Healthcare Analytics Market to Reach US$ 118.2 Billion by 2027 Globally |CAGR: 31%| UnivDatos Market Insights
NOIDA, India, Jan. 21, 2021 /PRNewswire/ -- A comprehensive overview of the healthcare analytics market is recently added by UnivDatos Market Insights to its humongous database. The healthcare analytics market report has been aggregated by collecting informative data of various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the healthcare analytics market. The healthcare analytics market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the healthcare analytics market at the global and regional levels. The Global Healthcare Analytics market is expected to grow at a CAGR of 31% from 2021-2027 to reach US$ 118.2 billion by 2027.
Market Overview
Transformation in healthcare sectors owing to the proliferating digitalization and use of advanced technologies such as Ai, IoT, and ML coupled with the use of smart healthcare equipment and services is resulting out in a release of a huge amount of structured and unstructured data. The data needs to be in a presentable manner to analyze and drive better decision making. Therefore, the demand for healthcare analytics is witnessing an uptick. Moreover, the growing need for predictive and preventive analytics owing to the surging use of smart healthcare products is contributing to the growth of healthcare analytics. As per a survey by the Society of Actuaries (SOA), around 60% of the healthcare executives use predictive analytics in 2019 which was 47% in 2018. Also, around 20% of providers and payers said that they are in the planning phase to begin using predictive analytics in 2020.
Furthermore, owing to the benefits of healthcare analytics such as improved operational efficiency, the right cure for the disease, proactive maintenance of equipment, etc., is leading to the greater adoption of healthcare analytics solutions. In a study, it was revealed that only 1 in 5 healthcare organizations use analytics for population health. and around 10% of respondents said that they use analytics for the clinical areas.
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COVID-19 Impact
A rapid shift has been witnessed in the healthcare sector owing to the surging number of patients, lack of proper infrastructure. Therefore, the demand for real-time analytics witnessed a sharp rise for the better management of patients' information, information about the availability of hospital beds, and other clinical information of the patients. Moreover, a healthcare organization is more inclined towards the deployment of technologies such as artificial intelligence and data analytics to control COVID-19. As per a survey by IBM, 54% of the healthcare providers said that they use healthcare analytics to guide future strategy, However, 59% said they use healthcare analytics for Product research and development while 65% of healthcare high performers said that for sales/ and marketing the healthcare analytics is being used by them. Moreover, tech companies are launching new tools for healthcare analytics for the data related to COVID-19. For instance: In April 2020, Oracle Corporation partnered with the Department of Health and Human Services (HHS) and donated an online platform designed to collect real-time medical data related to COVID-19 "Therapeutic Learning System.
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Global Healthcare Analytics Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Component, the market is primarily bifurcated into
- Hardware
- Software
- Services
The services segment is dominated by components of the healthcare analytics market and will grow at 31.4% CAGR to reach US$ 66.2 billion by the year 2027.
By Types, the market is primarily segmented into
- Descriptive Analytics
- Predictive Analytics
- Prescriptive Analytics
- Cognitive Analytics
Amongst types, descriptive analytics accounted for the largest share and is expected to grow at 28.5% CAGR during the forecast period 2021-2027. In 2019, the descriptive analytics segment accounted for a revenue share of almost 31.4% in 2019.
By Applications, the market is primarily segmented into
- Clinical Analytics
- Financial Analytics
- Operational and Administrative Analytics
- Cognitive Analytics
In 2019, the financial analytics segment dominated the global healthcare analytics market with nearly 36.4% of the market share and it is anticipated by 2027, the segment will garner US$ 41.8 billion of the market.
By Deployment, the market is primarily segmented into
- On-Premise
- Cloud
In 2019, the on-premise segment dominated the global healthcare analytics market with nearly 63.6% of the market share and it is anticipated by 2027, the segment will garner US$ 70.9 billion of the market.
By End-Users, the market is primarily fragmented into
- Healthcare Providers
- Healthcare Payers
- Academic Organisations
- Biotechnology Industry
Amongst end-users, healthcare payers accounted for the largest share and is expected to grow at a 32.8% CAGR during the forecast period 2021-2027. In 2019, the healthcare payers segment accounted for a revenue share of 36% in 2019.
Healthcare Analytics Market Geographical Segmentation Includes:
- North America
- Europe
- Asia-Pacific
- Rest of the World
Based on the estimation, the North America region dominated the healthcare analytics market with almost US$ 9.3 billion revenue in 2019. At the same time, the Asia-Pacific region is expected to grow remarkably with a CAGR of 34.6% over the forecast period owing to the surging prevalence of the COVID-19 pandemic in the region coupled with the development and investments in the healthcare infrastructure in the counties such as India, Australia, and Japan, etc.
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The major players targeting the market includes
- Allscripts Healthcare Solutions
- Cerner Corporation
- SAS Institute
- Health Catalyst
- IBM Corporation
- McKesson Corporation
- Microsoft Corporation
- Oracle Corporation
- SAP SE
- TIBCO Software
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the healthcare analytics market. The leading players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
- What are the latest trends, new patterns, and technological advancements in the healthcare analytics market?
- Which factors are influencing the healthcare analytics market over the forecast period?
- What are the global challenges, threats, and risks in the healthcare analytics market?
- Which factors are propelling and restraining the healthcare analytics market?
- What are the demanding global regions of the healthcare analytics market?
- What will be the global market size in the upcoming years?
- What are the crucial market acquisition strategies and policies applied by global companies?
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