The global healthcare analytics market size was USD 35.6 Billion in 2022 and is likely to reach USD 167.3 Billion by 2031, expanding at a CAGR of 21.7% during the forecast period, 2023–2031. The market growth is attributed to the rising number of data records that are utilized to improve patient care and the rapid expansion of the healthcare sector in developing countries.
Analytics deals with computer science, which uses statistics, math, and machine learning to discover meaningful patterns present in the data. However, healthcare analytics is the systematic process of analyzing data that can be undertaken as a result within the healthcare industry. It deals with the collection of historical and current data to predict trends, which helps to measure the performance of the business and assess choices & results. It provides better-quality results and reduces clinic readmissions & expenses.
Healthcare analytics improves the accuracy, decision-making, administration conveyance framework, and efficiency of the healthcare industry. Furthermore, it can reveal paths to improvement in patient care quality, clinical data, diagnosis, business management, and optimize outcomes.
The report finds that the COVID-19 pandemic positively impacted on the healthcare analytics market. The market expanded, due to the rising adoption of healthcare analytics tools and platforms among hospitals and clinics for managing a large amount of COVID-19 data.
Healthcare Analytics Market Dynamics
Major Drivers
Increasing usage of big data is a major factor driving the market during the forecast period. It provides unprecedented access to a large volume of data. It includes hospital records, prescription information, insurance details, and patients health records collected by healthcare testing equipment.
Rising adoption of electronic health records (EHR) among healthcare providers is anticipated to drive the healthcare analytics market growth. It has the ability to store a large amount of data and provide access to various stakeholders. It stores patients’ data and assists healthcare providers in medication and care management.
Thus, healthcare providers seek to leverage data to improve patient care. Growing demand for digitalized processing workflow and the rising demand for healthcare analytics solutions to reduce paperwork is likely to boost the market.
Existing Restraints
Lack of awareness regarding EHR and analytics tools, especially in the rural areas of developing countries, hinders market growth in the coming years. Healthcare analytics tools require special technical knowledge for the proper utilization. Furthermore, high implementation and maintenance costs restrain the healthcare analytics market growth at a certain limit.
Emerging Opportunities
Growing investments in R&D activities and the emergence of mHealth apps create immense growth opportunities in the market. Furthermore, rising government initiatives to improve healthcare facilities and to establish advanced medical technologies accelerate the healthcare analytics market growth.
Scope of Healthcare Analytics Market Report
The healthcare analytics market report includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Healthcare Analytics Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Type (Descriptive, Cognitive, Predictive, and Prescriptive), Deployment (Cloud-based and On-premises), and Application (Clinical Data Analysis, Financial Data Analysis, and Operational/Administrative Data Analysis)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Healthcare Analytics Market Size and Analysis, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast
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Key Players Covered in the Report
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IBM; Health Catalyst; Oracle; Verisk Analytics, Inc.; MCKESSON CORPORATION; Optum, Inc.; SAS Institute Inc.; IQVIA Inc; Elsevier; COTIVITI, INC.; CitiusTech Inc; Inovalon; ExlService Holdings, Inc.; MedeAnalytics, Inc.; Truven Health Analytics, Inc.; Allscripts Healthcare Solutions, Inc.; and Cerner Corporation
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Healthcare Analytics Market Segment Insights
Type Segment Analysis
On the basis of type, the healthcare analytics market is segmented into descriptive, cognitive, predictive, and prescriptive. The descriptive segment accounted for a key share of the market in 2021, as it has been widely used during the COVID-19 pandemic to store patient history.
Descriptive analytics provides in-depth insight into a patient's health and improves the speed & accuracy of identifying diseases and other health risks in patients. Increasing demand from healthcare payers and providers to improve their business practices is likely to boost segment growth during the forecast period.
The predictive segment is expected to expand at a rapid pace in the coming years, as it analyzes data for an actionable future. It depends on big data and descriptive analytics, as it uses data created by descriptive analytics. Predictive analytics collects a huge amount of data from EHR and improves the quality & efficiency of healthcare delivery by identifying patients who are at risk for relapse.
Deployment Segment Analysis
Based on deployment, the market is bifurcated into cloud-based and on-premises. The on-premises segment is projected to register a robust growth rate during the forecast period, as it stores data on a physical server, which is accessible to a particular organization. The segment growth is further attributed to the low operation and maintenance costs.
On the other hand, the cloud-based segment is expected to expand at a high CAGR in the coming years, due to the ease of access from remote areas. It serves through the internet, which offers flexibility and scalability by enhancing the storage capacity as per requirement.
Application Segment Analysis
On the basis of application, the market is divided into clinical data analysis, financial data analysis, and operational/administrative data analysis. The financial data analysis segment is expected to expand at a significant growth rate during the projected period, due to the increasing point of convergence of payers in the early area of misrepresentation. The segment growth is further attributed to the growing requirement to reduce hospital readmission rates and decrease preventable costs.
The clinical data analysis segment is projected to generate a major revenue share in the coming years. This growth is attributed to the growing demand for advanced healthcare analytics solutions to detect diseases at an early stage. Clinical data analysis is a cost-effective solution, which helps to improve population health and reduce medication errors.
Regional Analysis
In terms of region, the global healthcare analytics market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America held a large share of the market in 2022 and is expected to dominate the market during the forecast period, owing to the presence of major players and the increasing development & evolution in the healthcare sector. Rising geriatric population and the increasing burden of chronic ailments encouraged hospitals to adopt healthcare analytics tools.
The market in Asia Pacific is estimated to grow at a rapid pace in the coming years, due to the increasing government funding to improve healthcare facilities in the region. Rising prevalence of chronic diseases along with the growing population and the increasing adoption of advanced technologies are likely to propel the market.
Segments
The global healthcare analytics market has been segmented on the basis of
Type
- Descriptive
- Cognitive
- Predictive
- Prescriptive
Deployment
Application
- Clinical Data Analysis
- Financial Data Analysis
- Operational/Administrative Data Analysis
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- IBM
- Health Catalyst
- Oracle
- Verisk Analytics, Inc.
- MCKESSON CORPORATION
- Optum, Inc.
- SAS Institute Inc.
- IQVIA Inc
- Elsevier
- COTIVITI, INC.
- CitiusTech Inc
- Inovalon
- ExlService Holdings, Inc.
- MedeAnalytics, Inc.
- Truven Health Analytics, Inc.
- Allscripts Healthcare Solutions, Inc.
- Cerner Corporation
Competitive Landscape
Key players competing in the global healthcare analytics market are IBM; Health Catalyst; Oracle; Verisk Analytics, Inc.; MCKESSON CORPORATION; Optum, Inc.; SAS Institute Inc.; IQVIA Inc; Elsevier; COTIVITI, INC.; CitiusTech Inc; Inovalon; ExlService Holdings, Inc.; MedeAnalytics, Inc.; Truven Health Analytics, Inc.; Allscripts Healthcare Solutions, Inc.; and Cerner Corporation.
These companies adopted development strategies including mergers, acquisitions, partnerships, collaboration, product launches, and production expansion to expand their consumer base worldwide. For instance,
- In March, 2021, Accenture acquired Intrigo Systems to offer a range of healthcare analytics solutions to healthcare organizations, which includes analytics and insights, clinical data management, and population health. The acquisition aids the company to increase its capabilities in digital supply chains.
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