At 27.6% CAGR, Healthcare Analytics Market Size to Cross USD 162.69 Billion by 2028, Says Brandessence Market Research

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Brandessence Market Research and Consulting Private Limited

Sep 21, 2022, 07:30 ET

Healthcare Analytics Market Size is valued at USD 29.54 Billion in 2021 and expected to reach USD 162.69 Billion by 2028 Growing with a CAGR of 27.6% over the forecast period. 

LONDON, Sept. 21, 2022 /PRNewswire/ -- Increasing adoption of big data in healthcare organizations, rising popularity of personalized medicine, and growing adoption of healthcare analytics are some of the major factors driving the growth of the Global Healthcare Analytics Market. "Healthcare Analytics Market Size Share Companies & Trends Analysis Report By Type (Cognitive Analytics, Descriptive Analytics, Prescriptive Analytics, Predictive Analytics), By Component (Services, Software, Hardware), By Deployment Model (On-Demand, On-Premise), By Application (Operation & Administrative Analytics, Clinical Analytics, Population Health, Financial) Analytics), Based On Region And Segment Forecasts 2022 – 2028".

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Healthcare analytics Market: Market Scope  

The global healthcare analytics market suggests that the market is going to see a continuous trajectory of growth in the coming years. The entire health industry has been challenged with many issues such as lack of a better patient care, costs of treatment growing at a rapid rate, less retention of patients, engagement rates dropping and others. Therefore, the healthcare analytics have been incorporated into many different aspects of this industry for giving patients better care and better operations of this industry. These are some of the main factors behind the growth of the healthcare analytics industry. The healthcare predictive analytics market size is going to grow as the market sees rampant demand.  

VitreosHealth, SCIO Health Analytics, Cotiviti, CitiusTech, McKesson Corporation, Optum, Inc., IBM, Cerner, Oracle, SAS Institute, Inc., IQVIA. Verisk Analytics, Inc., Inovalon, Elsevier, Medeanalytics, Inc., Truven Health Analytics, Inc. and Allscripts Healthcare are some of the most important companies in the market. The global healthcare analytics key players are working to establish dominance in terms of the services that are provided to the customers and how they work towards creating an environment where analytics form the key to understanding patterns and helping find the results that are going to help in the market growth. 

Healthcare analytics Market: Segmentation Analysis 

Healthcare analytics market size has been segmented to see that the descriptive analysis type is going to have the largest share in the market. The descriptive analytics has been used widely in the pandemic for studying the historical data and patient histories for studying the different kinds of viruses which is a major factor which is going to drive the growth of this segment. The descriptive analytics has been proving to be a major tool in understanding what happens by the access to historical data. Predictive analysis is another major segment in the market which is going to show the greatest amount 0f growth in the market in the coming years. 

The largest component in the healthcare analytics is the segment of the services segment with their being a one third market share. The industry has been putting several investments into the amount of capital in IT industry for the development of the platforms, data digitalization for the analytics. Many companies don't have data analytics component in the companies because of which they outsource the data analytics aspect of their IT. this is going to result in the growth of the data analytics companies offering a set of services to different companies. The increase in the services which are offered by the data analytics companies have been responsible for the overall growth in this segment. The healthcare market data is going to show a growth in the market at a great rate.  

By Type

  • Cognitive Analytics 
  • Descriptive Analytics
  • Prescriptive Analytics
  • Predictive Analytics 

By Component

  •  Services 
  • Software
  • Hardware 

By Deployment Model

  • On-demand 
  • On-premise 

By Application

  • Operation & Administrative Analytics 
  • Clinical Analytics 
  • Population Health 
  • Financial Analytics 

By End-User

  • Healthcare Payers 
  • Life Science Companies

Healthcare analytics Market: Key Drivers 

Healthcare analytics growth drivers include the rapid technological advancement rate and massive investment by the industry of healthcare into the development of IT and digitalization as they have become the major factors for huge growth of the healthcare analytics industry. The analytical platforms that are currently deployed by the healthcare institutions all over the world help in the management of patients and their retention because of which better care maybe delivered. Deployment of the healthcare analytical platforms not just increase the productivity of staff but also the overall management of patients also gets better as there is a reduction of burden on the caregivers.  

The healthcare analytics may also be deployed for the different functions in a particular establishment for the management of donations and grants that are given to a hospital, making appointments, patient records and for insurance claims etc. It also improves the quality of care that is delivered to patients but it also gives insights for managing the business establishments overall, betterment of patient outreach, management of the disease spread etc.  

The government initiatives as well as massive flux of money in the industry of healthcare are also driving the innovation and are responsible for the increasing adoption of the analytical platforms by the healthcare establishments. The analytical platforms are being used by various establishments for managing and interpretation of clinical data from different studies being conducted, analyzing data and studying the historical data.  

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Recent News:

PINC AI Launched INsights, an Enhanced Technology Offering for Customized, On-Demand Healthcare Analytics 

On January 19th, 2022; PINC AI, Premier, Inc's technology and services platform, launched INsights, an enhanced self-service healthcare solution for creating customized, on-demand analytics. INsights are a vendor-agnostic analytics platform that accesses PINC AI's pure, standardized and risk-adjusted healthcare data, including all U.S. Covers more than 45 percent of hospital inpatient discharges. INsights users leverage pre-developed analytics developed by PINC AI, as well as conduct customized data queries and visualizations using PINC AI or their own data sources. 

Healthcare analytics Market: Key Trends  

Healthcare analytics trends suggest that the coronavirus pandemic aided the growth of the industry because of the increase in the need for the digital solutions and better tools of analytics for managing the load of the patients on the healthcare industry overall. The amount of clinical data which was generated during the pandemic with the help of the analytical tools and platforms helped the professionals and researchers to deliver the better outcomes and predict the trends about the diseases much better. Healthcare analytics growth trends suggest that the market will continuously grow post the pandemic.

Healthcare analytics Market: Regional Analysis 

The regional analysis shows that the largest share in the market in the last few years in terms of region has been North America. The region has had the greatest state of the art healthcare facilities with the adoption of many platforms and better availability of technology and they have resulted in the large market share for the region. The rise in this burden of the chronic element and the increase in geriatric population have all created the need for the organizations to adopt the analytics tools. A factor which has worked for the market has been the presence of the key players in these markets which is helping the growth of the market. This is where the market is going to further grow in the coming years.

The market which is growing at the fastest rate is going to be the Asia Pacific market as there is fast development happening in this market and there is an increase in the spending capacity and growth in the population which has resulted in the growth of the region. There are also significant advancements in this industry in the region which has contributed to their growth. 

On Special Requirement Healthcare Analytics Market Report is also available for below region:

North America

  • U.S., Canada

Europe

  • Germany, France, U.K., Italy, Spain, Sweden, Netherlands, Turkey, Switzerland, Belgium, Rest of Europe

Asia-Pacific

  • South_Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC

Latin America

  • Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America

Middle East and Africa

  • Saudi Arabia, UAE, Egypt, South Africa, Rest of MEA

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