Healthcare Analytics Market Statistics- 2030
The global healthcare analytics market size was valued at $23.51 billion in 2020, and is projected to reach $96.90 billion by 2030, growing at a CAGR of 15.3% from 2021 to 2030. Healthcare analytics allows healthcare professionals to find opportunities to improve operations, patient engagement, care delivery, and clinical outcomes. Healthcare data analytics combines real-time and historical data to predict trends, reveal actionable insights, achieve medical advances, and drive long-term growth. In addition to this, healthcare analytics solutions uses vast amounts of collected data to provide organizations with actionable insights.
Rise in adoption of big data in healthcare organizations and surge in government initiatives to increase the adoption of electronic health records (EHRs) among healthcare organizations boost the growth of the healthcare analytics market. In addition, pressure among the healthcare organizations to curb the unnecessary expenses positively impacts the growth of the market. However, factors such as high implementation cost and lack of skilled labors is expected to hamper the healthcare analytics market growth. On the contrary, use of cloud-based analytics across various healthcare providers and rise in adoption of augmented analytics among the healthcare industry is expected to offer remunerative opportunities for the expansion of the market during the forecast period.
By deployment model, the on-premise segment garnered the largest healthcare analytics share and is expected to maintain its dominance in the upcoming years as on-premise software is considered widely useful in large enterprises as software can be implemented on IT infrastructure of a company itself and it provides more security as compared to on-demand. However, the on-demand segment is expected to witness highest growth, owing to a paradigm shift in deployment methods from on-premise to on-demand models. In addition, leading market vendors of healthcare analytics have introduced strategies to help enterprises move their on-premise healthcare analytics to on-demand models, which further fuels the growth of the segment.
Region wise, the healthcare analytics was dominated by North America in 2020, and is expected to retain its position during the forecast period. This is attributed to growing federal healthcare mandates to curb the rising healthcare cost and rising government initiatives focusing on personalized medicine. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to growing e-health initiatives in developing nations of Asia-Pacific and growing need of analytics solution among healthcare organizations for managing large amount of patient’s data set.
The report focuses on growth prospects, restraints, and trends of the global healthcare analytics market analysis. The study provides Porter’s five forces analysis to understand impact of various factors, such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers, on the global healthcare analytics market share.
The global healthcare analytics market is segmented on the basis of application, component, deployment model, end user, type and region. Depending on application, it is fragmented into financial analysis, operational & administrative analysis and clinical analysis. By component, the market is categorized into hardware software and services. By deployment model, it is bifurcated as on-premise and on-demand. As per end user, the market is categorized into, healthcare payers, healthcare providers and others. On the basis of type, it is classified into descriptive analytics, predictive analytics, and prescriptive analytics. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Financial Analysis segment is projected as one of the most lucrative segments.
The key players profiled in the healthcare analytics market analysis are Allscript Healthcare Solution, Cerner Corporation, Health Catalyst, HMS(Vitreoshealth), IBM Corporation, McKesson Corporation, MedeAnalytics, Inc., Oracle Corporation, Optum, Inc., and SAS, Institute. These players have adopted various strategies to increase their market penetration and strengthen their position in the healthcare analytics industry.
Impact of COVID-19 on Healthcare Analytics Market
The COVID-19 pandemic has impacted all the industries globally. The healthcare analytics market is projected to prosper in the COVID-19 situation owing to growing adoption of healthcare analytics solution among the healthcare organization for managing large quantity of COVID-19 data. In addition to this, the main problem in COVID-19 pandemic was predicting the need of hospital staff; thus analytics solution helps organizations to manage the staff requirement accordingly and also helps in tracking the health of staff. Furthermore, various developing nations across the globe are adopting healthcare analytics solutions for fighting against the pandemic situation, which is driving the growth of the market.
By Deployment Model
On-premise is projected as one of the most lucrative segments.
Top impacting factors
Rise in adoption of big data in healthcare organizations
Rise in adoption of big data in healthcare organizations for tackling various risks related to various different chronic diseases drives the growth of the market. In addition to this, growing adoption of telemedicine solutions among various enterprises for reducing the operational cost and to improve the quality of the services also propels the growth of the market. Furthermore, big data also helps to store patient critical information that can be used to improve the clinical outcomes of the organizations. It leverages the labor cost and increases the productivity of the organizations, which is also driving the growth of the market. Growing investment on workforce management tools, electronic health record, and practice solution by various healthcare solutions drives the growth of the market.
Growing government initiatives to increase the adoption of electronic health records (EHRs) among healthcare organizations
Growing adoption of EHRs across various organizations for improving the accuracy of documentation and to track and implement preventive measures in the healthcare organizations drives the growth of the market. In addition to this, governments of various developing nations are mandating EHRs for healthcare organizations to improve the quality of the treatment for the patients, which propels the growth of the market. For instance, according to a survey conducted in the year 2019 by AHA’s Information Technology, in India approximately 68% of the healthcare organizations have used EHRs for identifying high risk patients and to provide proper treatment for the patients. In addition to this, EHRs also help patient to track their healthcare spending and gets a deep knowledge about the diseases, which is also increasing the demand for EHRs among the patient. For instance according to the recent Federal Rules updated in the year 2020 in the U.S., patients can access the data through EHRs and can also keep track of the data through their mobile phone. Thus, growing number of such developments across the globe is driving the growth of the market.
Asia-Pacific would exhibit the highest CAGR of 19.4% during 2021-2030.
Key Benefits For Stakeholders
- The study provides an in-depth analysis of the global healthcare analytics market forecast along with the current trends and future estimations to explain the imminent investment pockets.
- Information about key drivers, restraints, & opportunities and their impact analysis on the global market is provided in the report.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
- The quantitative analysis of the healthcare analytics market trends from 2021 to 2030 is provided to determine the market potential.
Healthcare Analytics Market Report Highlights
By DEPLOYMENT MODEL
By END USER
Key Market Players
Cerner Corporation, SAS INSTITUTE INC., INTERNATIONAL BUSINESS MACHINES CORPORATION, ORACLE CORPORATION, MEDEANALYTICS, INC., OPTUM, INC., ALLSCRIPTS HEALTHCARE, LLC, HEALTH CATALYST, HMS(VITREOSHEALTH)
Adoption of healthcare analytics solutions has increased among the healthcare organizations over the years to identify the individuals who are at greater risk and to provide proper treatment for the individuals. In addition to this, various governments across the globe are rapidly using healthcare analytics for fighting the COVID-19 pandemic and to provide better treatment facilities for their people. Furthermore, the healthcare analytics solution helps hospitals to provide individuals with remote consultations as well as to monitor health status of the individual which is driving the growth of the market.
Key providers of healthcare analytics market such as Allscript Healthcare Solution, Cerner Corporation, Health Catalyst, IBM Corporation, McKesson Corporation, MedeAnalytics, Inc. and Oracle Corporation, account for a significant share in the market. For instance, in December 2020, Cerner acquired Kantar Health, which is a sub part of Kantar Group, is mainly engaged in handling real-time data, analytics and other thing. With this acquisition, Cerner plans to harness data to improve the safety, efficiency and efficacy of clinical research across life sciences, pharmaceuticals and healthcare. This acquisition strategy is expected to enhance its service offering and increase its market revenue. According to the industry experts, the healthcare analytics market is expected to witness increased adoption in the coming years, owing to digital transformation in industries and rapid adoption of IoT among various sectors. North America is expected to dominate the market during the forecast period, while emerging countries in Asia-Pacific and Latin America are projected to offer significant growth opportunities.