Healthcare Analytics Market Size 2021 | Is Projected to Reach USD 80.21 Billion by 2026, Exhibiting a CAGR of 27.5%

Healthcare Analytics Market Key Players Studied in this Report Are Cerner Corporation, IBM Corporation (IBM Watson), Flatiron Health, Linguamatics, Allscripts Healthcare LLC, Epic Systems Corporation, Health Catalyst, Inovalon.

Pune, India, May 19, 2021 (GLOBE NEWSWIRE) -- According to the report, Healthcare Analytics market size is projected to reach USD 80.21 Billion value by 2026, exhibiting a CAGR of 27.5%. Launch of Cortellis Digital Health Intelligence Solution by Clarivate Analytics to Favor Healthcare Analytics Market. The market size stood at USD 11.59 billion in 2018. Healthcare analytics involves analyzing historical and current industrial data to effectively manage clinical data and patient’s diagnosis, forecast trends, and improve business. It is anticipated to revolutionize the functioning of healthcare organizations in the forthcoming years.

COVID-19 Impact-

The global pandemic has stagnated the growth of several markets and industries. Healthcare systems are on the verge of collapsing in many nations. However, the coronavirus pandemic has augmented the healthcare analytics market share due to the grave need for effective vaccine development and the continuous monitoring of the coronavirus. Investments in the research activities, the utilization of big data, and Internet of Things (IoT), etc., for developing effective COVID-19 treatment are augmenting the market growth. For instance, IBM and Oracle introduced block-chain to assimilate Covid-19 data from the World Health Organization in 2020.

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Market Segmentation-

On the basis of product, the market is classified into predictive analytics, descriptive analytics, and prescriptive analytics. On the basis of its application, the market segments into population health analytics, operations and administrative analytics, financial analytics, and population health analytics. On the basis of its end-user, the market fragments into providers, payers, etc. Geographically, the market is categorized into North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.

Report Coverage-
The report offers an exhaustive study of the prospected market and is predicated on historical data. It provides a comprehensive analysis of the factors stimulating the market growth and encompasses Porters’ Five Forces Analysis and PESTLE Analysis for an unerring prediction of the market. The report also highlights the effects of COVID-19 on the market and the future opportunities arising thereafter. The report also provides a detailed analysis of the competitive landscape of the prospected market, including the knowledge on rankings of key players, key market trends, recent industry developments, expansions, acquisitions, etc., prevailing in the market.

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Big Data to Revolutionize Healthcare Analytics Industry

The adoption of predictive analytic tools by healthcare organizations is on the rise. The emergence of big data is extremely beneficial for the healthcare sector as it can predict data based on individuals amongst the mass population. In other words, the data gathered from the mass population can be sorted on an individual level. This can theoretically assist in identifying contributing factors and mitigate the risk of a pandemic. Big data ensures proper data management and application and is therefore anticipated to transform the healthcare industry.

The government of several nations and venture capitalists is making considerable investments in the healthcare analytics. Increasing adoption of electronic health records (EHRs) and various government initiatives are expected to boost the market growth in the forthcoming years. For instance, the Government of India established about 50 e-hospitals across the nation.
However, the increasing instances of data breaches are likely to hinder market growth.

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North America to Account for the Highest Growth

North America is anticipated to witness the highest growth in the forecast period. The growth is attributable to the presence of key industry players, a thriving healthcare industry, wide adoption of EHRs, rising venture capital investments, and development of advanced technologies.
Europe is anticipated to hold the second-largest market share.
Asia Pacific is expected to witness significant growth due to the rising awareness for healthcare analytics, rising investments, and swift adoption of these solutions in the region.

Strategic Partnerships and New Product Launches to Solidify Competition

The global market is classified into small, medium, and large scale industries offering analytics tools and solutions to the healthcare sector. Strategic partnerships and technological innovations are anticipated to augment the market growth. For instance, Cerner and Duke’s collaboration for the automation and improvement of data collection for chronic diseases is expected to boost the revenues of these major players in the forthcoming years.

Key Players in the Global Healthcare Analytics Market:

  • Cerner Corporation
  • IBM Corporation (IBM Watson)
  • Flatiron Health
  • Linguamatics
  • Allscripts Healthcare LLC
  • Epic Systems Corporation
  • Health Catalyst
  • Inovalon

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Global Healthcare Analytics Market Segmentation:

By Product:

  • Descriptive
  • Predic-tive
  • Prescriptive

By Application:

  • Financial Analytics
  • Population Health Analytics
  • Clinical Analytics,
  • Operations
  • Administrative Analytics

By End User:

  • Payers
  • Providers
  • Others

By Geography:

  • North America (USA, Canada)
  • Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
  • Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
  • Latin America (Brazil, Mexico, Rest of Latin America)
  • Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)

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