The global healthcare analytics market is experiencing rapid growth due to the increasing adoption of advanced analytics solutions in the healthcare industry. Healthcare analytics provides valuable insights and data-driven decision-making, enabling healthcare providers to enhance the quality and efficiency of patient care, improve operational efficiency, optimize resource allocation, and drive better clinical outcomes. With the growing focus on population health management and the need for evidence-based healthcare, the demand for healthcare analytics solutions is expected to continue to rise.
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Data Bridge Market Research analyses that the Global Healthcare Analytics Market is expected to grow to USD 18.32 billion in 2021 and is expected to reach USD 145.20 billion by 2029, registering a CAGR of 24.58% during the forecast period of 2022-2029. The widespread adoption of electronic health records (EHRs) in healthcare facilities generated vast amounts of digital data. Healthcare analytics solutions allowed organizations to leverage this data to gain insights, improve patient outcomes, and optimize operational efficiency.
Key Findings of the Study
Increasing focus on population health management is expected to drive the market's growth rate
Population health management involves analyzing and monitoring the health data of a specific population to identify trends, risk factors, and opportunities for intervention. Healthcare analytics plays a vital role in this process by collecting, organizing, and analyzing large volumes of population health data. Leveraging healthcare analytics, healthcare providers can identify high-risk individuals, implement preventive measures, manage chronic conditions effectively, and allocate resources efficiently to improve the overall health outcomes of the population they serve.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014 - 2019)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Type (Prescriptive Analytics, Predictive Analytics, Descriptive Analytics), Component (Services, Software, Hardware), Delivery Model (On-Demand, On-Premise), Application (Clinical Analytics, Population Health Analytics, Operational and Administrative Analytics, Financial Analytics), End User (Healthcare Payers, Healthcare Providers and ACOS, HIES, MCOS, AND TPAS)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
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Market Players Covered
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IBM (U.S.), Wipro Limited (India), Allscripts Healthcare, LLC (U.S.), Cerner Corporation (U.S.), Health Catalyst (U.S.), Inovalon (U.S.), McKesson Corporation (U.S.), MEDEANALYTICS, INC. (U.S.), Optum, Inc. (U.S.), Oracle (U.S.), SAS Institute Inc. (U.S.), ExlService Holdings, Inc. (U.S.), CitiusTech Inc. (U.S.), IQVIA (U.S.), and GENERAL ELECTRIC (U.S.), among others.
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
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Segment Analysis:
The healthcare analytics market is segmented on the basis of type, component, delivery model, application and end user.
- On the basis of type, the market is segmented into prescriptive analytics, predictive analytics and descriptive analytics. Prescriptive analytics dominate the type segment of the healthcare analytics market with a CAGR of 16.1% in the forecast period of 2022-2029 due to its ability to not only predict future outcomes but also prescribe the best actions to take, empowering businesses with data-driven insights for optimized decision-making and gaining a competitive edge.
In 2022, Prescriptive analytics dominate the type segment of the healthcare analytics market
In 2022, Prescriptive analytics dominate the type segment of the healthcare analytics market owing to predicting future outcomes to recommending the best course of action. It empowers businesses with data-driven insights, optimizing decision-making and driving competitive advantage with a CAGR of 16.1% in the forecast period of 2022-2029.
- On the basis of component, the market is segmented into services, software, and hardware. Software dominates the component segment of the healthcare analytics market with a CAGR of 16.3% in the forecast period of 2022-2029 due to enabling computer systems to perform specific functions, facilitating tasks in various industries, and driving technological advancements that streamline processes and enhance efficiency.
- On the basis of delivery model, the market is segregated into on-demand and on premise. On-demand dominate the delivery model segment of the healthcare analytics market with a CAGR of 15.9% in the forecast period of 2022-2029 due to providing instant access to goods and services, and meeting consumer expectations for convenience, speed, and flexibility in various industries.
- On the basis of application, the market is segmented into clinical analytics, population health analytics, operational and administrative analytics, and financial analytics. Population health analytics dominate the application segment of the healthcare analytics market with a CAGR of 16.4% in the forecast period of 2022-2029 due to identifying patterns, trends, and risks, guiding decisions to improve population health outcomes.
In 2022, Population health analytics dominate the application segment of the healthcare analytics market
In 2022, Population health analytics dominate the application segment of the healthcare analytics market owing to analyzing large-scale health data to identify patterns, trends, and risks within populations. It helps healthcare providers and policymakers make informed decisions for improving population health outcomes with a CAGR of 16.4% in the forecast period of 2022-2029
- On the basis of end user, the market is segmented into healthcare payers, healthcare providers, and ACOS, HIES, MCOS, and TPAS. Healthcare payers dominate the end user segment of the healthcare analytics market with a CAGR of 15.8% in the forecast period of 2022-2029 due to managing insurance plans, processing claims, and negotiating with providers. They play a pivotal role in reimbursing healthcare expenses and influencing care delivery for insured individuals.
Major Players
Data Bridge Market Research recognizes the following companies as the major healthcare analytics market players in healthcare analytics market are IBM (U.S.), Wipro Limited (India), Allscripts Healthcare, LLC (U.S.), Cerner Corporation (U.S.), Health Catalyst (U.S.), Inovalon (U.S.), McKesson Corporation (U.S.), MEDEANALYTICS, INC. (U.S.)
Market Development
- In 2021, Intrigo Systems, a New York City-based provider of healthcare technology, has been acquired by Accenture, according to announcement.
- In 2021, Microsoft Acquires Nuance Communications: Microsoft announced that it had purchased Nuance Communications, a top supplier of healthcare solutions powered by AI.
- In 2021, Explorys is a healthtech company that offers data-driven population health solutions. Cerner Corporation announced that it had acquired Explorys.
- In 2021, IBM Acquires Truven Health Analytic, IBM revealed that it had purchased Chicago-based healthcare analytics firm Truven Health Analytics.
- In 2021, Mede Analytics is a healthtech company that offers cloud-based analytics solutions to healthcare organizations. Oracle announced that it had acquired MedeAnalytics.
Regional Analysis
Geographically, the countries covered in the healthcare analytics market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
As per Data Bridge Market Research analysis:
North America is the dominant region in the healthcare analytics market during the forecast period 2022 - 2029
North America leads the healthcare analytics market due to several factors. The region has a large geriatric population that requires extensive healthcare services and management. Additionally, the prevalence of chronic diseases, such as diabetes and cardiovascular disorders, is increasing in North America. Healthcare analytics plays a crucial role in managing and monitoring these chronic conditions, driving the demand for advanced analytics solutions. Furthermore, the region has a well-established healthcare infrastructure and a high adoption rate of digital healthcare technologies, further contributing to its dominance in the healthcare analytics market.
Asia-Pacific is estimated to be the fastest-growing region in the healthcare analytics market for the forecast period 2022 - 2029
Asia-Pacific (APAC) is poised for substantial growth in the healthcare analytics market. The region is witnessing a surge in the adoption of advanced analytics solutions across healthcare organizations. Factors driving this growth include the increasing focus on improving healthcare outcomes, rising healthcare expenditure, growing digitalization in healthcare systems, and the need to address the challenges posed by a large and diverse population. As APAC countries embrace data-driven decision-making and seek to enhance healthcare delivery, the demand for healthcare analytics solutions is expected to rise significantly in the region.
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