Healthcare Cloud-based Analytics Market Outlook 2031:
The global healthcare cloud-based analytics market size was valued at USD 39.4 Billion in 2022 and is expected to reach USD 168.50 Billion by 2031 projected to expand at a CAGR of 17.5% during the forecast period, 2023 – 2031. The growth of the market is attributed to rising growth in venture capital investment and increasing use of big data tools in the healthcare sector.
Healthcare cloud-based analytics is the process of collecting and analyzing current and historical data for improve community and manage the spread of diseases effectively. It is used for improvement in patient care, accurate diagnosis, and informed decision-making with the patients. The COVID-19 pandemic positively influenced the market growth owing to rising use of monitoring systems to enhance the patient care across the globe.
Healthcare Cloud-based Analytics Market Trends, Drivers, Restraints, and Opportunities
- Growing demand for population health management solutions is anticipated to drive the cloud-based analytics market growth during the forecast period.
- Rising government initiatives to adopt electronic health record (EHR) is projected to boost thecloud-based analytics market growth in the coming years.
- Growing digitalization is expected to spur the market growth in the projected timeline.
- High maintenance cost of analytics solution is estimated to restrict the cloud-based analytics market growth.
- Increasing focus on value-based patient care is anticipated to create significant opportunities for the market players.
Healthcare Cloud Based Analytics Market Scope
The report on the global healthcare cloud-based analytics market 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 Cloud-based 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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Technology (Predictive Analytics, Prescriptive Analytics, and Descriptive Analytics), Applications (Clinical Data Analytics, Administrative Data Analytics, Research Data Analytics, and Others), Components (Hardware, Software, and Services)
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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, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Amazon Web Services Inc.; IBM Corporation; Dell Inc.; Koninklijke Philips NV; and Oracle Corporation
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Healthcare Cloud Based Analytics Market Segment Insights
Predictive analysis analytics segment to hold a significant market share
Based on technology, the cloud-based analytics market share is divided into predictive analytics, prescriptive analytics, and descriptive analytics. The predictive analytics segment is estimated to expand at a rapid pace during the forecast period owing to growing focus on improving care quality while reducing the costs.
On the other hand, the prescriptive analysis is estimated to grow at considerable rate in the coming years.
Administrative data analytics segment is anticipated to hold a large market share
On the basis of applications, the healthcare cloud-based analytics market share is segmented into clinical data analytics, administrative data analytics, research data analytics, and others. The clinical data analytics segment is projected to constitute a major market share during the forecast period due to rising number of solutions to detect diseases at early stage.
However, the administrative data analytics is expected to grow at a robust rate owing to increasing number of hospitals using healthcare analytics to reduce overall healthcare costs.
Services segment is projected to grow at a rapid pace
In terms of components, the cloud-based analytics market is segregated into hardware, software, and services. The hardware segment is expected to hold a key share of the market during the forecast period due to reduced patient wait time and better healthcare experience.
On the other hand, the service segment is anticipated to expand at a robust rate during the forecast period owing to growing number of healthcare service providers outsourcing analytics solutions.
North America is estimated to account a major market share
On the basis of regions, the healthcare cloud-based analytics market is classified as Asia Pacific, North America, Latin America, Europe, and the Middle East & Africa. North America is expected to constitute a significant share of the market during the projected period.
The early adoption of healthcare cloud-based analytics in countries such as the US and Canada are major driver of the market growth in the region.
However, the market in Asia Pacific is anticipated to expand at a rapid pace during the forecast period. The growth of the market in region is attributed to increasing demand for healthcare cloud-based analytics in countries such as India and China.
Segments
The global healthcare cloud-based analytics market has been segmented on the basis
Technology Types
- Predictive Analytics
- Prescriptive Analytics
- Descriptive Analytics
Applications
- Clinical Data Analytics
- Administrative Data Analytics
- Research Data Analytics
Components
- Hardware
- Software
- Services
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the healthcare cloud based analytics market includes Amazon Web Services Inc.; IBM Corporation; Dell Inc.; Koninklijke Philips NV; and Oracle Corporation.
Some of these players are engaging in business strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to enhance their market share.
In Dec. 2019, Enlitic Inc. and MLP Care companies joined forces bring clinical AI solutions to the neighboring countries of East Europe and Central Asia.
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