USD 21.40 billion
Global Healthcare Analytics Market Size, Share, Growth Analysis, By Type(Descriptive analysis, predictive analysis), By Application(Clinical, financial) - Industry Forecast 2024-2031
Report ID:
SQMIG35D2155 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
63 |
Figures:
75
Global Healthcare Analytics Market Insights
Healthcare Analytics Market size was valued at USD 21.40 billion in 2021 and is poised to grow from USD 26.92 billion in 2022 to USD 168.86 billion by 2030, at a CAGR of 25.8% during the forecast period (2023-2030).
The global healthcare analytics market is a rapidly growing market that is driven by the increasing demand for better healthcare outcomes, the rise in healthcare costs, and the need for more efficient healthcare delivery systems. The purpose of the market is to provide healthcare organizations with tools and insights to make data-driven decisions and improve patient outcomes while reducing costs. The market is driven by several key factors, including the increasing adoption of electronic health records (EHRs) and the availability of large amounts of healthcare data. Additionally, the growing use of machine learning and artificial intelligence technologies in healthcare analytics is expected to drive market growth. However, there are also some restraints in the market, including the high cost of implementing healthcare analytics solutions and concerns over data security and privacy. Despite these challenges, the market is expected to continue to grow due to the numerous opportunities available. One of the key trends in the healthcare analytics market is the shift towards value-based care, which emphasizes better patient outcomes and lower costs. Healthcare organizations are increasingly using analytics to identify high-risk patients and provide targeted interventions to improve outcomes while reducing costs. Another trend in the market is the growing use of real-time analytics, which allows healthcare organizations to monitor patient data in real time and make immediate decisions to improve patient care. This trend is being driven by the increasing availability of connected devices and the Internet of Things (IoT) in healthcare.
US Healthcare Analytics Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Descriptive Analysis
Fastest Growth
Descriptive Analysis
Growth Rate
25.8% CAGR
Global Healthcare Analytics Market ($ Bn)
Country Share for North America Region (%)
Global Healthcare Analytics Market Size By Type ($ Bn)
Global Healthcare Analytics Market Size By Type (%)
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Global Healthcare Analytics Market Segmental Analysis
Global Healthcare Analytics Market is segmented on the basis of type, application, and region. By type, the market is segmented into descriptive analysis, predictive analysis, and prescriptive analysis. By application, the market is segmented into clinical, financial, and operational & administrative. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Healthcare Analytics Market Analysis By Type
Descriptive analytics dominated the global market. This was largely due to the widespread use of this analysis type during the COVID-19 pandemic to study historical data and patient histories to understand the spread of the virus. The ability of descriptive analytics to transform historical data into actionable insights has been instrumental in driving growth in this segment. Hospitals have also been using descriptive analytics tools to monitor the performance of insurance claims by detecting irregularities and errors in the claims. As a result, an increasing number of organizations are adopting descriptive analytics to boost their growth potential.
Predictive analytics is expected to register the fastest growth rate as it uses data sets created by using descriptive analytics to analyze data for actionable future insights. The adoption of analytics by more and more companies for better growth prospects has been a key driver of growth in this segment. It has become imperative for companies to adopt these platforms to predict future market trends and take appropriate measures to foster overall growth.
Healthcare Analytics Market Analysis By Application
Financial applications segment held the largest market share. Healthcare institutions and organizations are constantly striving to reduce treatment costs while providing better care to patients, and this has been a key factor in driving growth in this segment. Financial management is still the largest aspect of healthcare management, as companies look to reduce costs and prevent fraud.
Healthcare institutions face significant costs in the form of insurance claims, which can also be fraudulent. To mitigate these risks and reduce occurrences of fraudulent claims, healthcare organizations are deploying analytical tools for predictive and descriptive analysis. This enables them to provide better patient care while reducing overall operational costs and minimizing insurance fraud. The need to perform financially well has been a key driver for the adoption of financial applications in healthcare.
Global Healthcare Analytics Market Size By Type (%), 2023 (%)
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Global Healthcare Analytics Market Regional Insights
North America dominated the global market. This can be attributed to the region's advanced healthcare facilities and the adoption of sophisticated technological platforms, which have all contributed to the growth of the market. The increasing burden of chronic diseases and the growing elderly population have also created a need for hospitals and other organizations to adopt analytics tools. The presence of key players in the market has also played a significant role in the region's high revenue share. Microsoft's launch of Microsoft Cloud for Healthcare, which aims to facilitate collaboration between patients and providers for better insights related to patient care, has also contributed to the market's growth in North America.
The Asia Pacific region is expected to register the fastest growth rate. The region's fast-paced development, growing population, and increased spending capacity have all contributed to the market's rapid growth. Significant growth and advancements in the healthcare industry in the region have also played a significant role in its growth. The increasing reliance of consumers and healthcare providers on IT has resulted in a rise in adoption rates of analytics tools in the region. For example, Prospection, a healthcare analytics start-up based in Australia, has opened an office in Japan and is collaborating with international pharma customers to develop new treatments for the Japanese population.
Global Healthcare Analytics Market Size By Geography, 2024-2031
- Largest
- Fastest
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Global Healthcare Analytics Market Dynamics
Healthcare Analytics Market Drivers
Growing need to reduce healthcare costs
- With rising healthcare costs, there is a growing need to reduce them to make healthcare more affordable and accessible to patients. Healthcare analytics can help identify areas where costs can be reduced, such as reducing readmissions, identifying high-risk patients, and improving supply chain management. For example, healthcare providers can use analytics to identify patients who are at high risk of readmission and provide targeted interventions to reduce the risk, which can ultimately lead to cost savings.
Increasing demand for quality healthcare
- Patients are increasingly demanding high-quality healthcare services, and healthcare providers are under pressure to deliver. Healthcare analytics can help providers identify areas where they need to improve quality and provide insights into how they can achieve better outcomes. For example, healthcare providers can use analytics to identify gaps in care and develop targeted interventions to improve outcomes, such as reducing hospital-acquired infections.
Healthcare Analytics Market Restraints
Data privacy and security concerns
- Healthcare data is highly sensitive, and there are strict regulations around its use and storage. Healthcare providers need to ensure that patient data is protected and secure, which can be a significant challenge. Data breaches can result in legal and financial penalties, damage to reputation, and loss of trust among patients.
Lack of skilled professionals
- Healthcare analytics requires specialized skills, such as data analytics, statistics, and machine learning. There is a shortage of professionals with these skills, which can limit the ability of healthcare providers to implement analytics programs effectively.
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Global Healthcare Analytics Market Competitive Landscape
The Global Healthcare Analytics Market is characterized by a competitive landscape with several prominent players. These companies are actively engaged in strategic initiatives such as mergers and acquisitions, partnerships, and product launches to strengthen their market position. Key players in the healthcare analytics market offer a wide range of healthcare analytics solutions, including clinical analytics, financial analytics, operational analytics, and population health analytics. They cater to various stakeholders in the healthcare industry, including hospitals, clinics, payers, and pharmaceutical companies. The market is driven by factors such as the growing need for data-driven decision-making, increasing healthcare expenditure, and the shift towards value-based care. With ongoing technological advancements and the integration of artificial intelligence and machine learning algorithms into analytics solutions, the healthcare analytics market is expected to witness significant growth in the coming years.
Healthcare Analytics Market Top Player’s Company Profiles
- IBM Corporation (US)
- McKesson Corporation (US)
- Allscripts Healthcare Solutions, Inc. (US)
- Oracle Corporation (US)
- Inovalon Holdings, Inc. (US)
- Change Healthcare Holdings, Inc. (US)
- Epic Systems Corporation (US)
- Cognizant Technology Solutions Corporation (US)
- Health Catalyst, Inc. (US)
- Philips Healthcare (Netherlands)
- General Electric Company (US)
- MedeAnalytics, Inc. (US)
- CitiusTech Inc. (US)
- Conduent, Inc. (US)
- SCIO Health Analytics (US)
- Tableau Software, LLC (US)
- Verscend Technologies, Inc. (US)
Healthcare Analytics Market Recent Developments
- In August 2022, Syntellis Performance Solutions completed the acquisition of Stratasan Healthcare Solutions, a leading provider of healthcare market intelligence and data analytics. This strategic acquisition enables Syntellis to enhance its offerings for healthcare organizations by providing them with comprehensive data and intelligence solutions. These solutions will support healthcare organizations in improving their operational efficiency, financial management, and strategic growth planning.
- In June 2022, Oracle Corporation announced the acquisition of Cerner Corporation. This acquisition aims to combine Cerner's clinical capabilities with Oracle's expertise in enterprise platform analytics and automation. By integrating these strengths, the merged entity can offer advanced solutions to the healthcare industry, enabling better patient care, streamlined operations, and improved data analytics and insights.
- In January 2022, IBM and Francisco Partners reached an agreement in which Francisco Partners would acquire the healthcare data and analytics assets from IBM's Watson Health business. This transaction allows Francisco Partners to take over IBM's healthcare data and analytics portfolio, further developing and expanding these assets. The acquisition presents new opportunities for Francisco Partners to leverage the acquired technologies and solutions to enhance healthcare data analysis and insights.
Global Healthcare Analytics Key Market Trends
- Use of artificial intelligence (AI): Healthcare providers are increasingly using AI to analyze large amounts of healthcare data and identify patterns and insights that can inform decision-making. For example, AI can be used to analyze medical images and identify early signs of disease.
- Personalized medicine: Healthcare analytics is enabling personalized medicine, where treatments are tailored to individual patients based on their genetics, medical history, and other factors. For example, healthcare providers can use analytics to identify patients who are at high risk of developing a certain condition and provide targeted interventions to prevent it from occurring.
Global Healthcare Analytics Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our Global Healthcare Analytics Market analysis, the market growth is being driven by several factors, including the increasing need for efficient healthcare delivery, rising healthcare costs, and the growing adoption of electronic health records (EHRs). Healthcare analytics solutions enable healthcare providers to derive actionable insights from vast amounts of healthcare data, leading to better decision-making, improved patient outcomes, and cost savings. The demand for advanced analytics tools and techniques, such as predictive analytics, prescriptive analytics, and real-time analytics, is on the rise as healthcare organizations aim to optimize operations, identify trends, and enhance patient care. The market is highly competitive, with numerous players offering a wide range of analytics solutions. North America dominated the global market, owing to the presence of technologically advanced healthcare systems and supportive government initiatives. However, the Asia-Pacific region is expected to witness significant growth, driven by the increasing adoption of healthcare IT solutions, expanding healthcare infrastructure, and a rising focus on population health management. Overall, the healthcare analytics market is poised for robust growth as healthcare organizations increasingly recognize the value of data-driven insights in improving healthcare delivery and patient outcomes.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 21.40 billion |
| Market size value in 2031 | USD 168.86 billion |
| Growth Rate | 25.8% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Healthcare Analytics Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Healthcare Analytics Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Healthcare Analytics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Healthcare Analytics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Healthcare Analytics Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Healthcare Analytics Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Healthcare Analytics Market Report Snapshots
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