Global Healthcare Analytics Market to Reach $59.7 Billion by 2026

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Nov 16, 2021, 10:05 ET

SAN FRANCISCO, Nov. 16, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Healthcare Analytics - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

FACTS AT A GLANCE
Edition: 10; Released: November 2021
Executive Pool: 20568
Companies: 135 - Players covered include IBM Corporation; 3M Company; Oracle Corporation; Philips Healthcare; SAS Institute, Inc.; Cerner Corporation; McKesson Corporation; Allscripts Healthcare Solutions, Inc.; Information Builders, Inc. and Others.
Coverage: All major geographies and key segments
Segments: Type (Descriptive Analytics, Predictive Analytics, Prescriptive Analytics, Cognitive Analytics); Application (Financial Analytics, Clinical Analytics, Operational & Administrative Analytics, Population Health Analytics)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; and Rest of Europe); Asia-Pacific; Rest of World.

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ABSTRACT-

Global Healthcare Analytics Market to Reach US$59.7 Billion by the Year 2026
Global healthcare systems are increasingly adopting data-backed decision-making tools to boost patient outcomes and experiences. Healthcare analytics include different technologies, skills, and methods that synthesize and analyze healthcare data across the healthcare industry. Growth in the global market is primarily driven by factors such as rising venture capital financing, government efforts to enhance EHR usage, mounting pressure to reduce healthcare expenditure and augment patient outcomes, the growing relevance of real-world data, and value-based care, and rise of big data analytics. Other factors shaping growth in the market include the increasing usage of scientific methods to cover performance deficits, the shift from paper charts to real-time monitoring systems, and the usage of electronic health records for gathering patient data. The COVID-19 pandemic accelerated the adoption of advanced analytical solutions that aid organizations in dealing with complexities and produce optimal outcomes. Data analytics are actively helping healthcare systems to identify at-risk populations and preparing for timely treatments. The market also stands to benefit from the rise of descriptive analytics which forms a basis for the effective application of prescriptive analytics.

Amid the COVID-19 crisis, the global market for Healthcare Analytics estimated at US$14.6 Billion in the year 2020, is projected to reach a revised size of US$59.7 Billion by 2026, growing at a CAGR of 26.6% over the analysis period. Descriptive Analytics, one of the segments analyzed in the report, is projected to grow at a 24.9% CAGR to reach US$36.2 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Predictive Analytics segment is readjusted to a revised 27.3% CAGR for the next 7-year period. This segment currently accounts for a 29.6% share of the global Healthcare Analytics market. The descriptive analytics segment stands to gain from its ability to analyze historical data and generate actionable insights. Predictive analytics is considered to be a major business intelligence trend. The healthcare business intelligence aims to enable physicians to make data-enabled decisions quickly and enhance treatment. Data-enabled decision-making is helpful for patients with complicated medical histories, afflicted by multiple conditions.

The U.S. Market is Estimated at $10.4 Billion in 2021, While China is Forecast to Reach $3.3 Billion by 2026
The Healthcare Analytics market in the U.S. is estimated at US$10.4 Billion in the year 2021. The country currently accounts for a 58.2% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$3.3 Billion in the year 2026 trailing a CAGR of 30.7% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 22.9% and 24.7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 24.4% CAGR while Rest of European market (as defined in the study) will reach US$4.3 Billion by the end of the analysis period. The growth in the North American region is driven by a medley of factors encompassing increased regulatory requirements such as the federal law governing Health Insurance Portability and Accountability (HIPAA); rising federal healthcare requirements to curb soaring healthcare costs; robust healthcare infrastructure; rising adoption of electronic health records; governmental efforts related to population health management, personalized medicine, and value-based reimbursements. The digitization of the healthcare system, increasing public expenditure on healthcare infrastructure, and the surging popularity of big data analytics are primary factors fueling the healthcare analytics market demand in developing countries and the Asia-Pacific region.

Prescriptive Analytics Segment to Reach $9.7 Billion by 2026
A prescriptive analytics model provides ideal solutions for an array of situations. It leverages the in-depth data mining techniques, including data mining, predictive modeling, and machine learning (ML). The market for prescriptive analytics is expected to benefit from growth in cyber-crimes which is boosting the need for prevention and forecast of crimes; and growth of novel technologies like IoT and Big Data. In the global Prescriptive Analytics segment, USA, Canada, Japan, China and Europe will drive the 29.1% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$1.8 Billion in the year 2020 will reach a projected size of US$11.9 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$373.5 Million by the year 2026. More

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