Healthcare Analytics Market to Reach Valuation of USD 89 Billion by 2028 – Increasing Adoption of EHR & EMR by Healthcare Organisations & Rising Government Initiatives Drives the Market

Vantage Market Research

Jun 19, 2022

In terms of revenue, the Global Healthcare Analytics Market is expected to reach USD 89 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 20.9% from 2022 to 2028.

The outbreak of the COVID-19 pandemic has proven to healthcare organizations the need for healthcare analytic tools. The systematic approach to safeguarding patient health data and historical data patterns is the major factor driving the Healthcare Analytics Market. Moreover, effective utilization of related business insights of hospitals and other organizations fuels the market growth.

Key Highlights from Report:

  • The prescriptive sub-segment of the type segment is anticipated to dominate the Healthcare Analytics Market. Prescriptions play a major role in Healthcare Analytics as it is considered to be the primary method to diagnose patient with certain disease. This data should be stored and able to regenerate whenever needed. Healthcare analytic tools help organizations to restore this information and help diagnose patients more efficiently.

  • The cloud sub-segment of the deployment segment is accounted for the largest market share in 2021 for the Healthcare Analytics Market. Recently majority of the service providers rely on digital data and hence requires cloud based interface. This segment is expected to flourish as cloud technology is gaining huge potential and can help access data easily.

  • North America is the largest regional segment. This surge is attributed to the rising demand for Healthcare Analytics in developed economies such as the U.S. and Canada. The growing healthcare industry and flexible market players drive this region. Also, technological advancements and high potential and availability of software professionals make this region flourish during the forecast period.

Market Dynamics:

In 21st century, with the growing impact of digitalization and the increasing IT revolution, Healthcare Analytics plays a major role in developing tools for organisations. Key players are investing heavily in technology upgrades and healthcare infrastructure for improved patient benefits. Recently, the global healthcare industry is changing rapidly by investing funds and time in modernizing its digital backbone. Over the years, there has been exponential growth in analytics. The inclinations towards data security, patient history monitoring, cost effectiveness and other factors are driving the market during the forecast period.

North America is expected to dominate the Global Healthcare Analytics Market in 2021 and is likely to continue the same trend during the forecast period. This region has the most advanced healthcare professionals and funds for investing in Healthcare Analytics. Also, growing technological advancements with the availability of surplus knowhow in executing this technique makes this region prominent for the market to flourish in coming years. On the other hand, developing countries such as India, China and Indonesia are showing huge potential to adapt Healthcare Analytics in their respective organizations. However, insufficient funds, lack of skilled labour and social issues make it difficult for the market to grow.