Healthcare Analytics Market by Type (Predictive Analysis, Prescriptive Analysis, and Descriptive Analysis), Deployment Model (On-Premises and On-Demand), and Application (Clinical Analytics, Financial Analytics, Operational and Administrative Analytics, and Others): Global Market Size Estimates and Forecast (2022-2030)
The market crossed US$ 29.16 billion mark in 2022 and is expected to hit US$ 151.31 billion by 2030, recording a CAGR of 22.7% during the forecast period.
Rising adoption of electronic health records (EHRs) will facilitate the market growth.
Increasing government initiatives and increasing use of big data in healthcare organizations are some of the major factors driving the market growth. Growing use of big data in healthcare organizations encourage the usage of electronic health records (EHRs) by healthcare organizations. In the US, various federal mandates, such as the American Recovery and Reinvestment Act of 2009 (ARRA) encourage healthcare organizations to adopt EHRs, comply with pay-for-performance initiatives, and enhance information exchange between various health systems. These initiatives help providers to gather patient data electronically, support data integration, and management of chronic diseases. Moreover, the descriptive analysis segment is expected to grow due to its increased usage during the pandemic to study historical data and patient histories to understand the spread of virus and growing number of organizations that will increase market growth potential. It is also utilized by hospitals to monitor performance of insurance claims by detecting irregularities and errors in the claims.
Within the report, the market is segmented into type, deployment model, application, and geography. By type, the market is further segmented into predictive analysis, prescriptive analysis, and descriptive analysis. On the basis of deployment model, the market is bifurcated into on-premises and on- demand. By application, the market is categorized into clinical analytics, financial analytics, operational and administrative analytics, and others. Geographically, the market is sub segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.
Healthcare analytics relates to the usage of immense amounts of collected data to provide institutions with actionable insights. This enables experts to identify opportunities in order to improve care delivery, clinical outcomes, operations, and patient engagement. The healthcare industry overall has been facing issues like lack of better patient care, high costs of treatment, less patient retention, and engagement, thus healthcare analytics are being incorporated to provide better care and for better operations of the industry. In addition, during the COVID-19 pandemic, the industry witnessed significant growth due to the need for digital solutions and better analytics tools to manage the patient load on the overall healthcare industry. The large amount of clinical data generated required proper management. In such case, with the help of analytics tools and platforms, the researchers and professionals could derive better outcomes, predict trends, and study the dynamics of disease transmission in a better way.
Rising adoption of technology in the industry is accelerating the market growth.
The increasing technological advancements and massive investments by the healthcare industry into the IT development and digitization are the key factors for the growth of the healthcare analytics industry. The analytical platforms deployed by worldwide healthcare institutions, help in patient management and retention, due to which better care can be delivered. It increases the productivity of the staff, improve overall patient management, and minimizes the burden on caregivers. Based on deployment mode, the on-premises segment is expected to witness a lucrative growth owing to better accessibility from remote regions, lower operation, and maintenance costs. Majority of institutions install these software and tools to store data at their own premises due to ease of access and security.
Recent strategic developments in healthcare analytics market
The healthcare analytics market has undergone several significant developments, and a few of these have been mentioned below:
- In September 2020, Inovalon launched the Inovalon DataStream API, that allows any authorized cloud-based, traditional enterprise, or mobile app software system to benefit from the power of comprehensive patient-specific data and analytical derivations on-demand and in real-time.
- In March 2021, McKesson Corporation launched ScriptPAS, a pharmacy management solution for oncology practices and enhanced the company’s patient care portfolio. ScriptPAS is a fee-for-service offering designed to help Medically Integrated Dispensing (MID)-equipped practices provide faster access to care by reducing hurdles that delay treatment.
- In June 2021, Flatiron (US) partnered with Foundation Medicine, Inc. to integrate its solutions with OncoEMR to offer integrated genomic profiling to customers.
The healthcare analytics market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. Oracle; Health Catalyst; Allscripts Healthcare Solutions, Inc.; IBM; Optum, Inc.; SAS Institute Inc.; and Flatiron are among the prominent players operating in the market.
Target audience for the report:
- Life Science and pharmaceutical companies
- Healthcare Providers and payers
- Public health officials
- Government bodies, such as regulating authorities and policy makers
- Private equity firms and start-up companies
- Research institutes, organizations, and consulting companies
Scope of the report:
In this report, the market has been segmented on the basis of:
- Type:
- Predictive Analysis
- Prescriptive Analysis
- Descriptive Analysis
- Deployment Model:
- On-Premises
- On- Demand
- Application:
- Clinical Analytics
- Financial Analytics
- Operational and Administrative Analytics
- Others
- Region:
- North America
- Europe
- Asia Pacific (APAC)
- South & Central America
- Middle East & Africa
- Companies profiled:
- Oracle
- Health Catalyst
- Allscripts Healthcare Solutions, Inc
- IBM
- McKesson Corporation
- Optum, Inc.
- SAS Institute Inc.
- Flatiron
- Inovalon
- Medeanalytics, Inc.
Companies profiled:
- Oracle
- Health Catalyst
- Allscripts Healthcare Solutions, Inc
- IBM
- McKesson Corporation
- Optum, Inc.
- SAS Institute Inc.
- Flatiron
- Inovalon
- Medeanalytics, Inc.