CRI Report has released a report titled “Healthcare Analytics market – Analysis of Market Size, Share & Trends for 2020 – 2030 and Forecasts to 2030” which is anticipated to reach USD 171.12 billion by 2030. According to a study by CRI Report, the market is anticipated to portray a CAGR of 27.88% between 2020 and 2030. According to the report, 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.
The market report on the Healthcare Analytics market includes in-depth insights as:
- The estimated value of the market was USD 14.63 billion in the year 2020.
- Region-wise, the market in North America which held the largest market share in the year 2020, emerged as a key market for Healthcare Analytics market.
- Based on Types, Descriptive Analytics emerged as a key segment in the Healthcare Analytics market.
- Based on Deployment, the Cloud-based segment emerged as a key segment in the Healthcare Analytics market.
- Key players are likely to focus on product innovations and expansion through mergers to retain their positions in developed markets.
“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.”, according to this report
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 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.
Key Players in the Market
- Some of the key players operating in the Healthcare Analytics market are 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.
Get Valuable Insights into Healthcare Analytics Market
In the new report, CRI Report thrives to present an unbiased analysis of the Healthcare Analytics market that covers the historical demand data as well as the forecast figures for the period, i.e., 2020-2030. The study includes compelling insights into growth that is witnessed in the market. The market is segmented by Component into Hardware, Software, Services. By Types into Descriptive, Analytics, Predictive Analytics, Prescriptive Analytics, Cognitive Analytics. By Application into Clinical Analytics, Financial Analytics, Operational and Administrative Analytics, Cognitive Analytics. By Deployment into On-premise, Cloud. Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East, and Africa.