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.
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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.
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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.
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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 |
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.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2017 to 2021 and Forecast, 2022 to 2032 5. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Component 5.1. Hardware 5.2. Software 5.3. Services 6. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Type 6.1. Descriptive Analysis 6.2. Predictive Analysis 6.3. Prescriptive Analysis 7. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Delivery Mode 7.1. Web Hosted 7.2. Cloud Based 7.3. On-premise 8. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Application 8.1. Clinical 8.2. Financial 8.3. Operational & Administrative 9. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Region 9.1. North America 9.2. Latin America 9.3. Europe 9.4. Asia Pacific 9.5. Middle East and Africa (MEA) 10. North America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 11. Latin America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 12. Europe Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 13. Asia Pacific Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 14. MEA Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. IBM Corporation 17.2. McKesson Corporation 17.3. SAS Institute Inc. 17.4. Optum Inc. 17.5. Oracle 17.6. IQVIA 17.7. Cerner Corporation 17.8. Truven Health Analytics, Inc. 18. Assumptions & Acronyms Used 19. Research Methodology
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Healthcare Analytics Market
