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According to the research report, the global healthcare analytics market size & share was valued at USD 26.92 billion in 2020 and is expected to reach USD 48.50 Billion by 2028, growing at a CAGR of 7.9% during the forecast period.
The rising need to reduce healthcare costs, growing prevalence of ever-growing chronic diseases, adoption of analytical services among healthcare stakeholders, and recent advancements in big data and artificial learning are largely responsible for the market growth.
What is Healthcare Analytics? How Big is of Healthcare Analytics Market?
- Overview
Healthcare analytics is the method of analyzing the data to create actionable insights that are used to make critical healthcare decisions. The process is done using quantitative and qualitative techniques through which ends and patterns in the data are explored. The major benefit of this technique includes improvements to patient care, faster and more accurate diagnoses, and preventive measures. Healthcare analytics emphasizes areas such as clinical analysis, financial analysis, supply chain analysis, as well as marketing, fraud, and HR analysis.
The industry is growing in the United States and is expected to continue its development during the forecast period. The increasing necessity to minimize healthcare costs, the rising prevalence of chronic diseases, and the growing adoption of analytical services among healthcare stakeholders are the major factors driving the growth of the healthcare analytics market.
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What Does the Report Include?
- Current status of the global market
- Top companies operating in the global healthcare analytics market
- Import-Export policies regarding the products/services in the market
- Research and development activities
- Segmentation according to application, type, and geography
- Comparative study of the domestic and international prices of the products and services and related price fluctuations
- The market’s driving forces and roadblocks
- The value and volume of submarkets, with respect to key regions
Top Market Players Are:
- IBM Corp.
- MedeAnalytics Inc.
- Oracle Corp.
- OptumHealth Inc.
- Verisk Analytics Inc.
- MEDai Inc.
- McKesson Corp.
- Truven Health Analytics
- Allscripts Healthcare
- Cerner Corporation
- SAS Institute Inc
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Growth Driving Factors
The adoption of healthcare analytics is rising in every aspect of the industry due to the problems like poor patient care, less patient retention, and rising costs of treatment. These factors are fueling the growth of the market. Recent developments in big data and artificial learning are primarily propelling market development. A surge in investments by the healthcare industry into IT development and digitization are also expected to augment the industry growth. Some strong government initiatives toward the healthcare industry are responsible to accelerate the global healthcare analytics market demand.
Moreover, growing investments in private firms coupled with a surge in partnerships and collaborations in the market also boost the market’s growth. According to a report titled “2019 Payer Analytics Market Trends Report”, published by IBM, payers are adopting analytical services to support the transition from Fee-for-Service (FFS) models to Value-based Care (VBC) models. The use of analytics in precision and personalized medicine and cloud-based analytics is anticipated to create lucrative opportunities in the healthcare analytics market.
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Recent Developments
- In June 2021, Flatiron (US) and Foundation Medicine, Inc. collaborated to integrate their solutions with OncoEMR to offer integrated genomic profiling to customers.
- In July 2021, Enlitic (US) and NMC Healthcare (UAE) made a partnership. The plan is to incorporate Enlitic’s solutions in GCC countries.
Healthcare Analytics Market: Report Scope:
| Report Attribute | Details |
| Market Outlook for 2028 | USD 48.50 Billion |
| Market Size 2020 Value | USD 26.92 Billion |
| Expected CAGR Growth | 7.9% from 2021 – 2028 |
| Base Year | 2020 |
| Forecast Year | 2021 – 2028 |
| Top Market Players | IBM Corp., MedeAnalytics, Inc., Oracle Corp., OptumHealth, Inc., Verisk Analytics, Inc., MEDai, Inc., McKesson Corp., Truven Health Analytics, Allscripts Healthcare, Cerner Corporation, and SAS Institute, Inc |
| Segments Covered | By Type, By Application, By Delivery Mode, By By End-Use, By Region |
| Customization Options | Customized purchase options are available to meet your research needs. Explore customized purchase options |
Segmentation Overview
The descriptive segment witnessed the largest market share in 2020
By type, the global market is segmented into descriptive, predictive, and prescriptive analytics. The descriptive segment dominated the market with the largest healthcare analytics market share in 2020. The descriptive healthcare analytics type incorporates data visualization techniques in order to determine patterns for evidence-based clinical decisions.
The financial market segment dominated the market
The application segment of the healthcare analytics market is segmented into clinical, financial, operational & administrative. Of all, the financial market segment accounted for the largest market share in 2020, owing to the increasing financial significance of healthcare services to minimize costs. Claim settlement, fraud analysis, and risk adjustment are some of the financial applications of healthcare analytics.
The healthcare payers market recorded the highest market share
Based on end-use, the industry is categorized into healthcare payers, healthcare providers, and life science companies. The healthcare payers market recorded the largest market share because it has the ability to address challenges in new health plans. It also reduces organizational costs and improves customer base in order to enhance productivity and increase revenue.
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Regional Overview
North America led the market by accounting for the largest revenue share in 2020
Based on geography, the global healthcare analytics market in North America witnessed the highest revenue share in 2020. This growth can be attributed to the growing focus on value-based care, rising awareness of healthcare facilities using analytics, and federal policies to reduce increasing healthcare costs. Also, the rising prevalence of chronic disorders within the region is fueling regional market growth.
Moreover, Asia Pacific is anticipated to generate lucrative growth for healthcare analytics market during the forecast period. Several key factors contributing to this growth include a surge in IT infrastructure and increasing investments towards adopting advanced analytics solutions coupled with increased adoption among emerging nations.
Browse the Detail Report “Healthcare Analytics Market Share, Size, Trends, Industry Analysis Report, By Type (Descriptive Analytics, Predictive Analytics, Prescriptive Analytics), By Application (Clinical, Financial, Operational & Administrative), By End-Use; By Delivery Mode; By Regions; Segment Forecast, 2021 – 2028” with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/healthcare-analytics-market
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Frequently Asked Questions
- At what CAGR the market will expand during the forecast period?
- What will be the market value by the predicted period?
- Which are the factors that drive market growth?
- Who are the leading players in the market?
- What are the key segments?
- What are the key growth strategies of healthcare analytics market players?
- Which is the emerging offering in the market?
- By region, which segment would grow at the highest CAGR during the forecast period?
The market is primarily segmented on the basis of type, application, delivery mode, end-use, and region:
By Type Outlook
- Descriptive Analytics
- Predictive Analytics
- Prescriptive Analytics
By Application Outlook
- Clinical
- Financial
- Operational & Administrative
- Delivery Mode
- On-Premises
- Web Hosted
- Cloud-Based
By End-Use Outlook
- Healthcare Payers
- Healthcare Providers
- Life science Companies
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Spain, Netherlands, Austria)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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