Healthcare Analytics Market

Global Healthcare Analytics Market

Healthcare Analytics Market - By Type, Application, and Component, Deployment Model, End-User, and Region.

Market Synopsis:

The Global Healthcare Analytics Market is valued at USD 33.80 Billion in the year 2022 and is forecasted to reach a value of USD 152.32 Billion by the year 2030. The Global Market is anticipated to grow exhibiting a Compound Annual Growth Rate (CAGR) of 20.70% over the forecast period.

Healthcare Analytics is a method of analysing data in a structured way to help healthcare workers find ways to improve health system administration, patient involvement, cost, and diagnosis. Healthcare Analytics integrates real-time and historical data analysis to forecast trends, provide actionable insights, and fuel long-term expansion. Market growth would be aided by technical advancements that enable information sharing and increased compliance with HIPAA patient data confidentiality rules. Furthermore, novel methodologies are employed in the development of beneficial medicines. Companies are currently focusing on discovery, safety, and clinical trials, as well as increasing overall Research and Development (R&D) productivity.

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The market for Healthcare Analytics is being driven by the rise of big data in the healthcare industry, as well as venture capital investments. The expansion of the Healthcare Analytics Market is fueled by a rise in the deployment of big data in healthcare organizations and a surge in government initiatives to increase the adoption of electronic health records (EHRs) among healthcare companies.

Furthermore, the demand on healthcare organizations to reduce unnecessary costs has a beneficial impact on the market's growth. However, the Healthcare Analytics Market is projected to be hampered by factors such as high implementation costs and a scarcity of experienced workers. On the other hand, the increased acceptance of augmented analytics in the healthcare industry, as well as the use of cloud-based analytics across various healthcare providers, is likely to give lucrative prospects for market expansion throughout the forecast period.

Market Segmentation:

The Healthcare Analytics Market is segmented on the basis of Type, Application, and Component, Deployment Model, and End-User. Based on type, the market is segmented as Descriptive Analytics, Predictive Analytics, Prescriptive Analytics, and Cognitive Analytics. Based on application, the market is segmented as Clinical Analytics, Financial Analytics, Operation and Administrative Analytics, and Population Health. Based on component, the market is segmented as Services. Hardware, and Software. Based on deployment model, the market is segmented as On-premise, and On-demand. Based on end-user, the market is segmented as Payers, Providers, and ACOs, HIEs, MCOS and TPAs.

Based on Type:

In 2021, the descriptive analysis type had the most market share. During the pandemic, descriptive analytics was widely employed to investigate historical data and patient histories to study virus distribution, which has been a crucial driver driving growth in this area. By accessing historical data and converting it into useful insights, descriptive analytics has proven to be a valuable tool in understanding what happened. It's also being used by hospitals to track how well insurance claims are doing by spotting abnormalities and inaccuracies. A growing number of businesses are employing descriptive analysis technologies to boost market growth potential.

Based on Packaging Type:

In 2021, on-premises delivery modality had the biggest market share. The majority of institutions are already installing software and instruments to store data on their own premises, resulting in a substantial market share for this form of delivery because of the ease of access and security. Current systems in small businesses are functional, but when scaled up, data management can become complicated and cumbersome, especially if the company is dealing with a large dataset. This could imply a significant financial investment in data storage and security.

Asia Pacific is Projected to Grow at the Highest CAGR during the Forecast Period

In 2021, North America has the biggest market share of 40.10 percent. North America has a substantial market share due to the region's state-of-the-art healthcare facilities, as well as the acceptance of these platforms and superior technology availability. The increased prevalence of chronic diseases and the growing elderly population have necessitated the adoption of analytics tools by hospitals and other businesses. The huge proportion of revenue has also been attributed to the existence of key players in the market.

Microsoft has introduced Microsoft Cloud for Healthcare, which will allow patients and clinicians to collaborate to give better patient care insights. However, Asia-Pacific is the fastest-growing market, with rapid development, increased spending capacity, and a growing population all contributing to the region's rapid expansion. This region has seen tremendous growth and innovations in the sector, which has aided in its expansion. As customers and healthcare providers become more reliant on technology, the analytics industry's adoption rates have risen. Prospection, an Australian start-up specializing in Healthcare Analytics, has launched an office in Japan, where it will work with multinational pharma companies to discover novel therapies for the Japanese population.

Competitive Landscape:

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.

Segmentation of the Global Healthcare Analytics Market: