Healthcare Analytics Market Overview:
The global Healthcare Analytics market is expected to reach USD 158.23 billion by 2029, up from USD 27.80 billion in 2022, at a remarkable CAGR of 28.20%. Healthcare analytics involves the systematic use of data and related business insights developed through statistical, quantitative, explanatory, and predictive models to drive fact-based decision making for planning, management, measurement, and learning in healthcare. The growing adoption of electronic health records (EHRs), the need to curtail healthcare costs, and the rising focus on personalized and predictive medicine are driving the market’s growth.
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Healthcare Analytics Market Scope:
This comprehensive report delves into the current and future prospects of the healthcare analytics market. It consolidates primary and secondary research to provide insights into market size, share, dynamics, and forecasts for various segments and sub-segments, considering macro and micro environmental factors. The analysis covers past and future trends, demographics, technological advancements, and regulatory requirements affecting the market. The report includes an assessment of the impact of COVID-19 lockdowns on market leaders, followers, and disruptors, highlighting the varying impacts across different regions and segments.
Healthcare Analytics Market Drivers:
Several factors are driving the growth of the healthcare analytics market:
- Cost Efficiency: The increasing need for cost-effective healthcare solutions is propelling the adoption of analytics to optimize resource utilization and reduce waste.
- Demand for Precision Medicine: Growing interest in precision medicine, which tailors treatments to individual patient characteristics, relies heavily on data analytics to provide insights.
- Clinical Research: Rising clinical research activities necessitate robust data analytics to manage and interpret complex data sets.
- Data Security: Safeguarding healthcare data through advanced analytics ensures compliance with regulations and protects patient information.
- Adoption of Advanced Technologies: The increasing use of advanced diagnostic technologies such as CT scans, MRI scans, and PACS (Picture Archiving and Communication System) enhances the need for analytics to handle large volumes of data.
Healthcare Analytics Market Segmentation:
by Type
Key segment trends
Prescriptive
Descriptive
Predictive
by Component
Key segment trends
Software
Hardware
Services
by Delivery Mode
Key segment trends
On-premise
Web-based
Cloud-based
by Applications
Key segment trends
Clinical
Financial
Operational and Administrative
by End-Use
Key segment trends
Healthcare Payers
Healthcare Providers
Others
Healthcare Analytics Market Key Players: The key players are
1. Cognizant
2. Verisk Health
3. Health Catalyst
4. MedAssets,
5. McKesson Corporation
6. Truven Health Analytics
7. IBM.
8. Allscripts Healthcare Solutions
9. Cerner Corporation
10. SAS Institute
11. Microsoft Corporation
12. Oracle Corporation
13. SAP SE
14. TIBCO Software
15. 3M Company
16. Digital Reasoning Systems Inc.
17. Information Builders Inc.
18. International Business Machines Corporation (IBM)
19. IQVIA
20. MedeAnalytics Inc.
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Healthcare Analytics Market Regional Analysis:
North America held the highest market share in 2022, driven by significant investments in healthcare infrastructure and the adoption of advanced technologies. The region’s focus on daily electronic health record tracking and the proliferation of small firms offering healthcare analytics solutions further fuel market growth. Other regions, including Europe and Asia-Pacific, are also witnessing substantial growth due to increasing healthcare spending and technological advancements.
COVID-19 Impact Analysis on Healthcare Analytics Market:
The COVID-19 pandemic significantly impacted the healthcare analytics market, with varying effects across different regions and segments. The lockdowns imposed globally led to an increased reliance on analytics to manage the surge in patient data, optimize resource allocation, and track the spread of the virus. Short-term impacts included a surge in demand for real-time data analytics to handle the immediate crisis, while long-term impacts are expected to drive the continued adoption of healthcare analytics as the sector shifts towards more data-driven decision-making. The report’s analysis of the COVID-19 impact helps decision-makers prepare strategies for both the short and long term, ensuring resilience and adaptability in future crises.
Key Questions Answered in the Healthcare Analytics Market Report are:
- What will be the CAGR of the Healthcare Analytics market during the forecast period?
- Which segment emerged as the leading segment in the Healthcare Analytics market?
- Which are the prominent players in the Healthcare Analytics market?
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