloud-based category is expected to have the highest revenue share during 2021-30. It allows for the remote storing of huge amounts of data to free up space on devices and the retrieval of data according to the client’s needs. These cloud-based services provide a lot of storage, access, and security, which propels the segment forward. These services also improve labor efficiency, minimize duplicate activities, and simplify operations. Infrastructure as a Service (IaaS), Software as a Service (SaaS), and Platform as a Service (PaaS) are the three services offered by the technology (PaaS).
Emergence of big data in healthcare
Big data refers to large amounts of complex data that can’t be handled using standard data processing technologies. The shift in healthcare from written scripts and paper charts to real-time monitoring and electronic health records has resulted in more digital data being collected. Furthermore, the digital data universe is constantly expanding as data from genetic sequencing, billing, medical research findings, claims, and practice recommendations is collected.
Increasing investments by key players
Due to existing opportunities, industry players are expected to invest in developing countries, propelling market growth over the forecast period.
Lack of IT Professionals
The lack of competent IT workers in the healthcare sector is a major stumbling block to market growth. The use of healthcare analytics solutions in healthcare organizations necessitates a high level of technical and statistical expertise. To extract data from a large data environment, most businesses require data scientists. There are currently very few specialists and professionals working in the subject of healthcare analytics. Furthermore, just a few colleges and institutions throughout the world provide healthcare analytics courses.
Healthcare Analytics Market: Key Players
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Verisk Analytics, Inc.
Truven Health Analytics, Inc.
Allscripts Healthcare Solutions, Inc.
Healthcare Analytics Market: Regions
Healthcare Analytics Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and the Middle East, and Africa. Healthcare Analytics market in North America held the largest market share in the year 2020. In the forecast period, the Healthcare Analytics market is expected to be dominated by North America. Growing federal healthcare mandates to contain rising healthcare costs; increasing regulatory requirements; growing EHR adoption; and rising government initiatives focusing on personalized medicine, population health management, and value-based reimbursements are all contributing to the North American market’s rapid growth.
Healthcare Analytics Market is further segmented by region into:
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, and Rest of Europe
Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – China, Japan, Australia, and Rest of APAC
Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA
Healthcare Analytics Market report also contains analysis on:
Healthcare Analytics Market Segments:
Operational and Administrative Analytics
Healthcare Analytics Market Dynamics
Healthcare Analytics Market Size
Supply & Demand
Current Market Trends/Issues/Challenges
Competition & Companies Involved in the Market
Value Chain of the Market
Market Drivers and Restraints
Healthcare Analytics Market Report Scope and Segmentation
Report Attribute Details
Market size value in 2021 USD 18.69 billion
Revenue forecast in 2030 USD 171.12 billion
Growth Rate CAGR of 27.88% from 2021 to 2030
Base year for estimation 2020
Quantitative units Revenue in USD billion and CAGR from 2021 to 2030
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered Component, Type, Application, Deployment, and Region
Regional scope North America; Europe; Asia Pacific; Latin America; Middle East & Africa (MEA)
Key companies profiled IBM Corp., OptumHealth, Inc., Oracle Corp., Verisk Analytics Inc., MEDai Inc, MedeAnalytics, Inc., McKesson Corp., Truven Health Analytics, Inc., Allscripts Healthcare Solutions Inc., Cerner Corporation and Other Prominent Players.
Frequently Asked Questions
How big is the Healthcare Analytics market?
What is the Healthcare Analytics market growth?
Which segment accounted for the largest Healthcare Analytics market share?
Who are the key players in the Healthcare Analytics market?
What are the factors driving the Healthcare Analytics market?