Healthcare Analytics Market Size to Hit US$ 121.1 Billion by 2030

According to Report, the global healthcare analytics market size is projected to reach over US$ 121.1 billion by 2030 and growing at a CAGR of 15.9% from 2022 to 2030.

The necessity for healthcare companies to reduce needless costs is expected to boost the global healthcare analytics market during the forecast period.

Regional Snapshot

North America is the largest segment for healthcare analytics market in terms of region.The U.S. is dominating the healthcare analytics market in the North America region. The growth of healthcare analytics market in North America is attributed to the growing initiatives of government. In addition, market players are adopting unique strategies for the development of healthcare analytics market in the region. Hoffmann-La Roche Ltd created the Roche Data Science Coalition in 2020 to seek solutions to the COVID-19 pandemic’s difficulties in Canada. 

Asia-Pacific region is the fastest growing region in the healthcare analytics market.China holds the highest market share in the Asia-Pacifichealthcare analytics market. The healthcare analytics market in Asia-Pacific region is being driven by the presence of market players, technological advancements, and growing research and development activities.

Market Dynamics

Drivers

Growing government initiatives

The government all around the world is taking constant efforts for the expansion and development of healthcare information technology sector. The government is also promoting the adoption of electronic health records in healthcare sector. As a result, growing initiatives is boosting the growth of global healthcare analytics market.

Restraints

Concerns regarding data breaching

Employers are responsible for 58% of data breaches in the healthcare business, as per the Verizon’s 2018 Protected Health Information Data Breach report. In addition, as per the Protenus Breach Barometer, more than 25 million patient records were compromised in 2019 as compared to 2018. Thus, concerns regarding data breaching are restricting the healthcare analytics market growth.  

Opportunities

Growing adoption of electronic health records

Various legislative obligations, including as the American Recovery and Reinvestment Act of 2009 and the deployment of ICD-10 code sets, incentivize healthcare businesses to embrace electronic health records in the U.S. The other types of laws and rules that promote the adoption of electronic health records are Patient Protection and Affordable Care Act and Health Insurance Portability and Accountability Act. As a result, growing adoption of electronic health records is creating lucrative opportunities for the expansion of global healthcare analytics market. 

Challenges

High cost of analytics solutions

Although the acknowledged advantages of analytics in healthcare companies, acceptance of advanced analytics solutions is quite moderate among cost sensitive consumers due to hefty subscription and implementation costs. All these costs around $200,000, which cannot be afforded by everyone. Thus, high cost of analytics solutions is the biggest challenge for the global healthcare analytics market growth and development. 

Report Highlights

• On the basis of component, services segment holds the largest market share in the global healthcare analytics market. The expansion of healthcare industry is contributing towards the growth of healthcare analytics market as well as services segment. In addition, the expansion of information technology sector is boosting the growth of the segment. 
• On the basis of type, descriptive analytics segment holds the largest market share in the global healthcare analytics market. Several organizations and firms are using descriptive analytics as it helps to access historical data easily and effectively. 
• On the basis of delivery mode, on-premises segment holds the largest market share in the global healthcare analytics market.Due to rising concerns of data privacy and security, the demand for on-premises healthcare analytics is growing on a large scale. 
• On the basis of end user, life science segment holds the largest market share in the global healthcare analytics market. The software and services provided through healthcare analytics is cost effective in nature. As a result, healthcare analytics is being largely adopted by life science. 

Recent Developments

Nuance Communications and Microsoft Corp. declared a merger agreement in April 2021. The agreement aims to bring together both companies’ technologies to provide artificial intelligence and cloud capabilities to the healthcare industry. 

Enlitic teamed up with MPL Care in December 2019 to deliver clinical artificial intelligence solutions to Turkey and adjacent East European and Central Asian nations. 

Quantzig released sophisticated clinical data analytics solutions in August 2020 to help healthcare, life science, and pharmaceutical organizations navigate the pandemic with information and statistics insights.

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