Healthcare Analytics Market

Healthcare Analytics Market Size

[170+ Pages Research Report] to surpass USD 171.12 billion by 2030 from USD 14.63 billion in 2020 at a CAGR of 27.88% in the coming years, i.e., 2021-30.

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.

Market Highlights

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).

Market Dynamics

Drivers

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.

Restraint

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

• IBM Corp.

Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis

• OptumHealth, Inc.
• Oracle Corp.
• Verisk Analytics, Inc.
• MEDai, Inc.
• MedeAnalytics, Inc.
• McKesson Corp.
• Truven Health Analytics, Inc.
• Allscripts Healthcare Solutions, Inc.
• Cerner Corporation

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:

• By Component:
  • Hardware 
  • Software 
  • Services
• By Types:
  • Descriptive Analytics 
  • Predictive Analytics 
  • Prescriptive Analytics 
  • Cognitive Analytics 
• By Application:
  • Clinical Analytics 
  • Financial Analytics 
  • Operational and Administrative Analytics 
  • Cognitive Analytics
• By Deployment:
  • On-premise
  • Cloud
• 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