The Worldwide Healthcare Analytics Industry is Expected to Reach $93.3 Billion by 2027

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Jun 03, 2022, 10:00 ET

DUBLIN, June 3, 2022 /PRNewswire/ -- The "Global Healthcare Analytics Market Size, Share & Industry Trends Analysis Report By Component, By Type, By End-user, By Deployment Model, By Application, By Regional Outlook and Forecast, 2021-2027" report has been added to ResearchAndMarkets.com's offering.

The Global Healthcare Analytics Market size is expected to reach $93.3 billion by 2027, rising at a market growth of 28.8% CAGR during the forecast period.

Healthcare analytics is the effective utilization of statistical, predictive, quantitative, comparative, cognitive, and other new applied analytical models to data and related business insights. In addition, healthcare analytics technologies can assist extract and comprehending historical data patterns, forecast future results, and deliver actionable insights to help healthcare companies make better clinical, financial, and operational decisions. Additionally, analytics aids healthcare organizations in lowering costs and improving the quality of care.

In recent years, there has been increasing use of analytical solutions in the sector, such as the creation of databases and historical patterns using descriptive analysis, and the estimation of future market dynamics and outcomes utilizing predictive and prescriptive analysis. Moreover, social media and the internet are having a huge impact on the healthcare business in terms of raising awareness and gathering data for patient engagement tactics. The market for healthcare analytics is being driven by the increased demand to improve patient outcomes while lowering costs through the use of data analytics.

The development of advanced analytical solutions tailored to the specific needs of healthcare organizations and facilities providing financial, operational, clinical, and administrative services is boosting the industry's growth. In addition, one of the key trends of the industry is the boom in the use of data mining techniques and big data analytics to study high-risk groups and design solutions. Predictive analytics solutions are being used by government agencies and financial institutions for a variety of purposes, including risk assessment and reducing payment fraud.

The demand for personalized medicine that caters to various human genome combinations is increasing, and the use of data-rich tools to improve patient care, such as eHealth records, mHealth, and Electronic Medical Records (EMRs). In addition, health data mining is using artificial intelligence solutions wrapped in data analytics solutions to enable tailored treatment plans, which is projected to create demand for analytical solutions.

COVID-19 Impact Analysis

The COVID-19 pandemic has wreaked havoc on the global population and economy. The importance of big data in the healthcare business has increased as a result of the pandemic. Predictive and prescriptive analytics were utilized to create prediction models for the onset of the following waves of the COVID-19 pandemic in various parts of the world.

During the pandemic, the adoption of EHR increased in both developing and developed countries, which has influenced the market growth in 2020. During the pandemic, operational analytics proved to be helpful in managing patient data and COVID-19 bed allocation in ICU units. For COVID-19 patients, claim management and risk assessment analytics were extensively utilized in healthcare reimbursement.

Market Growth Factors:

EHR usage is increasing in both developing and developed countries

The government's support for technological advancements in the healthcare sector is strengthening the market for healthcare analytics. In addition, large sums of money are being invested in digital healthcare enterprises to develop a variety of products and solutions, including mhealth apps, IoT-based healthcare systems, electronic health records, and big data analytics. Because of the guaranteed ROI and significant benefits of this technology, both the government and venture capitalist firms are investing heavily in the healthcare industry. The use of electronic health records in many countries is still in its early stages. In addition, stakeholders and the government have taken numerous measures to encourage the adoption of EHR in India in order to make it a national standard.

Value-based treatments are becoming more popular

Value-based medicine, according to the American Journal of Managed Care, is the practice of medicine based on the objective value (increase in length of life and/or quality of life) imparted by healthcare interventions as measured by a set of defined metrics (commonly used to evaluate value and cost-effectiveness). Upcoming healthcare trends will be more quality-oriented, with an emphasis on improving service quality and developing creative methods to value-based medicine and care management. In addition, most hospitals are gradually understanding the inefficiencies of traditional patient care, quality assurance, and cost management systems. As a result, hospitals' investment increases for logistical management, HIE, and sickness prediction analyses is expected to include healthcare BI solutions as a top priority.

Marketing Restraining Factor:

Need for massive initial investment for analytical solutions

Despite the acknowledged benefits of analytics in healthcare organizations, due to the high massive installation and subscription/licensing fees of advanced analytics solutions, adoption is low among price-sensitive end-users. This is because only top-tier hospitals have the capability and resources to properly use big data to give actionable insights. Further, there is still a huge scarcity of qualified professionals who can properly manage these solutions, which might pose a challenge for the industry players. In addition, the implementation of advanced on-premise healthcare analytics solutions can be a significant amount, along with extra yearly subscription/licensing fees.

Key Topics Covered:

Chapter 1. Market Scope & Methodology

Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.1.1 Market Composition and Scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints

Chapter 3. Competition Analysis - Global
3.1 Publisher Cardinal Matrix
3.2 Recent Industry Wide Strategic Developments
3.2.1 Partnerships, Collaborations and Agreements
3.2.2 Product Launches and Product Expansions
3.2.3 Acquisition and Mergers
3.3 Top Winning Strategies
3.3.1 Key Leading Strategies: Percentage Distribution (2017-2021)
3.3.2 Key Strategic Move: (Partnerships, Agreements, and Collaborations: 2018,Mar - 2021, Nov) Leading Players

Chapter 4. Global Healthcare Analytics Market by Component
4.1 Global Services Market by Region
4.2 Global Software Market by Region
4.3 Global Hardware Market by Region

Chapter 5. Global Healthcare Analytics Market by Type
5.1 Global Descriptive Analytics Market by Region
5.2 Global Predictive Analytics Market by Region
5.3 Global Prescriptive Analytics Market by Region
5.4 Global Cognitive Analytics Market by Region

Chapter 6. Global Healthcare Analytics Market by End-user
6.1 Global Life science Companies Market by Region
6.2 Global Healthcare Payers Market by Region
6.3 Global Healthcare Providers Market by Region

Chapter 7. Global Healthcare Analytics Market by Deployment Model
7.1 Global On-premise Market by Region
7.2 Global On-demand Market by Region

Chapter 8. Global Healthcare Analytics Market by Application
8.1 Global Financial Analytics Market by Region
8.2 Global Clinical Analytics Market by Region
8.3 Global Operation & Administrative Analytics Market by Region
8.4 Global Population Health Market by Region

Chapter 9. Global Healthcare Analytics Market by Region

Chapter 10. Company Profiles
10.1 IBM Corporation
10.1.1 Company Overview
10.1.2 Financial Analysis
10.1.3 Regional & Segmental Analysis
10.1.4 Research & Development Expenses
10.1.5 Recent Strategies and developments:
10.1.5.1 Partnerships, Collaborations and Agreements:
10.1.6 SWOT Analysis
10.2 Oracle Corporation
10.2.1 Company Overview
10.2.2 Financial Analysis
10.2.3 Segmental and Regional Analysis
10.2.4 Research & Development Expense
10.2.5 Recent Strategies and developments:
10.2.5.1 Partnerships, Collaborations and Agreements:
10.2.6 SWOT Analysis
10.3 Verisk Analytics, Inc.
10.3.1 Company overview
10.3.2 Financial Analysis
10.3.3 Segmental Analysis
10.3.4 Research & Development Expense
10.3.5 Recent Strategies and developments:
10.3.5.1 Partnerships, Collaborations and Agreements:
10.3.5.2 Acquisitions and Mergers:
10.4 IQVIA Holdings, Inc.
10.4.1 Company Overview
10.4.2 Financial Analysis
10.4.3 Segmental and Regional Analysis
10.4.4 Recent Strategies and developments:
10.4.4.1 Partnerships, Collaborations and Agreements:
10.4.4.2 Product Launches and Product Expansions:
10.5 AllScripts Healthcare Solutions, Inc.
10.5.1 Company Overview
10.5.2 Financial Analysis
10.5.3 Regional & Segmental Analysis
10.5.4 Research & Development Expenses
10.5.5 Recent Strategies and developments:
10.5.5.1 Partnerships, Collaborations and Agreements:
10.6 McKesson Corporation
10.6.1 Company Overview
10.6.2 Financial Analysis
10.6.3 Segmental Analysis
10.6.4 Research & Development Expense
10.6.5 Recent Strategies and developments:
10.6.5.1 Partnerships, Collaborations and Agreements:
10.6.5.2 Acquisitions and Mergers:
10.6.5.3 Product Launches and Product Expansions:
10.7 UnitedHealth Group, Inc. (Optum, Inc.)
10.7.1 Company Overview
10.7.2 Financial Analysis
10.7.3 Segmental Analysis
10.7.4 Recent Strategies and Developments:
10.7.4.1 Partnerships, Collaborations, and Agreements:
10.7.4.2 Product Launches and Product Expansions:
10.8 Health Catalyst, Inc.
10.8.1 Company Overview
10.8.2 Financial Analysis
10.8.3 Segmental Analysis
10.8.4 Research & Development Expense
10.8.5 Recent Strategies and Developments:
10.8.5.1 Partnerships, Collaborations, and Agreements:
10.8.5.2 Acquisitions and Mergers:
10.8.5.3 Product Launches and Product Expansions:
10.9 Cerner Corporation
10.9.1 Company Overview
10.9.2 Financial Analysis
10.9.3 Regional Analysis
10.9.4 Research & Development Expense
10.9.5 Recent Strategies and Developments:
10.9.5.1 Partnerships, Collaborations, and Agreements:
10.9.5.2 Acquisitions and Mergers:
10.9.5.3 Product Launches and Product Expansions:
10.10. SAS Institute, Inc.
10.10.1 Company Overview
10.10.2 Recent Strategies and Developments:
10.10.2.1 Partnerships, Collaborations, and Agreements:
10.10.2.2 Acquisitions and Mergers:

For more information about this report visit https://www.researchandmarkets.com/r/bgcu44