Global Healthcare Analytics Market, By Type (Prescriptive Analytics, Predictive Analytics, Descriptive Analytics), Component (Services, Software, Hardware), Delivery Model (On-Demand, On-Premise), Application (Clinical Analytics, Population Health Analytics, Operational and Administrative Analytics, Financial Analytics), End User (Healthcare Payers, Healthcare Providers and ACOS, HIES, MCOS, AND TPAS) – Industry Trends and Forecast to 2029
Global Healthcare Analytics Market Analysis and Size
In recent years, healthcare analytics market has become one of the significant needs across health systems. Healthcare analytics has brought several changes in the healthcare industry across various regions. Many programs, actions and federal policies were initiated by the governments to experience progress in healthcare services.
- 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. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Global Healthcare Analytics Market Definition
Healthcare analytics assist healthcare professionals in finding opportunities to enhance patient engagement, clinical outcomes, patient engagement and care delivery. Healthcare analytics solutions make use of the vast amounts of collected data for offering organizations with actionable insights.
2022 to 2029
2020 (Customizable to 2019 - 2014)
Revenue in USD Billion, Volumes in Units, Pricing in USD
Type (Prescriptive Analytics, Predictive Analytics, Descriptive Analytics), Component (Services, Software, Hardware), Delivery Model (On-Demand, On-Premise), Application (Clinical Analytics, Population Health Analytics, Operational and Administrative Analytics, Financial Analytics), End User (Healthcare Payers, Healthcare Providers and ACOS, HIES, MCOS, AND TPAS)
U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
Market Players Covered
IBM (US), Wipro Limited (India), Allscripts Healthcare, LLC (US), Cerner Corporation (US), Health Catalyst (US), Inovalon (US), McKesson Corporation (US), MEDEANALYTICS, INC. (US), Optum, Inc. (US), Oracle (US), SAS Institute Inc. (US), ExlService Holdings, Inc. (US), CitiusTech Inc. (US), IQVIA (US), and GENERAL ELECTRIC (US), among others.
Healthcare Analytics Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
- The increase in the cost of operations and the decline in reimbursements for laboratory services
The surge in the cost of various medical procedures, along with the reduction in reimbursements for laboratory services, accelerate the demand for healthcare interoperability solutions across healthcare providers and healthcare payers.
- Government investments for healthcare interoperability
The increase in the funding by the federal government to drive the adoption of these solutions further influence the market.
- Regulatory Compliance
Maintaining compliance with medical reforms and regulations raises the demand for these solutions.
- The rise in the adoption of electronic health records (EHR)
It is a challenge to store the bulk data generated by the electronic health records (EHR) on the local storage devices due to the risk associated with the loss of essential data. Hence, deploying these healthcare analytics in the healthcare sector becomes critical to enable easy sharing and storage of big data.
Furthermore, use of analytics in precision and personalized medicine and cloud-based analytics extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Also, increase in the focus on value-based medicine and rise in augmented analytics will further expand the healthcare analytics solutions market's growth rate in the future.
Restraints/Challenges Global Healthcare Analytics Market
On the other hand, high cost of analytics solutions and concerns regarding inaccurate and inconsistent data are expected to obstruct market growth. Also, reluctance to adopt healthcare analytics solutions in emerging countries and issues with data integration are projected to challenge the healthcare analytics market in the forecast period of 2022-2029.
This healthcare analytics market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on healthcare analytics market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Healthcare Analytics Market
The COVID-19 pandemic had a significant impact on the world’s population and healthcare industry. An increase in the importance of big data in healthcare industry due to the result of the pandemic. The predictive and prescriptive analytics are utilized for developing prediction models for estimating the emergence of subsequent waves of COVID-19 infection. Operational analytics are highly beneficial in the management of COVID-19 bed allocation in ICU units and patient data.
Global Healthcare Analytics Market Scope and Market Size
The healthcare analytics market is segmented on the basis of type, component, delivery model, application and end user. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
- Prescriptive Analytics
- Predictive Analytics
- Descriptive Analytics
On the basis of type, the market is segmented into prescriptive analytics, predictive analytics and descriptive analytics.
On the basis of component, the market is segmented into services, software and hardware. The services segment is sub-segmented into support services and business analytics services.
- On Premise
On the basis of delivery model, the market is segregated into on-demand and on premise.
- Clinical Analytics
- Population Health Analytics
- Operational and Administrative Analytics
- Financial Analytics
On the basis of application, the market is segmented into clinical analytics, population health analytics, operational and administrative analytics and financial analytics. The clinical analytics segment is sub-segmented into quality improvement and clinical benchmarking, clinical decision support, regulatory reporting and compliance, comparative analytics/ effectiveness and precision health. The financial analytics segment is sub-segmented into claims processing, revenue cycle management (RCM), payment integrity and fraud, waste, and abuse (FWA) and risk adjustment and risk assessment. The operational and administrative analytics segment is sub-segmented into supply chain analytics, workforce analytics, enterprise performance, supply chain analytics, market intelligence, research analytics and strategic analytics. The population health analytics segment is sub-segmented into population risk management, population care management, patient engagement, clinical outcome management and activity-based costing.
- Healthcare Payers
- Healthcare Providers
On the basis of end user, the market is segmented into healthcare payers, healthcare providers and ACOS, HIES, MCOS, and TPAS.
Healthcare Analytics Market Regional Analysis/Insights
The healthcare analytics market is analysed and market size insights and trends are provided by country, type, component, delivery model, application and end user as referenced above.
The countries covered in the healthcare analytics market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the healthcare analytics market because of the geriatric population, and increasing prevalence of chronic disorders within the region.
Asia-Pacific (APAC) is expected to witness significant growth during the forecast period of 2022 to 2029 due to the adoption of advanced analytical solutions in the region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Healthcare Infrastructure growth Installed base and New Technology Penetration
The healthcare analytics market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for healthcare analytics market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the healthcare analytics market. The data is available for historic period 2010-2020.
Competitive Landscape and Healthcare Analytics Market Share Analysis
The healthcare analytics market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to healthcare analytics market.
Some of the major players operating in the healthcare analytics market are IBM (US), Wipro Limited (India), Allscripts Healthcare, LLC (US), Cerner Corporation (US), Health Catalyst (US), Inovalon (US), McKesson Corporation (US), MEDEANALYTICS, INC. (US), Optum, Inc. (US), Oracle (US), SAS Institute Inc. (US), ExlService Holdings, Inc. (US), CitiusTech Inc. (US), IQVIA (US), and GENERAL ELECTRIC (US), among others.
Research Methodology : Global Healthcare Analytics Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please request an analyst call or can drop down your enquiry.
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 versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts https://www.databridgemarketresearch.com/speak-to-analyst/?dbmr=global-healthcare-analytics-market