The global healthcare analytics market size was estimated at US$ 32.08 billion in 2021 and is expected to reach over US$ 121.1 billion by 2030 and poised to grow at a CAGR of 15.9% from 2021 to 2030.
Healthcare analytics enables experts in the field to identify opportunities to improve care delivery, clinical outcomes, operations, and patient engagement. Healthcare data analytics integrates real time and historical data to forecast trends, increase medical care, expose actionable insights, and fuel long term growth. Furthermore, healthcare analytics systems make use of massive volumes of data to present enterprises with useful information.
The growth of the healthcare analytics market is being fueled by a surge in government initiatives as well as an increase in the use of big data in healthcare organizations, which encourage the use of electronic health records by healthcare organizations. Moreover, the need for healthcare organizations to cut unnecessary costs has a positive impact on the global healthcare analytics market’s growth during the forecast period.
The healthcare analytics market will grow as healthcare prices rise as a result of improve operational efficiencies, an expanding range of services, the desire to cut costs, and treatment effectiveness. In addition, the increasing amount of sophisticated data generated by the transformation from paper to electronic health records, as well as its ability to improve physician practice, will fuel the healthcare analytics market demand. Moreover, technical developments, as well as an increase in investor interest in healthcare analytical tools, will drive the healthcare analytics market growth.
Due to an increase in the use of big data in healthcare organizations to address risks connected with numerous chronic diseases, the healthcare analytics market is predicted to grow. Furthermore, the growing use of telemedicine solutions by various enterprises to lower operational costs and improve service quality is propelling the healthcare analytics market expansion.
Furthermore, big data facilitates the preservation of critical patient data that may be used to improve a company’s healthcare outcomes. It reduces personnel expenses and increased organizational productivity, all of which help the healthcare analytics market to grow during the forecast period.
Among all healthcare providers, hospitals are the early adopters for the healthcare analytics. Vast-scale operations, multifunctionality, and the necessity to manage large amounts of data have all contributed to the widespread use of healthcare analytical solutions in hospitals. Moreover, numerous hospitals throughout the world are intending to implement various healthcare analytics software or tools in order to increase efficiency and reduce expenses.
In addition, the majority of hospitals in the North America region have deployed electronic health record systems, as well as healthcare analytics software and tools, in order to cut costs and manage large volumes of patient data. Furthermore, the presence of significant healthcare analytics market players in the region will boost the market growth.
Scope of the Healthcare Analytics Market
|Market Size||US$ 121.1 Billion by 2030|
|Growth Rate||CAGR of 15.9% from 2021 to 2030|
|Largest Market||North America|
|Fastest Growing Market||Asia Pacific|
|Forecast Period||2021 to 2030|
|Segments Covered||Component, Type, Delivery Mode, End Use, Region|
|Companies Mentioned||Xerox, Epic System Corporation, GE Healthcare, Dell, McKesson, Philips, Cognizant, Siemens, Optum, Cerner Corporation|
The services segment dominated the market with revenue share 37.2% in 2020. As they lack the skills and resources to deploy analytics, life science, and healthcare organizations outsource these services to other premier analytical solutions companies. Furthermore, the services category is predicted to increase at the rapid pace in near future.
The software segment is fastest growing segment of the healthcare analytics market in 2020. The healthcare industry is experiencing a surge in demand for analytical solutions as a result of the increased workload. For handling patient records, healthcare infrastructure is evolving and incorporating artificial intelligence and analytical based technologies.
The descriptive analysis segment accounted revenue share around 38.5% in 2020. This is due to an increase in the demand for descriptive analysis based on historical patterns in order to obtain data-enriched insights that will help organizations better comprehend the current situation. The major market players forecast future market outcomes using data mining technologies on descriptive data warehouses.
The predictive analysis segment, on the other hand, is predicted to develop at a rapid rate over the projection period. The healthcare analytics market players can create appropriate plans due to the growing use of advanced analytical solutions in anticipating future market dynamics and results. The market players can coordinate their plans and decision making based on healthcare analytics market performance using predictive analysis.
Delivery Mode Insights
In 2020, the on-premises delivery segment accounted revenue share 50%. This is due to better accessibility from remote regions, as well as lower operation and maintenance costs. On-premise deployment entails putting systems and solutions on company computers.
The cloud-based segment, on the other hand, is predicted to develop at the quickest rate in the future years. The increased accessibility of the internet and better ease-of-access from remote areas are driving the expansion of cloud computing and web-based applications.
End User Insights
The life science companies segment dominated the healthcare analytics market with market share 51% in 2020. This is due to life science firms’ increasing use of analytical solutions to improve product efficacy and accuracy.
The healthcare providers segment, on the other hand, is expected to increase at the rapid pace during the forecast period, owing to hospitals and other care facilities’ increasing usage of analytical solutions.
North America region garnered revenue share 50.5% in 2020. It is primarily due to the development and evolution of healthcare facilities, the rising prevalence of chronic diseases, the growing geriatric population, technological advancements, the growing adoption of analytical solutions, and the presence of key market players.
Asia-Pacific, on the other hand, is expected to develop at the fastest rate during the forecast period. The increased expenditures, infrastructure improvements, the formation of start-ups, and the use of advanced analytical solutions are all contributing to the healthcare analytics market’s growth during the forecast period.
The players in the healthcare analytics market are constantly inventing and developing improved analytical solutions, as well as extending their product offerings. To help healthcare organizations implement data analysis solutions, combat the pandemic, and preserve competitive advantage in the healthcare analytics market, the companies are focused on their alliances, technology collaborations, and product launch strategies.
Some of the prominent players in the global healthcare analytics market include:
Segments Covered in the Report
By Delivery Mode
By End User
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