Healthcare Descriptive Analysis Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Healthcare Descriptive Analysis Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Healthcare Descriptive Analysis market is likely to grow at a CAGR of 27%, over the forecast period (2022-2027).

The international battle against the coronavirus has benefited greatly from the use of advanced healthcare data analytics. The healthcare industry has been able to track the pandemic's spread, monitor population health, predict disease severity and resulting demand, and offer the general public optimized medical solutions by utilizing data during the pandemic. According to the study titled "Descriptive Analysis of COVID-19 among Health Care Workers in a Tertiary Center in Iran" published in the Journal of Respiratory Diseases, Thoracic Surgery, Intensive Care and Tuberculosis in March 2021, calls and questionnaires were used to collect epidemiologic and disease-related data for the study, which was then descriptively analyzed. The descriptive analysis was carried out after all the data had been entered into the SPSS program (version 26.0). Thus, research activity increased during the pandemic, which had a big impact on the market expansion.

Increasing need to reduce healthcare expenditure, including cost associated with medical product flaws and hospital workflow inefficiencies, is anticipated to increase the usage of big data in the healthcare sector. According to the study title “China’s data-driven dream to overhaul health care,’ published in Nature in October 2021, the central government invested more than CNY 10 billion (USD 1.5 billion), reaching USD 19.6 billion over the period 2016–2020 to use of information technology to improve healthcare data analysis. The digitalization of healthcare data is also one of the primary drivers of healthcare analytics. According to the British Medical Journal, the German healthcare system's largest digitalization project, the electronic patient health record (elektronische Patientenakte – ePA) began on January 1, 2021. The ePA's goal is to provide extensive digital connectivity inside the German healthcare system, including between patients and clinicians, as well as between providers in both hospital and primary care settings.These systems collect a lot of data, which can be analyzed using various types of healthcare analytics to develop personalized medicine.

Advanced methods such as predictive analytics are widely used in various organizations such as healthcare financing systems primarily to avoid frauds in payments. For instance, in June 2021, Artivatic launched the Alfred- AI Health Claims platform. This platform automates the entire health claims process, and it has an almost 30% or higher capacity for detecting abuse and fraud. Additionally, it enables users to self-learn and create a system for judgement, risk assessment, and fraud detection. The rise in healthcare costs is to blame for this expansion in software availability because it forces businesses to develop a good or service to satisfy consumer demand.

Thus, all above mentioned factors expected to boost the market growth. However, data privacy and security concern and high cost of initial investment expected to restraint the market growth over the forecas

Key Market TrendsCloud-based Segment Expected to Dominate the Market in the Forecast Years

Cloud computing has been defined as the practice of using remote servers in place of local servers or networks to store, manage, and process data. Therefore, the use of the cloud moves the data center infrastructure outside of the organization.

According to a survey by the Ministry of Internal Affairs and Communications (Japan) in 2020, close to 53% of business enterprises in Japan, have cloud computing services for file storage and data sharing, and around 33% said that they had already implemented cloud computing in all their departments. More than 50% of the surveyed companies used cloud-based email services during the measured period. The rise in adoption is therefore expected to drive market growth.

A number of major players are putting plans into action and releasing new healthcare descriptive analysis products on the market. For instance, in July 2021, Amazon Web Services, Inc. (AWS) reported the availability of Amazon HealthLake, a cloud-based health IT solution that leverages machine learning to extract, organize, and store structured patient health data. Additionally, in March 2022, Microsoft Cloud for Healthcare program, Microsoft announced the general availability of Azure Health Data Services, a platform for managing and analyzing various forms of patient data.

Thus, all aforementioned factors expected to boost the segment growth over the forecast period.

North America is expected to dominate the Healthcare Descriptive Analysis Market

North America is expected to dominate the market followed by Europe. Factors, such as growing federal healthcare mandates to curb rising healthcare costs and provide quality care; increasing regulatory requirements; growing EHR adoption; and rising government initiatives focusing on personalized medicine, population health management, and value-based reimbursements are expected to drive market growth in North America. Also, the increasing funding from the United States government for supporting healthcare is an attributing factor to the growth of the market in the United States. For instance, the Congressional Budget Office,2021, published that in the past few decades, federal funding for the National Institute of Health (NIH) has totaled over USD 700 billion. Thus, increasing healthcare spending in the United States is expected that the research and development activity is increasing thereby boosting the healthcare descriptive analysis market.

Several companies are collaborating in order to support Big Data and improve healthcare analytics. For instance, in May 2020, Blue Health Intelligence (BHI) and Datavant partnered to enable Big Data and analytics, which will improve the healthcare sector. Similarly, in February 2020, Ottawa hospital in Canada partnered with Israeli data analytics provider (MDClone), which will democratize the data across the organization and will provide greater visibility.

Thus, all aforementioned factors expected to boost the market growth in the North America region over the forecast period.

Competitive Landscape

The Healthcare Descriptive Analysis market is moderately competitive and many of the global players are into the market. For instance - IBM, Inovalon, Cerner Corporation, Oracle Corporation, McKesson Corporation, MedeAnalytics, Inc., Optum, Inc., Allscripts Healthcare Solutions, Inc., etc. are providing healthcare descriptive analysis products across the globe.

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