Global Healthcare Analytics Market Size study & Forecast, by Component (Software, Services, Hardware), By Type (Descriptive, Predictive, Prescriptive), By Delivery Mode (Web Hosted, Cloud-based, On-premises), By Application (Clinical, Financial, Operational & Administrative), By End-user (Life Science Companies, Healthcare Payers, Healthcare Providers), and Regional Analysis, 2022-2029
Global Healthcare Analytics Market is valued at approximately USD 29.1 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 21.5% over the forecast period 2022-2029. Healthcare analytics enables healthcare professionals to identify opportunities to enhance workflow, patient engagement, care delivery, and clinical results. Real-time and historical data are combined in healthcare data analytics to find patterns, provide actionable insights, progress medicine, and stimulate long-term growth. Additionally, healthcare analytics systems require enormous amounts of acquired data to give enterprises useful insights. Factors such as a rising focus on improving patient outcomes and curbing healthcare spending, increasing capital investments in healthcare analytics start-ups, coupled with the increasing trend of real-world evidence are the key driving factors for the global market growth.
Additionally, the surge in the adoption of electronic health records (EHR) is further stipulating the market demand in the global market. As per the Statista analysis, in 2020, the EHR market was estimated to be worth around USD 29.16 billion worldwide, which is anticipated to rise to USD 47.25 billion by 2027. Thus, growing initiatives for electronic health records adoption, as well as increasing technological advancements is excelling the market expansion across the world. Furthermore, increasing penetration of analytics in precision and personalized medicines, as well as growing preference towards cloud-based analytics are presenting various lucrative opportunities over the forecasting years. However, the rising data breach concerns and the high cost of analytics solutions in healthcare organizations are hindering market growth over the forecast period of 2022-2029.
The key regions considered for the Global Healthcare Analytics Market study include Asia Pacific, North America, Europe, Latin America, and the Rest of the World. The Asia Pacific dominated the market in terms of revenue, owing to the greater accessibility of analytics solutions & services, along with the rising adoption of personalized medicine & value-based medicine. Whereas, Asia Pacific is also expected to grow at the highest growth rate over the forecasting period. Factors such as the growing geriatric population, rising burden of chronic ailments, as well as the reliance of consumers and healthcare providers on IT are burgeoning the market growth in the forecasting years.
Major market players included in this report are:
McKesson Corporation
Optum, Inc.
IBM Corporation
Oracle Corporation
SAS Institute, Inc.
Verisk Analytics, Inc.
Medeanalytics, Inc.
Truven Health Analytics, Inc.
Allscripts Healthcare Solutions, Inc.
Cerner Corporation
Recent Developments in the Market:
In July 2022, Francisco Partners announced that the company acquired healthcare data and analytics assets that were part of IBM’s Watson Health business. The products and data sets that Francisco Partners has acquired encompass a wide range of categories, including MarketScan, Clinical Development, Social Program Management, Micromedex, and imaging software services.
In October 2022, Oracle corporation entered into an agreement with WellSpan Health, which aims on enhance its reduce costs, operational insights, improve the team member experience, and support its future expansion.
Global Healthcare Analytics Market Report Scope:
Historical Data 2019-2020-2021
Base Year for Estimation 2021
Forecast period 2022-2029
Report Coverage Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered Component, Type, Delivery Mode, Application, End-user, Region
Regional Scope North America; Europe; Asia Pacific; Latin America; Rest of the World
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
The detailed segments and sub-segment of the market are explained below:
By Component:
Software
Services
Hardware
By Type:
Descriptive
Predictive
Prescriptive
By Delivery Mode:
Web Hosted
Cloud-based
On-premises
By Application:
Clinical
Financial
Operational & Administrative
By End-user:
Life Science Companies
Healthcare Payers
Healthcare Providers
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
RoLA
Rest of the World
Companies Mentioned
McKesson Corporation
Optum, Inc.
IBM Corporation
Oracle Corporation
SAS Institute, Inc.
Verisk Analytics, Inc.
Medeanalytics, Inc.
Truven Health Analytics, Inc.
Allscripts Healthcare Solutions, Inc.
Cerner Corporation
Please note:The single user license is non-downloadable and non-printable. Global Site license allows these actions.
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