Healthcare Analytics Market – Increasing Digitalization and Increased Use of Advance Technologies in Healthcare Sector are Expected to Lead Market Growth – Growing at a Compound Annual Growth Rate (CAGR) 20.9% from 2022 to 2028
As stated in our extensive report; providing insights on Key Drivers, Key Restraints, and Segments (i.e., by Type, Application, Component, Deployment Model, End Use, and Region); the Global Healthcare Analytics Market accounted for USD 28.5 Billion in the year 2021.
“Key Factors Likely to Drive Growth of Healthcare Analytics Market”
The global market has seen a dramatic increase in the demand for a healthcare analytical system. The rapid rate of technological advancement and the massive investment of the healthcare industry in IT development and digitalization are key factors in the rapid growth of the healthcare sector. Analysis platforms are currently distributed by health facilities around the world and assist in patient management, and maintenance, due to the best care that can be provided.
The distribution of health care analysis platforms not only increases staff productivity, but overall patient management has improved and the burden on caregivers has been reduced. It can not only improve the quality of patient care but also provide information on the overall management of business facilities, better patient access, disease control, etc. Hence, the rise in technological advancements is the crucial driver for the growth of the market.
Government efforts and major financial fluctuations in the healthcare industry also encourage renaming and are responsible for the increased acceptance of these analysis platforms by health facilities. Analytical forums are used not only by hospitals but also by other institutions for the management and interpretation of clinical data from the various studies conducted; to study historical data and analyze it to identify trends, and to develop methods, tools, and technologies for best results. These analysis areas are also used by policymakers to learn statistics and models to make better decisions and policies regarding health care facilities and to provide care to patients.
The U.S. government has been taking steps to address this case as the HealthData.gov website contains information from a few state-owned databases on topics such as public health practices, clinical data, medical information, and engineering information that are accessible through application applications. Therefore, the implementation of these programs is considered a good indicator of market growth as a whole.
North America held the largest market share in 2021 due to the implementation of organizational health regulations that promote the adoption of HCIT solutions, increasing the focus on PHM, greater VC investment, growing pressure to reduce health care costs, technology development, and high availability of products and services in this region.
Some of the key players in the Global Healthcare Analytics Market include- IBM (US), Optum (US), Cerner (US), SAS Institute (US), Allscripts (US), McKesson (US), MedeAnalytics (US), Inovalon (US), Oracle (US), Health Catalyst (US), SCIO Health Analytics (US), Cotiviti (formerly Verscend Technologies) (US), CitiusTech (US), Wipro (India), VitreosHealth (US), Linguamatics (US), Flatiron (US), Roam Analytics (US), Komodo Health (US), CVS Health (US), and others.
Browse the full Report - Healthcare Analytics Market Size, Share & Trends Analysis Report by Type (Descriptive Analytics, Predictive Analytics, Prescriptive Analytics, Cognitive Analytics), by Application (Clinical Analytics, Financial Analytics, Operation and Administrative Analytics, Population Health), by Component (Services, Hardware, Software), by Deployment Model (On-Premise, On-Demand), by End User (Payers, Providers, ACOs, HIEs, Mcos and TPAs), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)