Newly-released Healthcare Analytics Market analysis report by Future Market Insights shows that global sales of the Healthcare Analytics Market in 2021 were held at USD 29.1 Billion. With 29.2%, the projected market growth from 2022 to 2032 is expected to be significantly higher than the historical growth.
Software is expected to be the highest revenue-generating segment, projected to grow at a CAGR of over 33% from 2022 to 2032.
As per the Healthcare Analytics Market research by Future Market Insights - a market research and competitive intelligence provider, historically, from 2017 to 2021, the market value of the Healthcare Analytics Market increased at around 24.2% CAGR.
Rapid revenue growth in today's industry is predicted by the implementation of user-based analytics, with the ability to predict market trends using analysis of prescriptive and predictive solutions.
The healthcare industry is rapidly being affected by social media websites and the internet in an effort to encourage patient participation in their healthcare to gather data. The market for analytics data concerning patient welfare is slowly being stimulated by the growing demand for consumer analysis.
Advanced analytical tools tailored to the unique needs of healthcare facilities and businesses offering financial, clinical, operational, and administrative services are bringing growth to the healthcare field. An overriding factor in the growth of the market for healthcare analytics is the use of data mining techniques and big data analytics to study high-risk patients and deliver the most appropriate care. Predictive analytics applications are also being used to solve an array of challenges including risk assessment.
Web-based solutions are gaining in popularity in the fields of revenue cycle management (RCM) and medical management. There is a growing need for highly individualized medicine, and data analytics programs help to achieve this goal. For instance, by using patient-specific health information, such as electronic medical records (EMRs), mHealth, and eHealth records. Furthermore, health data mining has started to use artificial intelligence solutions wrapped in data analytics to enable tailored treatment plans, which is projected to create demand for analytical solutions in healthcare.
The growing use of analytics in the healthcare industry and government initiatives to boost the use of electronic health records (EHRs) in healthcare clinics have fostered the growth of the healthcare analytics market. Furthermore, the rising competition among healthcare organizations to reduce unnecessary expenses is boosting the market growth.
Factors such as complicated implementation procedures and lack of highly skilled labor are believed to curb healthcare analytics’ market expansion. On the other hand, the use of cloud-based analytics across many healthcare providers and the increase in the adoption of augmented analytics within the medical sector are anticipated to open up lucrative opportunities for the expansion of the market.
Healthcare analytics, typically known as clinical data analytics, is a type of analytics that aids in healthcare delivery, based on the real-time application of data to determine an individual's future treatment course. It can provide analysis on a matter of macro- and micro-level types.
The introduction of big data in the healthcare industry has played a major role in the development of healthcare analytics, which is propelling the market forward. In addition, the growth of the overall industry is assisted by a rise in health issues, an increase in disposable income, and a large increase in the senior citizen populace.
However, the expanding market will likely be hindered by the high prices and complexities of software development, as well as data integrity and privacy issues. In addition, technological developments and favorable government plans should create promising economic opportunities.
In 2021, North America held the largest share of the global healthcare analytics market. Government support for the healthcare sector's development, a high level of awareness about rare disorders, easy access to high-quality medical facilities, and attractive reimbursement policies are some of the important drivers for regional market growth.
Due to the growing healthcare expenditure of Japan and China and factors such as the introduction of generic Temozolomide, and the growing geriatric population, Asia Pacific is projected to grow at the fastest rate throughout the projection period.
The USA is expected to have the highest market share of USD 213 Billion by the end of 2032. The plaintiffs of healthcare companies have benefited from the accessibility of innovative healthcare products and the increase in interest of healthcare fraternities in analytics due to favorable rules and improved rates of the latest illnesses.
The descriptive Analysis segment is forecasted to grow at the highest CAGR of over 30% from 2022 to 2032. This growth is due to the escalating demand for enhanced analyses based on historical patterns and datasets to generate data-enriched insight that will help organizations better understand the current situation.
Market participants forecast future market outcomes using data mining technologies on descriptive data silos. Trifecta and Accenture, for example, collaborated in December 2020 to supply high-quality data mining solutions for enhanced drug development operations. Companies employ descriptive analytics to turn raw data and patterns into interpretable data-driven insights that help them better understand past business performance, consumer behavior, and market impacts. Given the cheaper cost of obtaining descriptive datasets compared to predictive and prescriptive analyzed datasets, descriptive analysis is projected to rise dramatically in the future years.
Healthcare Analytics Software commanded the largest revenue as well as CAGR of nearly 37%, during the forecast period. Because they lack the skills and resources to deploy analytics, healthcare, and life science organizations outsource these services to other premier analytical solutions companies. Furthermore, the services sector is predicted to increase at the quickest rate in the next years. Multi-package services are being introduced by outsourcing businesses to life science companies, and this is projected to contribute to the segment's growth throughout the projection period. The healthcare business is experiencing a surge in demand for analytical solutions as a result of the increased workload.
For handling patient records, healthcare infrastructure is evolving and incorporating analytical and AI-based technologies. Due to the outsourcing of services for short-term and long-term contracts, the services category is predicted to develop at the quickest rate over the forecasted period. Social media analytics, manufacturing process, preventative maintenance, benchmarking, promotional spending, and predictive analysis for medical device failure are all included in these packages.
Players in the market are constantly developing improved analytical solutions as well as extending their product offerings. To help healthcare organizations implement data analysis solutions, combat the Covid-19 pandemic, and preserve competitive advantage in the market, the companies are focused on their alliances, technology collaborations, and product launch strategies.
Some of the recent developments of key Healthcare Analytics providers are as follows:
Similarly, recent developments related to companies' Healthcare Analytics services have been tracked by the team at Future Market Insights, which are available in the full report.
| Attribute | Details |
|---|---|
| Forecast Period | 2022 to 2032 |
| Historical Data Available for | 2017 to 2021 |
| Market Analysis | USD Billion for Value |
| Key Regions Covered | North America; Latin America; Europe; Asia Pacific; Middle East & Africa |
| Key Countries Covered | United States of America, Canada, Brazil, Mexico, Germany, the UK, France, Spain, Italy, Russia, China, Japan, South Korea, India, Australia, South Africa, Saudi Arabia, UAE, and Israel. |
| Key Market Segments Covered | Component, Type, Delivery Mode, Application, Region |
| Key Companies Profiled | IBM Corporation; McKesson Corporation; SAS Institute Inc.; Optum Inc.; Oracle; IQVIA; Cerner Corporation; Truven Health Analytics, Inc. |
| Pricing | Available upon Request |
Table 1: Global Market Value (US$ Million) Forecast by Region, 2017 to 2032
Table 2: Global Market Value (US$ Million) Forecast by Component, 2017 to 2032
Table 3: Global Market Value (US$ Million) Forecast by Type, 2017 to 2032
Table 4: Global Market Value (US$ Million) Forecast by Delivery Mode, 2017 to 2032
Table 5: Global Market Value (US$ Million) Forecast by Application, 2017 to 2032
Table 6: North America Market Value (US$ Million) Forecast by Country, 2017 to 2032
Table 7: North America Market Value (US$ Million) Forecast by Component, 2017 to 2032
Table 8: North America Market Value (US$ Million) Forecast by Type, 2017 to 2032
Table 9: North America Market Value (US$ Million) Forecast by Delivery Mode, 2017 to 2032
Table 10: North America Market Value (US$ Million) Forecast by Application, 2017 to 2032
Table 11: Latin America Market Value (US$ Million) Forecast by Country, 2017 to 2032
Table 12: Latin America Market Value (US$ Million) Forecast by Component, 2017 to 2032
Table 13: Latin America Market Value (US$ Million) Forecast by Type, 2017 to 2032
Table 14: Latin America Market Value (US$ Million) Forecast by Delivery Mode, 2017 to 2032
Table 15: Latin America Market Value (US$ Million) Forecast by Application, 2017 to 2032
Table 16: Europe Market Value (US$ Million) Forecast by Country, 2017 to 2032
Table 17: Europe Market Value (US$ Million) Forecast by Component, 2017 to 2032
Table 18: Europe Market Value (US$ Million) Forecast by Type, 2017 to 2032
Table 19: Europe Market Value (US$ Million) Forecast by Delivery Mode, 2017 to 2032
Table 20: Europe Market Value (US$ Million) Forecast by Application, 2017 to 2032
Table 21: Asia Pacific Market Value (US$ Million) Forecast by Country, 2017 to 2032
Table 22: Asia Pacific Market Value (US$ Million) Forecast by Component, 2017 to 2032
Table 23: Asia Pacific Market Value (US$ Million) Forecast by Type, 2017 to 2032
Table 24: Asia Pacific Market Value (US$ Million) Forecast by Delivery Mode, 2017 to 2032
Table 25: Asia Pacific Market Value (US$ Million) Forecast by Application, 2017 to 2032
Table 26: MEA Market Value (US$ Million) Forecast by Country, 2017 to 2032
Table 27: MEA Market Value (US$ Million) Forecast by Component, 2017 to 2032
Table 28: MEA Market Value (US$ Million) Forecast by Type, 2017 to 2032
Table 29: MEA Market Value (US$ Million) Forecast by Delivery Mode, 2017 to 2032
Table 30: MEA Market Value (US$ Million) Forecast by Application, 2017 to 2032
Figure 1: Global Market Value (US$ Million) by Component, 2022 to 2032
Figure 2: Global Market Value (US$ Million) by Type, 2022 to 2032
Figure 3: Global Market Value (US$ Million) by Delivery Mode, 2022 to 2032
Figure 4: Global Market Value (US$ Million) by Application, 2022 to 2032
Figure 5: Global Market Value (US$ Million) by Region, 2022 to 2032
Figure 6: Global Market Value (US$ Million) Analysis by Region, 2017 to 2032
Figure 7: Global Market Value Share (%) and BPS Analysis by Region, 2022 to 2032
Figure 8: Global Market Y-o-Y Growth (%) Projections by Region, 2022 to 2032
Figure 9: Global Market Value (US$ Million) Analysis by Component, 2017 to 2032
Figure 10: Global Market Value Share (%) and BPS Analysis by Component, 2022 to 2032
Figure 11: Global Market Y-o-Y Growth (%) Projections by Component, 2022 to 2032
Figure 12: Global Market Value (US$ Million) Analysis by Type, 2017 to 2032
Figure 13: Global Market Value Share (%) and BPS Analysis by Type, 2022 to 2032
Figure 14: Global Market Y-o-Y Growth (%) Projections by Type, 2022 to 2032
Figure 15: Global Market Value (US$ Million) Analysis by Delivery Mode, 2017 to 2032
Figure 16: Global Market Value Share (%) and BPS Analysis by Delivery Mode, 2022 to 2032
Figure 17: Global Market Y-o-Y Growth (%) Projections by Delivery Mode, 2022 to 2032
Figure 18: Global Market Value (US$ Million) Analysis by Application, 2017 to 2032
Figure 19: Global Market Value Share (%) and BPS Analysis by Application, 2022 to 2032
Figure 20: Global Market Y-o-Y Growth (%) Projections by Application, 2022 to 2032
Figure 21: Global Market Attractiveness by Component, 2022 to 2032
Figure 22: Global Market Attractiveness by Type, 2022 to 2032
Figure 23: Global Market Attractiveness by Delivery Mode, 2022 to 2032
Figure 24: Global Market Attractiveness by Application, 2022 to 2032
Figure 25: Global Market Attractiveness by Region, 2022 to 2032
Figure 26: North America Market Value (US$ Million) by Component, 2022 to 2032
Figure 27: North America Market Value (US$ Million) by Type, 2022 to 2032
Figure 28: North America Market Value (US$ Million) by Delivery Mode, 2022 to 2032
Figure 29: North America Market Value (US$ Million) by Application, 2022 to 2032
Figure 30: North America Market Value (US$ Million) by Country, 2022 to 2032
Figure 31: North America Market Value (US$ Million) Analysis by Country, 2017 to 2032
Figure 32: North America Market Value Share (%) and BPS Analysis by Country, 2022 to 2032
Figure 33: North America Market Y-o-Y Growth (%) Projections by Country, 2022 to 2032
Figure 34: North America Market Value (US$ Million) Analysis by Component, 2017 to 2032
Figure 35: North America Market Value Share (%) and BPS Analysis by Component, 2022 to 2032
Figure 36: North America Market Y-o-Y Growth (%) Projections by Component, 2022 to 2032
Figure 37: North America Market Value (US$ Million) Analysis by Type, 2017 to 2032
Figure 38: North America Market Value Share (%) and BPS Analysis by Type, 2022 to 2032
Figure 39: North America Market Y-o-Y Growth (%) Projections by Type, 2022 to 2032
Figure 40: North America Market Value (US$ Million) Analysis by Delivery Mode, 2017 to 2032
Figure 41: North America Market Value Share (%) and BPS Analysis by Delivery Mode, 2022 to 2032
Figure 42: North America Market Y-o-Y Growth (%) Projections by Delivery Mode, 2022 to 2032
Figure 43: North America Market Value (US$ Million) Analysis by Application, 2017 to 2032
Figure 44: North America Market Value Share (%) and BPS Analysis by Application, 2022 to 2032
Figure 45: North America Market Y-o-Y Growth (%) Projections by Application, 2022 to 2032
Figure 46: North America Market Attractiveness by Component, 2022 to 2032
Figure 47: North America Market Attractiveness by Type, 2022 to 2032
Figure 48: North America Market Attractiveness by Delivery Mode, 2022 to 2032
Figure 49: North America Market Attractiveness by Application, 2022 to 2032
Figure 50: North America Market Attractiveness by Country, 2022 to 2032
Figure 51: Latin America Market Value (US$ Million) by Component, 2022 to 2032
Figure 52: Latin America Market Value (US$ Million) by Type, 2022 to 2032
Figure 53: Latin America Market Value (US$ Million) by Delivery Mode, 2022 to 2032
Figure 54: Latin America Market Value (US$ Million) by Application, 2022 to 2032
Figure 55: Latin America Market Value (US$ Million) by Country, 2022 to 2032
Figure 56: Latin America Market Value (US$ Million) Analysis by Country, 2017 to 2032
Figure 57: Latin America Market Value Share (%) and BPS Analysis by Country, 2022 to 2032
Figure 58: Latin America Market Y-o-Y Growth (%) Projections by Country, 2022 to 2032
Figure 59: Latin America Market Value (US$ Million) Analysis by Component, 2017 to 2032
Figure 60: Latin America Market Value Share (%) and BPS Analysis by Component, 2022 to 2032
Figure 61: Latin America Market Y-o-Y Growth (%) Projections by Component, 2022 to 2032
Figure 62: Latin America Market Value (US$ Million) Analysis by Type, 2017 to 2032
Figure 63: Latin America Market Value Share (%) and BPS Analysis by Type, 2022 to 2032
Figure 64: Latin America Market Y-o-Y Growth (%) Projections by Type, 2022 to 2032
Figure 65: Latin America Market Value (US$ Million) Analysis by Delivery Mode, 2017 to 2032
Figure 66: Latin America Market Value Share (%) and BPS Analysis by Delivery Mode, 2022 to 2032
Figure 67: Latin America Market Y-o-Y Growth (%) Projections by Delivery Mode, 2022 to 2032
Figure 68: Latin America Market Value (US$ Million) Analysis by Application, 2017 to 2032
Figure 69: Latin America Market Value Share (%) and BPS Analysis by Application, 2022 to 2032
Figure 70: Latin America Market Y-o-Y Growth (%) Projections by Application, 2022 to 2032
Figure 71: Latin America Market Attractiveness by Component, 2022 to 2032
Figure 72: Latin America Market Attractiveness by Type, 2022 to 2032
Figure 73: Latin America Market Attractiveness by Delivery Mode, 2022 to 2032
Figure 74: Latin America Market Attractiveness by Application, 2022 to 2032
Figure 75: Latin America Market Attractiveness by Country, 2022 to 2032
Figure 76: Europe Market Value (US$ Million) by Component, 2022 to 2032
Figure 77: Europe Market Value (US$ Million) by Type, 2022 to 2032
Figure 78: Europe Market Value (US$ Million) by Delivery Mode, 2022 to 2032
Figure 79: Europe Market Value (US$ Million) by Application, 2022 to 2032
Figure 80: Europe Market Value (US$ Million) by Country, 2022 to 2032
Figure 81: Europe Market Value (US$ Million) Analysis by Country, 2017 to 2032
Figure 82: Europe Market Value Share (%) and BPS Analysis by Country, 2022 to 2032
Figure 83: Europe Market Y-o-Y Growth (%) Projections by Country, 2022 to 2032
Figure 84: Europe Market Value (US$ Million) Analysis by Component, 2017 to 2032
Figure 85: Europe Market Value Share (%) and BPS Analysis by Component, 2022 to 2032
Figure 86: Europe Market Y-o-Y Growth (%) Projections by Component, 2022 to 2032
Figure 87: Europe Market Value (US$ Million) Analysis by Type, 2017 to 2032
Figure 88: Europe Market Value Share (%) and BPS Analysis by Type, 2022 to 2032
Figure 89: Europe Market Y-o-Y Growth (%) Projections by Type, 2022 to 2032
Figure 90: Europe Market Value (US$ Million) Analysis by Delivery Mode, 2017 to 2032
Figure 91: Europe Market Value Share (%) and BPS Analysis by Delivery Mode, 2022 to 2032
Figure 92: Europe Market Y-o-Y Growth (%) Projections by Delivery Mode, 2022 to 2032
Figure 93: Europe Market Value (US$ Million) Analysis by Application, 2017 to 2032
Figure 94: Europe Market Value Share (%) and BPS Analysis by Application, 2022 to 2032
Figure 95: Europe Market Y-o-Y Growth (%) Projections by Application, 2022 to 2032
Figure 96: Europe Market Attractiveness by Component, 2022 to 2032
Figure 97: Europe Market Attractiveness by Type, 2022 to 2032
Figure 98: Europe Market Attractiveness by Delivery Mode, 2022 to 2032
Figure 99: Europe Market Attractiveness by Application, 2022 to 2032
Figure 100: Europe Market Attractiveness by Country, 2022 to 2032
Figure 101: Asia Pacific Market Value (US$ Million) by Component, 2022 to 2032
Figure 102: Asia Pacific Market Value (US$ Million) by Type, 2022 to 2032
Figure 103: Asia Pacific Market Value (US$ Million) by Delivery Mode, 2022 to 2032
Figure 104: Asia Pacific Market Value (US$ Million) by Application, 2022 to 2032
Figure 105: Asia Pacific Market Value (US$ Million) by Country, 2022 to 2032
Figure 106: Asia Pacific Market Value (US$ Million) Analysis by Country, 2017 to 2032
Figure 107: Asia Pacific Market Value Share (%) and BPS Analysis by Country, 2022 to 2032
Figure 108: Asia Pacific Market Y-o-Y Growth (%) Projections by Country, 2022 to 2032
Figure 109: Asia Pacific Market Value (US$ Million) Analysis by Component, 2017 to 2032
Figure 110: Asia Pacific Market Value Share (%) and BPS Analysis by Component, 2022 to 2032
Figure 111: Asia Pacific Market Y-o-Y Growth (%) Projections by Component, 2022 to 2032
Figure 112: Asia Pacific Market Value (US$ Million) Analysis by Type, 2017 to 2032
Figure 113: Asia Pacific Market Value Share (%) and BPS Analysis by Type, 2022 to 2032
Figure 114: Asia Pacific Market Y-o-Y Growth (%) Projections by Type, 2022 to 2032
Figure 115: Asia Pacific Market Value (US$ Million) Analysis by Delivery Mode, 2017 to 2032
Figure 116: Asia Pacific Market Value Share (%) and BPS Analysis by Delivery Mode, 2022 to 2032
Figure 117: Asia Pacific Market Y-o-Y Growth (%) Projections by Delivery Mode, 2022 to 2032
Figure 118: Asia Pacific Market Value (US$ Million) Analysis by Application, 2017 to 2032
Figure 119: Asia Pacific Market Value Share (%) and BPS Analysis by Application, 2022 to 2032
Figure 120: Asia Pacific Market Y-o-Y Growth (%) Projections by Application, 2022 to 2032
Figure 121: Asia Pacific Market Attractiveness by Component, 2022 to 2032
Figure 122: Asia Pacific Market Attractiveness by Type, 2022 to 2032
Figure 123: Asia Pacific Market Attractiveness by Delivery Mode, 2022 to 2032
Figure 124: Asia Pacific Market Attractiveness by Application, 2022 to 2032
Figure 125: Asia Pacific Market Attractiveness by Country, 2022 to 2032
Figure 126: MEA Market Value (US$ Million) by Component, 2022 to 2032
Figure 127: MEA Market Value (US$ Million) by Type, 2022 to 2032
Figure 128: MEA Market Value (US$ Million) by Delivery Mode, 2022 to 2032
Figure 129: MEA Market Value (US$ Million) by Application, 2022 to 2032
Figure 130: MEA Market Value (US$ Million) by Country, 2022 to 2032
Figure 131: MEA Market Value (US$ Million) Analysis by Country, 2017 to 2032
Figure 132: MEA Market Value Share (%) and BPS Analysis by Country, 2022 to 2032
Figure 133: MEA Market Y-o-Y Growth (%) Projections by Country, 2022 to 2032
Figure 134: MEA Market Value (US$ Million) Analysis by Component, 2017 to 2032
Figure 135: MEA Market Value Share (%) and BPS Analysis by Component, 2022 to 2032
Figure 136: MEA Market Y-o-Y Growth (%) Projections by Component, 2022 to 2032
Figure 137: MEA Market Value (US$ Million) Analysis by Type, 2017 to 2032
Figure 138: MEA Market Value Share (%) and BPS Analysis by Type, 2022 to 2032
Figure 139: MEA Market Y-o-Y Growth (%) Projections by Type, 2022 to 2032
Figure 140: MEA Market Value (US$ Million) Analysis by Delivery Mode, 2017 to 2032
Figure 141: MEA Market Value Share (%) and BPS Analysis by Delivery Mode, 2022 to 2032
Figure 142: MEA Market Y-o-Y Growth (%) Projections by Delivery Mode, 2022 to 2032
Figure 143: MEA Market Value (US$ Million) Analysis by Application, 2017 to 2032
Figure 144: MEA Market Value Share (%) and BPS Analysis by Application, 2022 to 2032
Figure 145: MEA Market Y-o-Y Growth (%) Projections by Application, 2022 to 2032
Figure 146: MEA Market Attractiveness by Component, 2022 to 2032
Figure 147: MEA Market Attractiveness by Type, 2022 to 2032
Figure 148: MEA Market Attractiveness by Delivery Mode, 2022 to 2032
Figure 149: MEA Market Attractiveness by Application, 2022 to 2032
Figure 150: MEA Market Attractiveness by Country, 2022 to 2032
The global Healthcare Analytics Market is worth more than USD 29.1 Billion at present.
Value of Healthcare Analytics Market are projected to increase at a CAGR of around 29.2% from 2022 to 2032.
Value of Healthcare Analytics Market increased at a CAGR of around 24.2% from 2017 to 2021.
Advanced analytical solutions designed for specific requirements of healthcare companies and facilities delivering financial, clinical, operational, and administrative services are bolstering the growth.
The market for Healthcare Analytics Market in China is projected to expand at a CAGR of around 30.7% from 2022 to 2032.
While the market in South Korea is expected to grow at nearly 27.5%, the market in Japan is projected to register a CAGR of nearly 37.1% from 2022 to 2032.
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Healthcare Analytics Market
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