Healthcare Analytics Market by Technology (Descriptive Analytics, Predictive Analytics, Prescriptive Analytics), Component (Services, Software), Deployment, Application, End-User - Global Forecast 2024-2030

Healthcare Analytics Market by Technology (Descriptive Analytics, Predictive Analytics, Prescriptive Analytics), Component (Services, Software), Deployment, Application, End-User - Global Forecast 2024-2030

The Healthcare Analytics Market size was estimated at USD 36.29 billion in 2023 and expected to reach USD 44.93 billion in 2024, at a CAGR 24.07% to reach USD 164.33 billion by 2030.

Healthcare analytics involves analyzing data related to healthcare services to gain insights that can be used to improve patient care and health outcomes. Hospitals and healthcare professionals can make more cost-effective decisions that impact patient care with proper healthcare data analysis. The data can be used to improve patient health and clinical outcomes. The healthcare industry is transforming technology advances, adopting electronic health records (EHR) and analytics to streamline healthcare processes. Governments worldwide focus on controlling healthcare fraud related to payments, and healthcare analytics technologies can assist the industry in monitoring fraud activities. However, integration and interoperability with existing models and their limited data privacy provisions impede product penetration. Advanced healthcare analytics technologies based on AI & Big Data with a better focus on safety can assist in addressing these issues. Moreover, increased investments in smart hospital facilities worldwide are expected to accelerate the deployment of healthcare analytics software and services. Market players are introducing different suites of products within healthcare analytics, such as predictive analytics or clinical decision support systems, to elevate their presence across the healthcare sector.

Regional Insights

The healthcare analytics market in the Americas is highly innovation-driven, characterized by consistent research activities on advancing data science technologies and a growing focus on the region’s hospitals to offer better patient outcomes and cost savings. The region is home to many established big data technology providers constantly working on expanding their healthcare knowledge to upgrade their existing portfolio. The Asia-Pacific region observes a slow and steady growth in healthcare analytics adoption, with many digital transformation initiatives and healthcare startups obtaining new funds for breakthrough diagnostic solutions. Increasing recognition from governments has been observed regarding deploying EHR and population analytics in the Asian region to expand data availability for better monitoring of regional health. Europe is expected to observe a vital increase in the use of healthcare analytics, characterized by the rising number of advances in healthcare infrastructure in the region and a growing number of initiatives for expanding smart hospitals. Programs such as Horizon Europe and the EU4Health initiative have supported digitalization and improved analytics in healthcare.

Market Insights

• Market Dynamics
  
  The market dynamics represent an ever-changing landscape of the Healthcare Analytics Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.
  • Market Drivers
    • Adoption of electronic health records (EHR) to streamline healthcare processes
    • Government focus on healthcare fraud detection and control
    • Market Restraints
      • Difficulty in integration and interoperability with existing models
      • Market Opportunities
        • Advanced healthcare analytics technology based on AI & big data
        • New investments in smart hospital facilities worldwide
        • Market Challenges
          • Concerns associated data privacy and security breaches
          • Market Segmentation Analysis
            • Technology: Growing technological advancements in predictive and prescriptive analytics for better patient care and system performance
            • Component: Pertaining advantage of healthcare analytics services and software for enhancing the workflow of healthcare providers in making data-driven decisions
            • Deployment: Increasing demand for cloud-based healthcare services in academic organizations & biotechnology applications providing lower upfront costs and scalability
            • Application: Extensive deployment of healthcare analytics in the clinical and population health analytics
            • End-User: Growing utilization of healthcare analytics by healthcare payers and biotechnological companies
            • Market Disruption Analysis
            • Porter’s Five Forces Analysis
            • Value Chain & Critical Path Analysis
            • Pricing Analysis
            • Technology Analysis
            • Patent Analysis
            • Trade Analysis
            • Regulatory Framework Analysis
            FPNV Positioning Matrix
            
            The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Healthcare Analytics Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
            
            Market Share Analysis
            
            The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Healthcare Analytics Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
            
            Recent Developments
            • ClosedLoop.ai Secures USD 11 million Series A Funding to Assist Healthcare Organizations Improve Clinical and Financial Outcome
              
              ClosedLoop.ai Inc., Healthcare's Data Science Platform, concluded a successful series A funding round of USD 11 million to enhance patient outcomes and reduce costs. With the ClosedLoop.ai platform, organizations are able to proactively address significant healthcare challenges, such as disease progression, readmissions, and hospital infections. This allows them to identify opportunities for improving health outcomes and reducing costs.
              
              Apixio and ClaimLogiq Merge To Form a Connected Care Platform
              
              Apixio, Inc., a provider of artificial intelligence that helps health plans and provider organizations deliver value-based care, completed its merger with ClaimLogiq, a healthcare technology provider that saves money for health plans by lowering claim errors before payment. The merger aims to minimize reimbursement errors, lower healthcare costs, and improve patient experience for health plans and provider networks.
              
              Google, Mayo Clinic Launch Generative Artificial Intelligence Collab
              
              Mayo Clinic and Google Cloud have partnered to facilitate healthcare transformation through the use of generative AI in the field of healthcare analytics. The Gen App Builder, an Enterprise Search in Generative AI application developed by Google, is fully compliant with HIPAA regulations and is readily available for utilization. Mayo Clinic is currently exploring the potential benefits of the Gen App Builder in enabling clinicians and other medical staff to access medical information from various sources.
            Strategy Analysis & Recommendation
            
            The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Healthcare Analytics Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
            
            Key Company Profiles
            
            The report delves into recent significant developments in the Healthcare Analytics Market, highlighting leading vendors and their innovative profiles. These include Alteryx, Inc., Apixio, Inc., Arcadia Solutions, LLC, Athenahealth, Inc., Cisco Systems, Inc., CitiusTech Inc., Clarify Health Solutions, Inc., ClosedLoop.ai Inc., Cloudticity, L.L.C, Cotiviti, Inc., Epic Systems Corporation, GE HealthCare Technologies Inc., Google LLC by Alphabet Inc., Health Catalyst, Inc., HealthVerity, Inc., HOKUTO Inc., Inovalon Holdings, Inc., International Business Machines Corporation, IQVIA Inc., McKesson Corporation, MedeAnalytics, Inc., Microsoft Corporation, Optum, Inc., Oracle Corporation, RIB Datapine GmbH, SAP SE, SAS Institute, Inc., Veradigm LLC, Verinovum, Virgin Pulse, and Wipro.
            
            Market Segmentation & Coverage
            
            This research report categorizes the Healthcare Analytics Market to forecast the revenues and analyze trends in each of the following sub-markets:
            • Technology
              • Descriptive Analytics
              • Predictive Analytics
              • Prescriptive Analytics
              • Component
                • Services
                • Software
                • Deployment
                  • On-Cloud
                  • On-Premise
                  • Application
                    • Clinical Analytics
                    • Financial Analytics
                    • Operational & Administrative Analytics
                    • Population Health Analytics
                    • End-User
                      • Academic Organization
                      • Biotechnology Industry
                      • Healthcare Payer
                      • Healthcare Provider
                      • Region
                        • Americas
                          • Argentina
                          • Brazil
                          • Canada
                          • Mexico
                          • United States
                            • California
                            • Florida
                            • Illinois
                            • New York
                            • Ohio
                            • Pennsylvania
                            • Texas
                            • Asia-Pacific
                              • Australia
                              • China
                              • India
                              • Indonesia
                              • Japan
                              • Malaysia
                              • Philippines
                              • Singapore
                              • South Korea
                              • Taiwan
                              • Thailand
                              • Vietnam
                              • Europe, Middle East & Africa
                                • Denmark
                                • Egypt
                                • Finland
                                • France
                                • Germany
                                • Israel
                                • Italy
                                • Netherlands
                                • Nigeria
                                • Norway
                                • Poland
                                • Qatar
                                • Russia
                                • Saudi Arabia
                                • South Africa
                                • Spain
                                • Sweden
                                • Switzerland
                                • Turkey
                                • United Arab Emirates
                                • United Kingdom
                                
                                
                                Please Note: PDF & Excel + Online Access - 1 Year