Healthcare Analytics Market Size to Reach USD 158.90 Billion in 2030 | Emergen Research

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Jan 17, 2023, 13:26 ET

VANCOUVER, B.C., Jan. 17, 2023 /PRNewswire/ -- The healthcare analytics market size reached USD 21.10 Billion in 2021 and is expected to register a CAGR of 25.4% during the forecast period, according to latest analysis by Emergen Research. Rapid technological advancements in healthcare management, increasing need for improving efficiency of organizations for sales and marketing activities, increasing supportive government initiatives, as well as rising usage of electronic health records are some key factors driving healthcare analytics market revenue growth.

Big healthcare data analytics has a lot of beneficial and even life-saving effects. Healthcare analytics is revolutionizing the healthcare sector because it has the ability to lower treatment costs, foresee epidemic outbreaks, prevent infections, and generally enhance the quality of life. The average human lifetime is rising globally, which presents additional difficulties for current therapy delivery strategies. Data may be quickly and intelligently collected from sources of big data in the healthcare sector, such as patient portals, research projects, Electronic Health Records (EHRs), and wearable technology, with the use of this appropriate technology. The ability of health experts to gather enormous amounts of data and search for the best ways to use these figures, like that of business entrepreneurs is boosting demand for healthcare analytics and accelerating the growth of the industry.

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Drivers:

Demand for healthcare analytics devices has significantly increased over the years due to market demand for improving efficiency of organizational sales and marketing activities as well as growing consumer demand from the pharmaceutical industry. Healthcare businesses require a high-powered data engine to crunch the figures, evaluate the data and promptly deliver it to decision-makers if they are to operate effectively. The business agility exemplified by the healthcare sector is made feasible through data analytics. Clinicians are given the tools they need to conduct their jobs well by healthcare analytics, which operate in the background at clinics, in healthcare networks, and in governmental agencies. Hospitals are huge, intricate logistical systems with many moving elements. High-performance data analytics are necessary to ensure these processes work well, from personnel to patient scheduling to stocking medications and supplies. Real-time alerting is a feature that other applications of data analytics in healthcare all share. Clinical Decision Support (CDS) software analyzes medical data instantly in hospitals, giving healthcare professionals recommendations while they make directive decisions. This has raised the demand for healthcare analytics in the medical healthcare industry.

Restraints:

There are some issues and difficulties facing the healthcare analytics industry. Concerns about data security and privacy, high cost and complexities associated with implementation of healthcare analytics solutions, and lack of skilled professionals to operate healthcare analytics solutions are expected to hamper market growth over the forecast period. Despite the well-known advantages of analytics in healthcare organizations, adoption is low among cost-conscious end users due to high installation and subscription/licensing prices of data analytic systems. Only the best hospitals have competence and money to properly use big data to provide relevant insights. Modern on-premises health analytics solutions could cost over USD 200,000 to install and maintain on a yearly subscription/licensing basis. This makes it difficult for hospitals to increase their investments in advanced analytics, while they are focusing on installing EHRs and updating RCM systems. This element has a higher influence in underdeveloped nations because many end users are struggling to get resources for IT over medical equipment, which is hindering the growth of healthcare analytics market.

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Growth Projections:

The healthcare analytics market is expected to register a CAGR of 25.4% over the forecast period and revenue is projected to increase from USD 21.10 Billion in 2021 to USD 158.90 Billion in 2030. Increasing spending in emerging markets is expected to support revenue growth of the market.

Current Trends and Innovations:

The healthcare analytics industry is undergoing gradual change as a result of rapid technological advancements in healthcare management as well as rising usage of electronic health records. The most widely used form of big data in medicine is Electronic Health Records (EHRs). Records are accessible to providers from the public and private sectors and are shared via secure information systems. Since each record is made up of a single editable file, clinicians can make changes over time without having to complete additional paperwork or worry about data replication. Real-time alerting is a feature that other applications of data analytics in healthcare all share. Clinical Decision Support (CDS) system identifies medical data instantly in hospitals, giving healthcare professionals recommendations while they make directive decisions. Furthermore, strategic planning is made possible by the use of big data in healthcare since it provides better understanding of people's motivations. For instance, University of Florida developed heat maps for a variety of topics, including population growth and chronic diseases, using Google Maps and open public health data. Academics then matched this information to the accessibility of medical services in the majority of heated locations. They were able to reassess their delivery plan and add more care units to the most troublesome locations owing to the insights they gained from this.

Strategic Initiatives:

Major companies included in the market report are Athenahealth Inc, MedeAnalytics, Inc., Optum, Inc., Tenet Healthcare Corporation, Azure Ophthalmics Ltd, Oracle Corporation, Apixio Inc., Amazon Web Service, Inc., TIBCO Software Inc., SAP SE.

In March 2022, With the public release of Azure Ophthalmics Ltd Healthcare Information Services and improvements to Microsoft Cloud for Healthcare, Microsoft Corp. announced breakthroughs in cloud-based-based solutions for healthcare and life sciences. With the recent conclusion of its acquisitions of Nuance Communications, Microsoft is ideally positioned to magnify an organization's capacity to assist others by integrating trusted AI to address the most pressing concerns altering future of healthcare for all

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Scope of Research

Report Details	Outcome
Market Size in 2021	USD 21.10 Billion
CAGR (2022–2030)	25.4 %
Revenue Forecast to 2030	USD 158.90 Billion
Base Year for Estimation	2021
Historical Data	2019–2020
Forecast Period	2022–2030
Quantitative Units	Revenue in USD Billion and CAGR in % from 2022 to 2030
Report Coverage	Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments Covered	Component, deployment, solution, application, end-use, and region
Regional Scope	North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Country Scope	U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, BENELUX, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa
Key Companies Profiled	Athenahealth Inc, MedeAnalytics, Inc., Optum, Inc., Tenet Healthcare Corporation, Azure Ophthalmics Ltd, Oracle Corporation, Apixio Inc., Amazon Web Service, Inc., TIBCO Software Inc., and SAP SE
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Emergen Research has segmented healthcare analytics market on the basis of component, deployment, solution application, end-use, and region:

Component Outlook (Revenue, USD Billion; 2019-2030)

Software
Hardware
Services

Deployment Outlook (Revenue, USD Billion; 2019-2030)

Cloud-based
On-premises
Web Hosted

Solution Outlook (Revenue, USD Billion; 2019-2030)

Predictive Analytics
Descriptive Analytics
Prescriptive Analytics

Application Outlook (Revenue, USD Billion; 2019-2030)

Clinical Analysis
Financial Analysis
Administrative & Operational Analysis

End-Use Outlook (Revenue, USD Billion; 2019-2030)

Healthcare Provider
Healthcare Payer
Life Science Companies

Regional Outlook (Revenue, USD Billion, 2019 - 2030)

North America

U.S.
Canada

Europe

Germany
U.K.
France
Italy
Spain
Rest of Europe

Asia Pacific

China
Japan
South Korea
India
Australia
Rest of APAC

Latin America

Brazil
Mexico
Rest of LATAM

Middle East & Africa

UAE
Saudi Arabia
Africa
Rest of Middle East

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