Healthcare Operational Analytics Market - Growth, Trends, and Forecasts (2023 - 2028)

Healthcare Operational Analytics Market - Growth, Trends, and Forecasts (2023 - 2028)

The healthcare operational analytics market is expected to register a CAGR of 8.8% during the forecast period.

The COVID-19 pandemic was considered a major disruptive event of the decade, as it raised unforeseen socio-economic implications worldwide. The pandemic had a significant impact on the market studied. When the number of COVID-19 cases rose, healthcare operational analytics proved valuable in the management of patient data and bed allocation for COVID-19 patients in an ICU. For instance, in September 2021, an article published at the International Conference of Big Data Analytics and Knowledge Discovery reported that the rise in the acceptance of electronic health records in developed and developing nations during the pandemic fueled the expansion of the market studied. Thus, the COVID-19 pandemic had a significant impact on the healthcare operational analytics market. However, the advantages associated with the healthcare operational analytics market, such as providing greater detail in the electronic health records (EHRs) of individual patients, making the provision of healthcare more efficient with reduced costs, and promoting preventive measures by giving patients greater insight into their health and treatment goals, are expected to drive the growth of the market studied during the forecast period.

Factors such as the increasing demand for value-based care (VBC), the rising need to analyze collected healthcare data, and rising awareness regarding healthcare standards and improving technologies are driving the market's growth. For instance, in July 2022, an article published in the journal IJERPH reported that VBC is being discussed to provide better outcomes to patients and to reimburse healthcare providers (HCPs) based on the quality of care they deliver. VBC is more applicable in surgery than in internal medicine, and well-defined cycles of care are essential for its application. Thus, the use of value-based care is expected to drive the growth of the market studied.

The rising need to analyze collected healthcare data is driving the healthcare operational analytics market's growth. There are millions of patients, and the data needs to be stored carefully for utilization in the future for general and public concern to cope with the situation. The healthcare industry tries to merge its system with cloud computing, big data, IoT, artificial intelligence, machine learning, multimedia, blockchain, cyber-physical system, and other technologies. For instance, in July 2021, an article published in the Materials Today Proceedings journal reported that the healthcare unit is a multidimensional system that aims to prevent, diagnose and treat diseases to develop a society with fewer complications in physical and mental health. The relationship between data management in the healthcare industry and the cloud computing system is expected to contribute to the market's growth.

Thus, due to the increasing demand for value-based care, the rising need to analyze the collected healthcare data, and rising awareness regarding healthcare standards and improving technologies, the market studied is expected to witness significant growth. However, concerns regarding data privacy and security and the lack of trained professionals in healthcare may hinder the market's growth.

Healthcare Operational Analytics Market TrendsSoftware Component is Expected to Witness Significant Growth Over a Forecast Period.

Healthcare operational analytics software processes and analyzes the massive amounts of data that a healthcare organization regularly collects into actionable insight that impacts operational benefits, which is an important factor for positive patient outcomes. These operational software help organizations increase efficiency, measure progress, and improve performance. This software is easy to implement, use, and fully integrated with EHRs, financial, and operational data to work and point the organization in the right direction.

The implementation of artificial intelligence (AI) comprises highly capable software that can do jobs that need human intelligence, like thinking, learning, and decision-making. These features can be used to build prediction models to diagnose diseases in the early stages. Thus, incorporating such technologies is also driving the segment's growth. For instance, in June 2022, Eclinicalworks healthcare IT solutions promulgated that Midwest Orthopaedic Center selected eClinicalWorks for improved patient engagement plus its Cloud EHR and Revenue Cycle Management (RCM) solutions, powered by Robotic Process Automation for improved efficacy and productivity. Thus, such technological advancement in software and tools is driving the growth of this segment.

The various software provided by market players is adding significant value to the market. For instance, in November 2021, Myhealthcare partnered with global technology providers, including Amazon, Microsoft, and others, to integrate digital clinical solutions across expensive healthcare data to create a patient longitudinal map. This system maintains a database of patients and assists doctors working in cardiology, pediatrics, and other fields to ensure better medical outcomes and improve medical care across its healthcare networks.

The ease of using and growing benefits of operational analytics software in healthcare resulted in an increased demand for healthcare software, which is driving the growth of the segment.

North America is Expected to Witness a Significant Growth Over the Forecast Period.

North America has a developed and well-structured healthcare system that also encourages research and development. The presence of key market players in the region and recent developments, acquisitions, mergers, and partnerships are also driving the market in the region. For instance, in November 2021, Athenahealth Inc. entered into a definitive agreement to be jointly acquired by affiliates of Bain Capital and Hellman & Friedman. Athenahealth’s solutions and services enable its customers to increase clinical efficiency, optimize financial performance, improve patient care outcomes, and accelerate their shift toward value-based care. Bain Capital and Hellman & Friedman target their businesses in select sectors, including software and technology, financial services, healthcare, consumer other business services.

The favorable healthcare policies in the region drive the healthcare analytics market. For instance, in May 2022, an article published in the Annual Reviews of Economics journal reported that the Affordable Care Act (ACA) is one of the most important reforms of United States health insurance system since the introduction of Medicare. This law is designed to reform the health insurance industry and help reduce the cost of health insurance coverage for individuals who qualify. Such healthcare policies have an important role in healthcare operational analytics for maintaining and storing data, thereby driving the market's growth in the region.

The pandemic accelerated the use of digital tools that use big data and machine learning in every health sector, helping make many operations more efficient and spur innovation. The result could be better health outcomes at a lower cost. For instance, in January 2022, CureMD Healthcare, manufacturing SMART Cloud Health IT solutions, launched its rapid testing platform for COVID-19 testing. CureMD has been assisting governments, public and private healthcare facilities, businesses, educational institutions, and nonprofit organizations in mobilizing and managing rapid testing at scale through the new Rapid Testing Platform. The solution is designed to introduce efficient, intuitive, and automated workflows to manage COVID-19 testing at an unprecedented scale, thereby driving the market's growth in the region.

Thus, owing to the launch of technologically advanced data analytics solutions coupled with the strategic initiatives by the market players, the market studied is expected to witness significant growth in the region during the forecast period.

Healthcare Operational Analytics Market Competitive Analysis

The healthcare operational analytics market is fragmented due to the presence of many companies operating globally and regionally. The competitive landscape includes an analysis of a few international and local companies with significant market shares. These players are International Business Machines Corporation, Allscripts Healthcare Solutions Inc., Oracle Corporation (Cerner Corporation), McKesson Corporation, Vizient Inc., Medeanalytics Inc., Optum Inc., Verisk Analytics Inc., Cotiviti Inc., Health Catalyst Inc., CVS Health Corporation, and Inovalon Inc.

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