Health Care Analytics Market Share, Growth & Forecast [2031]
Health Care Analytics Market Share, Growth & Forecast [2031]
Segments - Health Care Analytics Market by Types (Descriptive Analytics, Prescriptive Analytics, and Cognitive Analytics), Applications (Clinical Analytics, Financial Analytics, Operation and Administrative Analytics, and Population Health), Deployment Models (On-premise and Cloud), and Regions (Asia Pacific, North America, Europe, Latin America, And Middle East & Africa) Forecasts, 2021-2028
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| Report ID :HC-4415
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| 176 Pages
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Report Description
The healthcare analytics market is expected to expand at a robust CAGR during the forecasted period, 2021-2028. Healthcare analytics widely uses data for quantitative and qualitative analysis. The healthcare industry is transforming from volume-based medicines and reimbursement to value-based medicines and compensation. Factors, such as the sudden emphasis on improved quality of healthcare, reduced length-of-stay at hospitals, lower costs of healthcare and medicine, and fraud detection are some of the primary factors fueling the market growth.
Industry players are rapidly developing solutions based on artificial intelligence and data analytics in the healthcare sector. Healthcare organizations are leveraging these tools to do everything ranging from tracking hospital capacity to identifying high-risk patients. These technologies are critical to prepare the world for COVID-19 pandemic similar situations.
Market Trends, Drivers, Restraints, and Opportunities
- Growing requirement for hospitals to fulfil with government healthcare mandates is encouraging them to use data analytics tools for decision-making, improving care quality, and preventing avoidable costs.
- Increasing use of automated technologies such as electronic healthcare records (EHRs) and medical claims processing, as well as the shifting trend toward health information exchanges (HIEs), have created opportunities to improve the healthcare industry.
- High privacy and security issues can restraint the market growth.
- Ongoing technological advancements and government regulations regarding data security can generate new market avenues for the market.
Scope of the report
The report health care analytics market on market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
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Attributes |
Details |
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Report Title |
Health Care Analytics Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2020 |
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Historic Data |
2018 & 2019 |
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Forecast Period |
2021–2028 |
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Segmentation |
Types (Descriptive Analytics, Prescriptive Analytics, and Cognitive Analytics), Applications (Clinical Analytics, Financial Analytics, Operation and Administrative Analytics, and Population Health), Deployment Models (On-premise and Cloud) |
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Regional Scope |
Asia Pacific, North America, Europe, Latin America, and Middle East & Africa |
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Report Coverage |
Market scope, analysis, share, competitive analysis, growth facts, restraints, opportunities, and revenue forecast |
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Key Players Covered |
IBM, Optum , Cerner , SAS Institute , Allscripts , McKesson , Mede Analytics , Inovalon , and Oracle |
Health Care Analytics Market Segment Insights
Cognitive analytics segment to register high growth in the market
In terms of types, the market can be divided into cognitive analytics, descriptive analytics, predictive analytics, and prescriptive analytics. The cognitive analytics segment to constitute a significant share in the market during the forecasted period. Cognitive analytics uses advanced technologies such as machine learning, deep learning, natural language processing (NLP), and reasoning or logic systems for analysis purpose. It takes care that the decision-making process provides insights and suggestions to improve human decisions. The descriptive analytics segment is expected to account for a significant market share during the forecast period. Descriptive analytics help healthcare payers and providers to monitor and manage their business practices effectively. Most organizations prefer descriptive/retrospective analytics since it can be implemented with the standard collective functions built into most databases.
On-premise segment to hold a large market share
In terms of deployment models, the healthcare analytics market can be bifurcated into on-premise and cloud. The on-premise market accounted for more than 60% share of the healthcare analytics market in 2020. On-premise delivery allows end-users to use solutions from multiple vendors, which enables them to customize as per their own requirements. On the other hand, growing number of healthcare providers are opting for cloud-based due to its advantages, such as cost-effectiveness and ease of use.
Financial analytics segment to grow at robust rate
In terms of the application of the segment the market is divided into clinical analytics, financial analytics, operation and administrative analytics, and population health. The financial analytics segment to register a robust CAGR during the forecast period. Financial analytics consists of use of healthcare analytics for fraud detection, revenue cycle management, contract compliance, reimbursement compliance and claim management. Rising problem levels pertaining to claims denial and reimbursement is estimated to further propel the segment growth.
North America to constitute a major share in the market:
On the basis of regions, the market can be segregated into Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the healthcare analytics market with a market share of more than 60% in 2020, followed by Europe and Asia Pacific. The large share of North America in the global healthcare analytics market can be attributed to implementation of federal health mandates that encourage the adoption of HCIT solutions, increasing focus on PHM, a significant amount of VC investments, taking efforts to reduce healthcare costs, technological advancements, and high product and service availability in this region.
Segments
By Types- Descriptive Analytics
- Prescriptive Analytics
- Cognitive Analytics
- Clinical Analytics
- Financial Analytics
- Operation and Administrative Analytics
- Population Health
- On-premise
- Cloud
- North America
- Europe
- Latin America
- Asia Pacific
- Middle East & Africa
Competitive Landscape
In terms of the key players of the market are IBM, Optum , Cerner , SAS Institute , Allscripts , McKesson , Mede Analytics , Inovalon , and Oracle. These healthcare analytics’ providers are increasingly focuseing on offering scalable solutions that can adapt to advancements in technology, as well as human expertise and skills in healthcare organizations.
In 2020, Definitive Healthcare partnered with ESRI and developed a platform that helps analysis and monitoring of bed capacity in hospitals and potential risk of COVID-19 by geographical areas in the United States.
Table Of Content
1. Executive Summary2. Assumptions and Acronyms Used
3. Research Methodology
4. Health Care Analytics Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Health Care Analytics Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Health Care Analytics Market - Supply Chain
4.5. Global Health Care Analytics Market Forecast
4.5.1. Health Care Analytics Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Health Care Analytics Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Health Care Analytics Market Absolute $ Opportunity
5. Global Health Care Analytics Market Analysis and Forecast by Region
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Region
5.2.2. Y-o-Y Growth Projections by Region
5.3. Health Care Analytics Market Size and Volume Forecast by Region
5.3.1. North America
5.3.2. Latin America
5.3.3. Europe
5.3.4. Asia Pacific
5.3.5. Middle East and Africa (MEA)
5.4. Absolute $ Opportunity Assessment by Region
5.5. Market Attractiveness/Growth Potential Analysis by Region
5.6. Global Health Care Analytics Demand Share Forecast, 2019-2026
6. North America Health Care Analytics Market Analysis and Forecast
6.1. Introduction
6.1.1. Basis Point Share (BPS) Analysis by Country
6.1.2. Y-o-Y Growth Projections by Country
6.2. North America Health Care Analytics Market Size and Volume Forecast by Country
6.2.1. U.S.
6.2.2. Canada
6.3. Absolute $ Opportunity Assessment by Country
6.4. Market Attractiveness/Growth Potential Analysis
6.4.1. By Country
6.4.2. By Product Type
6.4.3. By Application
6.5. North America Health Care Analytics Demand Share Forecast, 2019-2026
7. Latin America Health Care Analytics Market Analysis and Forecast
7.1. Introduction
7.1.1. Basis Point Share (BPS) Analysis by Country
7.1.2. Y-o-Y Growth Projections by Country
7.1.3. Latin America Average Pricing Analysis
7.2. Latin America Health Care Analytics Market Size and Volume Forecast by Country
7.2.1. Brazil
7.2.2. Mexico
7.2.3. Rest of Latin America
7.3. Absolute $ Opportunity Assessment by Country
7.4. Market Attractiveness/Growth Potential Analysis
7.4.1. By Country
7.4.2. By Product Type
7.4.3. By Application
7.5. Latin America Health Care Analytics Demand Share Forecast, 2019-2026
8. Europe Health Care Analytics Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.1.3. Europe Average Pricing Analysis
8.2. Europe Health Care Analytics Market Size and Volume Forecast by Country
8.2.1. Germany
8.2.2. France
8.2.3. Italy
8.2.4. U.K.
8.2.5. Spain
8.2.6. Russia
8.2.7. Rest of Europe
8.3. Absolute $ Opportunity Assessment by Country
8.4. Market Attractiveness/Growth Potential Analysis
8.4.1. By Country
8.4.2. By Product Type
8.4.3. By Application
8.5. Europe Health Care Analytics Demand Share Forecast, 2019-2026
9. Asia Pacific Health Care Analytics Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Asia Pacific Average Pricing Analysis
9.2. Asia Pacific Health Care Analytics Market Size and Volume Forecast by Country
9.2.1. China
9.2.2. Japan
9.2.3. South Korea
9.2.4. India
9.2.5. Australia
9.2.6. Rest of Asia Pacific (APAC)
9.3. Absolute $ Opportunity Assessment by Country
9.4. Market Attractiveness/Growth Potential Analysis
9.4.1. By Country
9.4.2. By Product Type
9.4.3. By Application
9.5. Asia Pacific Health Care Analytics Demand Share Forecast, 2019-2026
10. Middle East & Africa Health Care Analytics Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Middle East & Africa Average Pricing Analysis
10.2. Middle East & Africa Health Care Analytics Market Size and Volume Forecast by Country
10.2.1. Saudi Arabia
10.2.2. South Africa
10.2.3. UAE
10.2.4. Rest of Middle East & Africa (MEA)
10.3. Absolute $ Opportunity Assessment by Country
10.4. Market Attractiveness/Growth Potential Analysis
10.4.1. By Country
10.4.2. By Product Type
10.4.3. By Application
10.5. Middle East & Africa Health Care Analytics Demand Share Forecast, 2019-2026
11. Competition Landscape
11.1. Global Health Care Analytics Market: Market Share Analysis
11.2. Health Care Analytics Distributors and Customers
11.3. Health Care Analytics Market: Competitive Dashboard
11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
11.4.1. IBM
11.4.2. Optum
11.4.3. Cerner
11.4.4. SAS Institute
11.4.5. Allscripts
11.4.6. McKesson
11.4.7. Mede Analytics
11.4.8. Inovalon
Methodology
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