Healthcare Analytics Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Healthcare Analytics Market

The healthcare analytics market size was valued at USD 22.38 billion in 2023, and the market is now projected tgrow tUSD 145.81 billion by 2032, exhibiting a CAGR of 24.1% during the forecast period of 2024-2032.

The use of healthcare analytics was further promoted during the COVID-19 pandemic as organizations aimed at obtaining efficient strategies taddress the problem. Big data technologies served a significant purpose for monitoring COVID19 transmission, estimating a patient’s arrival, and managing number of resources like ICU capacity and ventilators. In the distribution of vaccines and even their effectiveness, real-time data analysis was crucial. The COVID-19 pandemic exposed some weaknesses, such as data dominance and integration problems and spurred organisations tdevelop more sophisticated analytic capabilities for enhancing health interventions. This boosted the healthcare analytics market growth.

Some of the opportunities influencing the demand of healthcare analytics tools among the healthcare facilities are as follows; The increasing number of healthcare facilities across the globe, the enormous increase in the patient data collected, managed and analysed, and interpreted. Rising innovation by players tdevelop and launch latest functions is gradually making these solutions popular among healthcare suppliers and buyers. The demand and use of different healthcare analytic tools in Hospitals, Clinics, and other associated healthcare centres were enhanced with the growing pandemic among health-care facilities. These factors drive the healthcare analytics market shares.

AI in healthcare has been a revolution due tthe enhanced and optimized manner by which AI has designed the general flow of all health facilities and patients. AI’s probable integration inthospitals and clinics is sort of revolutionary for the healthcare sector when it comes thealthcare services. Applying more artificial intelligence and machine learning tidentifying the early signs of chronic diseases among the people in the population will ga long way tenhance the efficiency of the treatment processes in relation tthe general population.

Comprehensive Analysis of Healthcare analyticss Market

The healthcare analyticss market is responding quite an unprecedented rate of growth because of its market segmentation. This indicators growth in different regions by substituting the major forces of supply and demand which define the shape of local pharmacy benefit management market. Therefore, they are logically divided int2 Segments, By Product Analysis, By Application Analysis and By End-User Analysis. By product, the market has been divided intdescriptive analysis, predictive analysis, and prescriptive analysis submarkets. In 2023, the market was led majorly by the descriptive analysis segment. The continuously increasing number of hospitals and clinics along with the rising healthcare cost in China, India and other countries is increasing the healthcare infrastructural importance among entire health care organizations. Depending on the application, the market can be divided intfinancial analytics, clinical analytics, operation and administrative analytics, population health analytics. Market share analysis of the global healthcare analytics in 2023 revealed that the leading segment was that of financial analytics. Some of the major drivers positively affecting growth in demand for financial analytical tools are; The level of insurance policies people are taking tcounter risks is higher than before due tincreased awareness of the insurance policies and the benefits therein as well as improved disposable income in the developed and other emerging nations. For these tools are used in purposes of minimizing this and facilitating this. Based on the end-user, the market has been classified intpayers, providers, and others. In the same year, payers’ segment had the largest share in the market. The segment has seen a rise in adoption of these analytic tools and software thelp healthcare payers work on the financial liabilities of these institutions and check on fraud.

The market size in North America was valued at USD 10.65 billion in 2023. The increased use of different analytic tools and software by the healthcare providers as well as the payers in America and Canada has greatly boosted the demand of the market in the area.

Merative (U.S.), Health Catalyst, Inc. (U.S.), Veradigm LLC (U.S.), Oracle (U.S.), Epic Systems Corporation (U.S.), UnitedHealth Group (U.S.), Flatiron Health (U.S.), and McKesson Corporation (U.S.) are significant players in the Healthcare IT market. They are the key player that ensures the industry's success while still having tkeep pace with their innovation in product and services. They offer a competitive zone that incites the growth of technologies and quality assurance. They operate on a global scale and have a wide range of product lines ensuring that the market players compete on a fair playing field bringing in innovations that result in the market's evolution.

In May 2024, Healthcare digital engagement solution up, mPulse released integrated predictive analytics and engagement solution tits main product line with a view tboost its sales in the market.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Growth Rate CAGR of 24.1% from 2024-2032

Unit Value (USD Billion)

Segmentation By Product

• Descriptive Analysis
• Predictive Analysis
• Prescriptive Analysis

By Application

• Financial Analytics
• Clinical Analytics
• Operations and Administrative Analytics
• Population Health Analytics

By End-User

• Payers
• Providers
• Others

By Region

• North America (By Product, Application, By End-User, Country)
• U.S.
• Canada
• Europe (By Product, Application, By End-User, Country/Sub-region)
• U.K.
• Germany
• France
• Italy
• Spain
• Scandinavia
• Rest of Europe
• Asia Pacific (By Product, Application, By End-User, Country/Sub-region)
• China
• India
• Japan
• Australia
• Southeast Asia
• Rest of Asia Pacific
• Latin America (By Product, Application, By End-User, Country/Sub-region)
• Brazil
• Mexico
• Rest of Latin America
• Middle East & Africa (By Product, Application, By End-User, Country/Sub-region)
• GCC
• South Africa
• Rest of the Middle East & Africa

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