Global Healthcare Analytics Market Size, Share, Growth Analysis, By Type(Descriptive analysis, predictive analysis), By Application(Clinical, financial) - Industry Forecast 2024-2031

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 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. 'IBM Corporation (US)', 'Optum, Inc. (US)', 'Cerner Corporation (US)', 'McKesson Corporation (US)', 'Allscripts Healthcare Solutions, Inc. (US)', 'SAS Institute 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)'

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.

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.

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.