WASHINGTON, April 04, 2023 (GLOBE NEWSWIRE) -- The Global Healthcare Analytics Market is valued at USD 28.5 Billion in the year 2021 and is forecasted to reach a value of USD 89 Billion by the year 2028. The Global Market is anticipated to grow exhibiting a Compound Annual Growth Rate (CAGR) of 20.9% over the forecast period.
Healthcare Analytics Market Overview
The healthcare analytics market refers to the use of data analytics in the healthcare industry to improve clinical and operational outcomes. The market includes software, services, and consulting related to healthcare analytics.
The healthcare analytics market has been growing rapidly in recent years, driven by the increasing adoption of electronic health records (EHRs), the need to improve clinical outcomes and reduce healthcare costs, and advances in big data analytics and artificial intelligence (AI) technologies.
The market can be segmented by type of analytics, including descriptive analytics, predictive analytics, and prescriptive analytics. It can also be segmented by application, including clinical analytics, financial analytics, operational analytics, and others.
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Market Dynamics
The healthcare analytics market is being driven by a number of factors, including the increasing demand for better patient care, the rising cost of healthcare, and the need to improve efficiency in the healthcare system.
The increasing demand for better patient care is one of the key drivers of the healthcare analytics market. Healthcare providers are under increasing pressure to provide better care to their patients, while also reducing costs. Healthcare analytics can help providers to identify areas of risk, improve the quality of care, and reduce costs.
The rising cost of healthcare is another key driver of the healthcare analytics market. Healthcare costs are rising at an unsustainable rate, and healthcare providers are looking for ways to reduce costs. Healthcare analytics can help providers to identify areas of waste, improve efficiency, and reduce costs.
The need to improve efficiency in the healthcare system is another key driver of the healthcare analytics market. The healthcare system is complex and inefficient, and there is a need to improve efficiency in order to reduce costs and improve care. Healthcare analytics can help providers to improve efficiency by identifying areas of waste, improving communication, and reducing duplication of services.
The healthcare analytics market is also being driven by a number of technological advancements, such as the increasing adoption of EHRs, the rise of big data, and the development of advanced analytics technologies.
The increasing adoption of EHRs is one of the key technological advancements that is driving the healthcare analytics market. EHRs are electronic records of patient health information, and they can be used to collect and store large amounts of data about patients. This data can be used to improve patient care, identify areas of risk, and make more informed decisions about healthcare delivery.
The rise of big data is another key technological advancement that is driving the healthcare analytics market. Big data is the term used to describe the large and complex datasets that are being generated by healthcare providers, patients, and other sources. This data can be used to improve patient care, identify areas of risk, and make more informed decisions about healthcare delivery.
The development of advanced analytics technologies is another key technological advancement that is driving the healthcare analytics market. Advanced analytics technologies are used to analyze large and complex datasets to identify patterns and trends. This information can be used to improve patient care, identify areas of risk, and make more informed decisions about healthcare delivery.
Top Players in the Global Healthcare Analytics Market
- IBM (US)
- Optum (US)
- Cerner (US)
- SAS Institute (US)
- Allscripts (US)
- McKesson (US)
- MedeAnalytics (US)
- Inovalon (US)
- Oracle (US)
- Health Catalyst (US)
- SCIO Health Analytics (US)
- Cotiviti (formerly Verscend Technologies) (US)
- CitiusTech (US)
- Wipro (India)
- VitreosHealth (US)
- Linguamatics (US)
- Flatiron (US)
- Roam Analytics (US)
- Komodo Health (US)
- CVS Health (US)
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Top Report Findings
- The healthcare analytics market is expected to grow at a CAGR of 20.9 % from 2022 to 2028.
- The growth of the market is attributed to the increasing demand for better patient care, the rising cost of healthcare, and the need to improve efficiency in the healthcare system.
- The healthcare analytics market is segmented on the basis of component, application, end user, and region.
- Based on component, the market is segmented into software, services, and hardware.
- Based on application, the market is segmented into clinical analytics, financial analytics, operational analytics, and population health analytics.
- Based on end user, the market is segmented into hospitals, clinics, payers, and pharmaceutical companies.
- Based on region, the market is segmented into North America, Europe, Asia Pacific, and the Rest of the World.
- North America is the largest market for healthcare analytics, followed by Europe and Asia Pacific.
- The growth of the market in North America is attributed to the early adoption of healthcare analytics technologies, the presence of a large number of healthcare providers, and the rising demand for better patient care.
- The growth of the market in Europe is attributed to the increasing focus on value-based care, the rising demand for personalized medicine, and the growing adoption of EHRs.
- The growth of the market in Asia Pacific is attributed to the rising disposable income, the growing population of aging people, and the increasing government initiatives to promote healthcare reforms.
- The healthcare analytics market is expected to be driven by the increasing demand for better patient care, the rising cost of healthcare, and the need to improve efficiency in the healthcare system.
- The healthcare analytics market is also expected to be driven by the increasing adoption of EHRs, the rise of big data, and the development of advanced analytics technologies.
- The healthcare analytics market is expected to face some challenges, such as the lack of skilled professionals, the high cost of healthcare analytics solutions, and the security and privacy concerns.
- The healthcare analytics market is expected to offer significant growth opportunities for the key players operating in the market.
- The key players are expected to adopt various strategies, such as product launches, partnerships, and collaborations, to strengthen their position in the market.
Top Trends in Global Healthcare Analytics Market
- The increasing adoption of EHRs
- The rise of big data
- The development of advanced analytics technologies
- The growing focus on value-based care
- The rising demand for personalized medicine
- The increasing government initiatives to promote healthcare reforms
The increasing adoption of EHRs is one of the key trends that is driving the healthcare analytics market. EHRs are electronic records of patient health information, and they can be used to collect and store large amounts of data about patients. This data can be used to improve patient care, identify areas of risk, and make more informed decisions about healthcare delivery.
The rise of big data is another key trend that is driving the healthcare analytics market. Big data is the term used to describe the large and complex datasets that are being generated by healthcare providers, patients, and other sources. This data can be used to improve patient care, identify areas of risk, and make more informed decisions about healthcare delivery.
The development of advanced analytics technologies is another key trend that is driving the healthcare analytics market. Advanced analytics technologies are used to analyze large and complex datasets to identify patterns and trends. This information can be used to improve patient care, identify areas of risk, and make more informed decisions about healthcare delivery.
The growing focus on value-based care is another key trend that is driving the healthcare analytics market. Value-based care is a healthcare delivery model that focuses on providing high-quality care at a lower cost. Healthcare analytics can be used to identify areas where value-based care can be improved.
The rising demand for personalized medicine is another key trend that is driving the healthcare analytics market. Personalized medicine is a healthcare approach that tailors treatments to the individual patient. Healthcare analytics can be used to identify the best treatment options for individual patients.
The increasing government initiatives to promote healthcare reforms is another key trend that is driving the healthcare analytics market. Governments around the world are looking for ways to improve the efficiency and effectiveness of their healthcare systems. Healthcare analytics can be used to identify areas where healthcare reforms can be implemented.
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Regional Analysis
North America: North America is the largest healthcare analytics market, driven by the high adoption of EHRs and the presence of several key players in the region. The US is the largest market in North America, accounting for a significant share of the global healthcare analytics market.
Europe: Europe is the second-largest healthcare analytics market, with increasing adoption of healthcare analytics in countries such as the UK, Germany, and France. The region is also seeing growth in predictive analytics and real-time analytics applications.
Asia Pacific: The healthcare analytics market is growing rapidly in the Asia Pacific region, driven by the increasing adoption of EHRs, growing investments in healthcare infrastructure, and the rising demand for value-based care. China and India are the largest markets in the region.
Latin America: The healthcare analytics market in Latin America is growing steadily, with increasing investments in healthcare IT infrastructure and the adoption of healthcare analytics solutions in countries such as Brazil and Mexico.
Middle East & Africa: The healthcare analytics market in the Middle East & Africa is growing slowly but steadily, with increasing investments in healthcare IT infrastructure and a growing focus on population health management.
Browse market data Tables and Figures spread through 150 Pages and in-depth TOC on Healthcare Analytics Market Forecast Report (2023-2028).
Global Healthcare Analytics Market Segmentation
By Type
- Descriptive Analytics
- Predictive Analytics
- Prescriptive Analytics
- Cognitive Analytics
By Application
- Clinical Analytics
- Financial Analytics
- Operation and Administrative Analytics
- Population Health
By Component
- Services
- Hardware
- Software
By Deployment Model
- On-Premise
- On-Demand
By End User
- Payers
- Providers
- ACOs
- HIEs
- Mcos and TPAs
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Scope of the Report:
| Report Attributes | Details |
| Market Size in 2021 | USD 28.5 Billion |
| Revenue Forecast by 2028 | USD 89 Billion |
| CAGR | 20.9 % from 2022 to 2028 |
| Base Year | 2021 |
| Forecast Year | 2022 to 2028 |
| Key Players | IBM (US), Optum (US), Cerner (US), SAS Institute (US), Allscripts (US), McKesson (US), MedeAnalytics (US), Inovalon (US), Oracle (US), Health Catalyst (US), SCIO Health Analytics (US), Cotiviti (formerly Verscend Technologies) (US), CitiusTech (US), Wipro (India), VitreosHealth (US), Linguamatics (US), Flatiron (US), Roam Analytics (US), Komodo Health (US), CVS Health |
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The key questions answered in the Healthcare Analytics Market Report are:
- What is the current size of the healthcare analytics market, and what is its projected growth rate over the next few years?
- What are the key drivers, challenges, and opportunities in the healthcare analytics market, and how are they likely to impact market growth?
- Which segments of the healthcare analytics market are expected to experience the highest growth, and why?
- What are the major trends in the healthcare analytics market, and how are they shaping the future of the industry?
- Who are the major players in the healthcare analytics market, and what are their key strategies for growth?
- What are the major applications of healthcare analytics, and how are they being used to improve patient outcomes and reduce costs?
- What are the key regulations and standards that govern the healthcare analytics market, and how are they likely to impact market growth?
- Which regions are expected to experience the highest growth in the healthcare analytics market, and why?
- What are the major challenges facing the healthcare analytics market, and how are they being addressed by industry players?
- What are the key opportunities for growth in the healthcare analytics market, and how can industry players capitalize on them?
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