Pune, March 09, 2023 (GLOBE NEWSWIRE) -- The Healthcare Analytics Market size is expected to reach USD 34.64 billion by 2022 and is projected to grow at a CAGR of 21.4% from 2023 to 2030. The market is expected to reach USD 163 billion by 2030, as per SNS insider research.
Market Overview
Healthcare analytics is also used to improve operational efficiency in healthcare organizations. By analyzing data on patient flow, staff scheduling, and resource allocation, healthcare providers can identify opportunities to streamline processes and reduce waste. As healthcare organizations continue to adopt new technologies and collect more data, the role of healthcare analytics is likely to become even more critical.
Market Analysis
The healthcare industry is witnessing a surge in the adoption of healthcare analytics solutions, owing to the increasing availability of big data and the digitization of healthcare data. The government is also playing a crucial role in promoting the use of electronic health records (EHRs), which are driving the growth of the healthcare analytics market. Moreover, the development of advanced analytical solutions tailored to the unique needs of healthcare organizations is assisting in the expansion of the industry.
Key Company Profiles Listed in this Report Are:
- Allscripts Healthcare, LLC
- Health Catalyst
- Optum, Inc.
- HMS (VitreosHealth)
- Cerner Corporation
- SAS Institute Inc.
- International Business Machines Corporation
- Oracle Corporation
- Medeanalytics Inc
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Impact of Recession on Healthcare Analytics Market:
While a recession may initially impact the healthcare analytics market by leading to a slowdown in investment, the long-term outlook for the industry remains positive. As healthcare providers continue to face cost pressures and strive to improve patient outcomes, the demand for healthcare analytics is likely to remain strong.
Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 34.64 Billion |
| Market Size by 2030 | US$ 163 Billion |
| CAGR | CAGR of 21.4% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | Historical Data |
| Key Market Segmentation | • By Type (Descriptive Analysis, Predictive Analysis, Prescriptive Analysis) • By Component Type (Software, Hardware, Services) • By Delivery Mode Type (On-premises, Web-hosted, Cloud-based) • By Application Type (Clinical, Financial, Operational and Administrative) • By End-use (Healthcare Payers, Healthcare Providers, Life Science Companies) |
| Key Regional Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
Key Regional Development:
North America is leading the market due to the evolution and development of healthcare facilities, the presence of key market players, and technological advancements. The region's increasing elderly population and the rising prevalence of chronic diseases are also driving the market growth. The Asia Pacific region is expected to experience the fastest growth during the forecast period. This growth can be attributed to the advancement of infrastructure, increasing healthcare expenditures, and the adoption of advanced analytical solutions.
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Key Takeaway from Healthcare Analytics Market Study
- Healthcare analytics is an emerging field that leverages data analytics and business intelligence tools to improve healthcare outcomes, reduce costs, and enhance patient experience.
- Adoption of cloud-based analytics platforms is on the rise, as they offer scalability, flexibility, and cost-effectiveness. Cloud-based solutions enable healthcare organizations to store and analyze large volumes of data in real-time
- Predictive analytics leverages machine learning algorithms and statistical models to analyze historical data and predict future outcomes. This enables healthcare organizations to identify at-risk patients, prevent adverse events, and optimize treatment plans.
Recent Developments Related to Healthcare Analytics Market
- Surgo Health, a healthcare company, has recently introduced a new analytics platform that leverages Real-World Data (RWD) to study the socio-behavioral factors influencing health outcomes. This cutting-edge platform aims to provide insights into the impact of social determinants of health on patient outcomes and enable healthcare professionals to develop targeted interventions.
- CareFirst BlueCross BlueShield, one of the largest health insurance companies in the United States, and Aledade, a company that helps primary care providers’ transition to value-based care, have announced a partnership to provide better care to patients while reducing costs. The partnership between CareFirst and Aledade aims to improve the quality of care provided by primary care physicians by encouraging them to focus on preventative care, chronic disease management, and coordinated care.
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