Healthcare Analytics Market Size, Share & Trend | 2031
Healthcare Analytics Market Size, Share & Trend | 2031
Segments - Healthcare Analytics Market by Type (Descriptive, Cognitive, Predictive, and Prescriptive), Deployment (Cloud-based and On-premises), Application (Clinical Data Analysis, Financial Data Analysis, and Operational/Administrative Data Analysis), and Region (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
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| Report ID :HC-5041
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| 199 Pages
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Report Description
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 |
Details |
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Report Title |
Healthcare Analytics Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2022 |
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Historic Data |
2016–2021 |
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Forecast Period |
2023–2031 |
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Segmentation |
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 |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
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Report Coverage |
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 |
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 |
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
- Cloud-based
- On-premises
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.
Table Of Content
1. Executive Summary2. Assumptions and Acronyms Used
3. Research Methodology
4. Healthcare 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. Healthcare Analytics Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Healthcare Analytics Market - Supply Chain
4.5. Global Healthcare Analytics Market Forecast
4.5.1. Healthcare Analytics Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Healthcare Analytics Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Healthcare Analytics Market Absolute $ Opportunity
5. Global Healthcare Analytics Market Analysis and Forecast by Types
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Types
5.2.2. Y-o-Y Growth Projections by Types
5.3. Healthcare Analytics Market Size and Volume Forecast by Types
5.3.1. Descriptive
5.3.2. Cognitive
5.3.3. Predictive
5.3.4. Prescriptive
5.4. Absolute $ Opportunity Assessment by Types
5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Healthcare Analytics Market Analysis and Forecast by Applications
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Applications
6.2.2. Y-o-Y Growth Projections by Applications
6.3. Healthcare Analytics Market Size and Volume Forecast by Applications
6.3.1. Clinical Data Analysis
6.3.2. Financial Data Analysis
6.3.3. Operational/Administrative Data Analysis
6.4. Absolute $ Opportunity Assessment by Applications
6.5. Market Attractiveness/Growth Potential Analysis by Applications
7. Global Healthcare Analytics Market Analysis and Forecast by Region
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by Region
7.2.2. Y-o-Y Growth Projections by Region
7.3. Healthcare Analytics Market Size and Volume Forecast by Region
7.3.1. North America
7.3.2. Latin America
7.3.3. Europe
7.3.4. Asia Pacific
7.3.5. Middle East and Africa (MEA)
7.4. Absolute $ Opportunity Assessment by Region
7.5. Market Attractiveness/Growth Potential Analysis by Region
7.6. Global Healthcare Analytics Demand Share Forecast, 2019-2026
8. North America Healthcare 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
8.2. North America Healthcare Analytics Market Size and Volume Forecast by Country
8.2.1. U.S.
8.2.2. Canada
8.3. Absolute $ Opportunity Assessment by Country
8.4. North America Healthcare Analytics Market Size and Volume Forecast by Types
8.4.1. Descriptive
8.4.2. Cognitive
8.4.3. Predictive
8.4.4. Prescriptive
8.5. Basis Point Share (BPS) Analysis by Types
8.6. Y-o-Y Growth Projections by Types
8.7. North America Healthcare Analytics Market Size and Volume Forecast by Applications
8.7.1. Clinical Data Analysis
8.7.2. Financial Data Analysis
8.7.3. Operational/Administrative Data Analysis
8.8. Basis Point Share (BPS) Analysis by Applications
8.9. Y-o-Y Growth Projections by Applications
8.10. Market Attractiveness/Growth Potential Analysis
8.10.1. By Country
8.10.2. By Product Type
8.10.3. By Application
8.11. North America Healthcare Analytics Demand Share Forecast, 2019-2026
9. Latin America Healthcare 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. Latin America Average Pricing Analysis
9.2. Latin America Healthcare Analytics Market Size and Volume Forecast by Country
9.2.1. Brazil
9.2.2. Mexico
9.2.3. Rest of Latin America
9.3. Absolute $ Opportunity Assessment by Country
9.4. Latin America Healthcare Analytics Market Size and Volume Forecast by Types
9.4.1. Descriptive
9.4.2. Cognitive
9.4.3. Predictive
9.4.4. Prescriptive
9.5. Basis Point Share (BPS) Analysis by Types
9.6. Y-o-Y Growth Projections by Types
9.7. Latin America Healthcare Analytics Market Size and Volume Forecast by Applications
9.7.1. Clinical Data Analysis
9.7.2. Financial Data Analysis
9.7.3. Operational/Administrative Data Analysis
9.8. Basis Point Share (BPS) Analysis by Applications
9.9. Y-o-Y Growth Projections by Applications
9.10. Market Attractiveness/Growth Potential Analysis
9.10.1. By Country
9.10.2. By Product Type
9.10.3. By Application
9.11. Latin America Healthcare Analytics Demand Share Forecast, 2019-2026
10. Europe Healthcare 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. Europe Average Pricing Analysis
10.2. Europe Healthcare Analytics Market Size and Volume Forecast by Country
10.2.1. Germany
10.2.2. France
10.2.3. Italy
10.2.4. U.K.
10.2.5. Spain
10.2.6. Russia
10.2.7. Rest of Europe
10.3. Absolute $ Opportunity Assessment by Country
10.4. Europe Healthcare Analytics Market Size and Volume Forecast by Types
10.4.1. Descriptive
10.4.2. Cognitive
10.4.3. Predictive
10.4.4. Prescriptive
10.5. Basis Point Share (BPS) Analysis by Types
10.6. Y-o-Y Growth Projections by Types
10.7. Europe Healthcare Analytics Market Size and Volume Forecast by Applications
10.7.1. Clinical Data Analysis
10.7.2. Financial Data Analysis
10.7.3. Operational/Administrative Data Analysis
10.8. Basis Point Share (BPS) Analysis by Applications
10.9. Y-o-Y Growth Projections by Applications
10.10. Market Attractiveness/Growth Potential Analysis
10.10.1. By Country
10.10.2. By Product Type
10.10.3. By Application
10.11. Europe Healthcare Analytics Demand Share Forecast, 2019-2026
11. Asia Pacific Healthcare Analytics Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Asia Pacific Average Pricing Analysis
11.2. Asia Pacific Healthcare Analytics Market Size and Volume Forecast by Country
11.2.1. China
11.2.2. Japan
11.2.3. South Korea
11.2.4. India
11.2.5. Australia
11.2.6. Rest of Asia Pacific (APAC)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Asia Pacific Healthcare Analytics Market Size and Volume Forecast by Types
11.4.1. Descriptive
11.4.2. Cognitive
11.4.3. Predictive
11.4.4. Prescriptive
11.5. Basis Point Share (BPS) Analysis by Types
11.6. Y-o-Y Growth Projections by Types
11.7. Asia Pacific Healthcare Analytics Market Size and Volume Forecast by Applications
11.7.1. Clinical Data Analysis
11.7.2. Financial Data Analysis
11.7.3. Operational/Administrative Data Analysis
11.8. Basis Point Share (BPS) Analysis by Applications
11.9. Y-o-Y Growth Projections by Applications
11.10. Market Attractiveness/Growth Potential Analysis
11.10.1. By Country
11.10.2. By Product Type
11.10.3. By Application
11.11. Asia Pacific Healthcare Analytics Demand Share Forecast, 2019-2026
12. Middle East & Africa Healthcare Analytics Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Middle East & Africa Average Pricing Analysis
12.2. Middle East & Africa Healthcare Analytics Market Size and Volume Forecast by Country
12.2.1. Saudi Arabia
12.2.2. South Africa
12.2.3. UAE
12.2.4. Rest of Middle East & Africa (MEA)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Middle East & Africa Healthcare Analytics Market Size and Volume Forecast by Types
12.4.1. Descriptive
12.4.2. Cognitive
12.4.3. Predictive
12.4.4. Prescriptive
12.5. Basis Point Share (BPS) Analysis by Types
12.6. Y-o-Y Growth Projections by Types
12.7. Middle East & Africa Healthcare Analytics Market Size and Volume Forecast by Applications
12.7.1. Clinical Data Analysis
12.7.2. Financial Data Analysis
12.7.3. Operational/Administrative Data Analysis
12.8. Basis Point Share (BPS) Analysis by Applications
12.9. Y-o-Y Growth Projections by Applications
12.10. Market Attractiveness/Growth Potential Analysis
12.10.1. By Country
12.10.2. By Product Type
12.10.3. By Application
12.11. Middle East & Africa Healthcare Analytics Demand Share Forecast, 2019-2026
13. Competition Landscape
13.1. Global Healthcare Analytics Market: Market Share Analysis
13.2. Healthcare Analytics Distributors and Customers
13.3. Healthcare Analytics Market: Competitive Dashboard
13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
13.4.1. IBM
13.4.2. Health Catalyst
13.4.3. Oracle
13.4.4. Verisk Analytics, Inc.
13.4.5. MCKESSON CORPORATION
13.4.6. Optum, Inc.
13.4.7. SAS Institute Inc.
13.4.8. IQVIA Inc
13.4.9. Elsevier
13.4.10. COTIVITI, INC.
13.4.11. CitiusTech Inc
13.4.12. Inovalon
13.4.13. ExlService Holdings, Inc.
13.4.14. MedeAnalytics, Inc.
13.4.15. Truven Health Analytics, Inc.
13.4.16. Allscripts Healthcare Solutions, Inc.
13.4.17. Cerner Corporation
Methodology
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