The Global Healthcare Analytics Market has witnessed significant growth and has become an essential requirement across health systems worldwide. Healthcare analytics has revolutionized the healthcare industry by enabling data-driven decision-making, improving patient outcomes, and optimizing healthcare delivery. Governments have implemented various programs, actions, and federal policies to drive progress in healthcare services through the adoption of analytics solutions. Growing demand for advanced analytics technologies, integration of electronic health records, and the need for predictive and prescriptive analytics for better resource allocation and cost management.
According to Data Bridge Market Research, the global healthcare analytics market was valued at USD 18.32 billion in 2021 and is expected to reach USD 145.20 billion by 2029, registering a CAGR of 24.58% during the forecast period of 2022-2029.
“Government investments for healthcare interoperability facilitate market growth”
Government investments for healthcare interoperability serve as a key driver for the global healthcare analytics market. Governments around the world are recognizing the importance of integrating healthcare systems and promoting interoperability among different healthcare providers. This includes initiatives to establish electronic health records (EHRs), standardize data formats, and facilitate data sharing among healthcare organizations. Through investing in interoperability infrastructure, governments aim to improve patient care coordination, enhance healthcare data accessibility, and enable advanced analytics capabilities. These efforts create a favorable environment for the adoption and utilization of healthcare analytics solutions, driving market growth and enabling better healthcare outcomes through data-driven insights.
What restraints the growth of the global healthcare analytics market?
“High cost of analytics solutions”
The high cost of analytics solutions poses a significant restraint on the global healthcare analytics market. Implementing robust analytics systems and platforms requires substantial investment in infrastructure, technology, and skilled personnel. The cost of acquiring and maintaining advanced analytics tools, data storage, security measures, and data integration processes can be a deterrent for healthcare organizations, particularly smaller ones with limited budgets. Additionally, ongoing expenses related to software updates, training, and support services contribute to the overall cost burden. The high cost of analytics solutions may limit the adoption and utilization of healthcare analytics, especially in resource-constrained settings, hindering the market's growth potential. Vendors and industry stakeholders need to address affordability concerns and offer cost-effective solutions to overcome this restraint.
Segmentation: Global Healthcare Analytics Market
The healthcare analytics market is segmented on the basis of type, component, delivery model, application, and end user.
- On the basis of type, the healthcare analytics market is segmented into prescriptive analytics, predictive analytics, and descriptive analytics.
- On the basis of component, the healthcare analytics market is segmented into services, software, and hardware.
- On the basis of delivery model, the healthcare analytics market is segmented into on-demand, on premise.
- On the basis of application, the healthcare analytics market is segmented into clinical analytics, population health analytics, operational and administrative analytics, and financial analytics..
- On the basis of end user, the healthcare analytics market is segmented into healthcare payers, healthcare providers, and ACOS, HIES, MCOS, and TPAS.
Regional Insights: North America dominates the Global Healthcare Analytics Market
North America's dominance in the healthcare analytics market can be attributed to several factors. The region has a large geriatric population, leading to increased healthcare needs and a greater demand for analytics solutions. Additionally, the rising prevalence of chronic disorders in North America drives the adoption of healthcare analytics to improve patient outcomes, optimize healthcare delivery, and reduce costs.
Asia-Pacific (APAC) is expected to witness significant growth in the healthcare analytics market. The region is adopting advanced analytical solutions to address the increasing healthcare challenges and demands. The implementation of digital health technologies, electronic health records, and data analytics platforms are driving the adoption of healthcare analytics in APAC. The growing awareness of the benefits of analytics-driven healthcare decision-making and the rising focus on improving healthcare infrastructure contribute to the market's growth in the region.
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The Prominent Key Players Operating in the Global Healthcare Analytics Market Include:
- IBM (U.S.)
- Wipro Limited (India)
- Allscripts Healthcare, LLC (U.S.)
- Cerner Corporation (U.S.)
- Health Catalyst (U.S.)
- Inovalon (U.S.)
- McKesson Corporation (U.S.)
- MEDEANALYTICS, INC. (U.S.)
- Optum, Inc. (U.S.)
- Oracle (U.S.)
- SAS Institute Inc. (U.S.)
- ExlService Holdings, Inc. (U.S.)
- CitiusTech Inc. (U.S.)
- IQVIA (U.S.)
- GENERAL ELECTRIC (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of global healthcare analytics market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Healthcare Analytics Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.