Healthcare Analytics Market

Analysts at GMI Research estimates that the Healthcare Analytics Market was worth USD 28.9 billion in 2022, and forecast to touch USD 147.7 billion in 2030, growing at a significant higher CAGR of 22.6% from 2023-2030.

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Major Healthcare Analytics Market Drivers

Some of the major factors which are driving the growth of the global healthcare analytics market size include the rising prevalence of chronic diseases and the growing adoption of sales & marketing applications. As per a report released by the World Bank, there has been an increase in chronic diseases, especially in the developing economies, due to physical inactivity, malnutrition, unhealthy diet pattern, alcohol usage, and exposure to environmental pollution. As per an analysis done by IDF, in 2013, there were 56.3 million European adults who were having diabetes, which amounted to 8.5% of the region’s adult population. This number is predicted to increase to 68.9 million by the end of 2035. The outbreak of the COVID-19 pandemic has further surged the adoption of these solutions. The WHO Coronavirus dashboard indicates around 116 million COVID-19 confirmed cases as on 8 March 2021, with over 2 million deaths globally. This increasing number of COVID-19 cases has encouraged people and healthcare organizations to move towards the adoption of healthcare analytics solutions.

The significant shift from volume-based to value-based care which is one of the emerging healthcare analytics market trends is further driving the market growth over the coming years. The availability of a variety of pay-for reporting (P4R), pay-for-performance (P4P), and risk & revenue-sharing programs with providers is further increasing investment by payers for understanding healthcare requirements & risks of their employees. In addition to this, there has been an increase in the amount of funding to healthcare technology organizations for the development of mHealth apps and the usage of big data and IoT in various other solutions. In 2020, IBM and Oracle introduced blockchain to integrate the data related to COVID-19 from the World Health Organization and CDC. This factor is having a positive impact on the healthcare analytics market growth.

Restraints in the Global Healthcare Analytics Market:

As per the healthcare analytics market research, there is a requirement of skilled professionals for storing data and analyzing the raw data, which is a major factor that will hinder the market growth. The lack of knowledge, skillset, expertise, and experience needed to work in the data analytics field is further hampering the market growth.

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Technology – Segment Analysis

Based on the technology, the predictive analytics segment is anticipated to grow at a higher CAGR during the forecast period. The increasing use of predictive analytics tools by healthcare organizations to overcome the impacts of COVID-19 is one of the major factors that is boosting segment growth. In 2020, Cleveland Clinic formed a predictive model to calculate patient volume, bed capacity, ventilator availability, and other aspects. Moreover, predictive analytics tools is offering better diagnosing of patients’ outcomes, thus decreasing the cost and improving customer satisfaction.

Deployment Mode – Segment Analysis

Based on the deployment mode, the cloud segment is projected to witness a faster CAGR during the forecast period. The cloud-based solutions support the storage of a large amount of data remotely to offer free space on devices and facilitate data retrieval according to the specific needs of the user. Moreover, various other benefits, such as large storage capacity, access, and security, is further propelling the growth of the segment.

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Regional – Segment Analysis:

Based on the region, North America region is predicted to dominate the market during the forecast period. The rising regulatory needs, and value-based reimbursements, along with the increasing adoption of electronic health records (EHRs), are driving the regional market growth. Furthermore, the increasing number of federal healthcare mandates to decrease healthcare costs & delivering quality care is further contributing to the growth of the market. In 2020, Definitive Healthcare entered a partnership with ESRI to build a platform that allows analysis and monitoring of bed capacity in hospitals in the U.S. Hence, growing adoption and usage of healthcare analytics is expected to surge the demand in the coming years.

Top Market Players

Various notable players operating in the market include Amazon Web Services, Allscripts Healthcare, LLC, Cerner Corporation, COTIVITI, INC., Citiustech Inc., Health Catalyst, IBM Corporation, Quantzig, Inovalon, and McKesson Corporation, among others. 

Key Developments:

• • In 2020, Amazon Web Services (AWS) introduced the Amazon HealthLake, which is a HIPAA-eligible service that aims to support interoperability standards and uses big data analytics in the healthcare sector.
  • In 2020, Quantzig introduced advanced clinical data analytics solutions to help healthcare, life science, and pharmaceutical companies to analyze different data sets.

Segments covered in the Report:

The global healthcare analytics market has been segmented on the basis of technology, application, deployment mode, and regions. Based on technology, the market is segmented into descriptive analytics, predictive analytics, and prescriptive analytics. Based on the Application, the market is segmented into clinical data analytics, financial data analytics, and operational and administrative data analytics. Based on the Deployment mode, the market has been segmented into on-premise and cloud. 

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Healthcare Analytics Market Segmentation

Global Healthcare Analytics Market by Technology

• • Descriptive Analytics
  • Predictive Analytics
  • Prescriptive Analytics

Global Healthcare Analytics Market by Application

• • Clinical Data Analytics
  • Financial Data Analytics
  • Operational and Administrative Data Analytics

Global Healthcare Analytics Market by Deployment Mode

• • On-Premise
  • Cloud

Global Healthcare Analytics Market by Region

• • North America Healthcare Analytics Market (Option 1: As a part of the free 25% customization)

    • By Technology
    • By Application
    • By Deployment Mode
    • US Market All-Up
    • Canada Market All-Up

  • Europe Healthcare Analytics Market (Option 2: As a part of the free 25% customization)

    • By Technology
    • By Application
    • By Deployment Mode
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific Healthcare Analytics Market (Option 3: As a part of the free 25% customization)

    • By Technology
    • By Application
    • By Deployment Mode
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • RoW Healthcare Analytics Market (Option 4: As a part of the free 25% customization)

    • By Technology
    • By Application
    • By Deployment Mode
    • Brazil Healthcare Analytics Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Global Healthcare Analytics Market (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Amazon Web Services
  • Allscripts Healthcare, LLC
  • Cerner Corporation
  • COTIVITI, INC.
  • Citiustech Inc.
  • Health Catalyst
  • IBM Corporation
  • Quantzig
  • Inovalon
  • McKesson Corporation