[250 Pages Report] Newly-released Healthcare Analytics Market analysis report by Future Market Insights shows that global sales of the Healthcare Analytics Market in 2021 were held at US$ 29.1 Billion. With 29.2%, the projected market growth from 2022 to 2032 is expected to be significantly higher than the historical growth. Software is expected to be the highest revenue-generating segment, projected to grow at a CAGR of over 33% from 2022 to 2032.
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As per the Healthcare Analytics Market research by Future Market Insights - a market research and competitive intelligence provider, historically, from 2017 to 2021, the market value of the Healthcare Analytics Market increased at around 24.2% CAGR.
Rapid revenue growth in today's industry is predicted by the implementation of user-based analytics, with the ability to predict market trends using analysis of prescriptive and predictive solutions.
The healthcare industry is rapidly being affected by social media websites and the internet in an effort to encourage patient participation in their healthcare to gather data. The market for analytics data concerning patient welfare is slowly being stimulated by the growing demand for consumer analysis.
Advanced analytical tools tailored to the unique needs of healthcare facilities and businesses offering financial, clinical, operational, and administrative services are bringing growth to the healthcare field. An overriding factor in the growth of the market for healthcare analytics is the use of data mining techniques and big data analytics to study high-risk patients and deliver the most appropriate care. Predictive analytics applications are also being used to solve an array of challenges including risk assessment.
Web-based solutions are gaining in popularity in the fields of revenue cycle management (RCM) and medical management. There is a growing need for highly individualized medicine, and data analytics programs help to achieve this goal. For instance, by using patient-specific health information, such as electronic medical records (EMRs), mHealth, and eHealth records. Furthermore, health data mining has started to use artificial intelligence solutions wrapped in data analytics to enable tailored treatment plans, which is projected to create demand for analytical solutions in healthcare.
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The growing use of analytics in the healthcare industry and government initiatives to boost the use of electronic health records (EHRs) in healthcare clinics have fostered the growth of the healthcare analytics market. Furthermore, the rising competition among healthcare organizations to reduce unnecessary expenses is boosting the market growth.
Factors such as complicated implementation procedures and lack of highly skilled labor are believed to curb healthcare analytics’ market expansion. On the other hand, the use of cloud-based analytics across many healthcare providers and the increase in the adoption of augmented analytics within the medical sector are anticipated to open up lucrative opportunities for the expansion of the market.
Healthcare analytics, typically known as clinical data analytics, is a type of analytics that aids in healthcare delivery, based on the real-time application of data to determine an individual's future treatment course. It can provide analysis on a matter of macro- and micro-level types.
The introduction of big data in the healthcare industry has played a major role in the development of healthcare analytics, which is propelling the market forward. In addition, the growth of the overall industry is assisted by a rise in health issues, an increase in disposable income, and a large increase in the senior citizen populace.
However, the expanding market will likely be hindered by the high prices and complexities of software development, as well as data integrity and privacy issues. In addition, technological developments and favorable government plans should create promising economic opportunities.
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In 2021, North America held the largest share of the global healthcare analytics market. Government support for the healthcare sector's development, a high level of awareness about rare disorders, easy access to high-quality medical facilities, and attractive reimbursement policies are some of the important drivers for regional market growth.
Due to the growing healthcare expenditure of Japan and China and factors such as the introduction of generic Temozolomide, and the growing geriatric population, Asia Pacific is projected to grow at the fastest rate throughout the projection period.
The USA is expected to have the highest market share of US$ 213 Billion by the end of 2032. The plaintiffs of healthcare companies have benefited from the accessibility of innovative healthcare products and the increase in interest of healthcare fraternities in analytics due to favorable rules and improved rates of the latest illnesses.
The descriptive Analysis segment is forecasted to grow at the highest CAGR of over 30% from 2022 to 2032. This growth is due to the escalating demand for enhanced analyses based on historical patterns and datasets to generate data-enriched insight that will help organizations better understand the current situation.
Market participants forecast future market outcomes using data mining technologies on descriptive data silos. Trifecta and Accenture, for example, collaborated in December 2020 to supply high-quality data mining solutions for enhanced drug development operations. Companies employ descriptive analytics to turn raw data and patterns into interpretable data-driven insights that help them better understand past business performance, consumer behavior, and market impacts. Given the cheaper cost of obtaining descriptive datasets compared to predictive and prescriptive analyzed datasets, descriptive analysis is projected to rise dramatically in the future years.
Healthcare Analytics Software commanded the largest revenue as well as CAGR of nearly 37%, during the forecast period. Because they lack the skills and resources to deploy analytics, healthcare, and life science organizations outsource these services to other premier analytical solutions companies. Furthermore, the services sector is predicted to increase at the quickest rate in the next years. Multi-package services are being introduced by outsourcing businesses to life science companies, and this is projected to contribute to the segment's growth throughout the projection period. The healthcare business 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 analytical and AI-based technologies. Due to the outsourcing of services for short-term and long-term contracts, the services category is predicted to develop at the quickest rate over the forecasted period. Social media analytics, manufacturing process, preventative maintenance, benchmarking, promotional spending, and predictive analysis for medical device failure are all included in these packages.
Owing to the increased acceptance of healthcare analytics solutions among healthcare organizations for managing huge amounts of COVID-19 data, the healthcare analytics market swelled during COVID-19. Furthermore, the key challenge during COVID-19 was predicting the need for hospital personnel; hence, analytics solutions assist enterprises in managing staff requirements and tracking staff health.
Several developing countries globally have been implementing healthcare analytics solutions to pace up the fight against the pandemic, which is propelling the industry forward. Companies and facilities may now actively engage with consumers, provide labour management solutions, and manage complex supply chains owing to the growing need for digital health technology and advanced analytical solutions. Healthcare organizations are taking technological advances, including data mining, clinical decision support systems, and clinical trial management systems.
Players in the market are constantly developing improved analytical solutions as well as extending their product offerings. To help healthcare organizations implement data analysis solutions, combat the Covid-19 pandemic, and preserve competitive advantage in the market, the companies are focused on their alliances, technology collaborations, and product launch strategies.
Some of the recent developments of key Healthcare Analytics providers are as follows:
Similarly, recent developments related to companies' Healthcare Analytics services have been tracked by the team at Future Market Insights, which are available in the full report.
| Attribute | Details |
|---|---|
| Forecast Period | 2022 to 2032 |
| Historical Data Available for | 2017 to 2021 |
| Market Analysis | US$ Billion for Value |
| Key Regions Covered | North America; Latin America; Europe; Asia Pacific; Middle East & Africa |
| Key Countries Covered | United States of America, Canada, Brazil, Mexico, Germany, the UK, France, Spain, Italy, Russia, China, Japan, South Korea, India, Australia, South Africa, Saudi Arabia, UAE, and Israel. |
| Key Market Segments Covered | Component, Type, Delivery Mode, Application, Region |
| Key Companies Profiled | IBM Corporation; McKesson Corporation; SAS Institute Inc.; Optum Inc.; Oracle; IQVIA; Cerner Corporation; Truven Health Analytics, Inc. |
| Pricing | Available upon Request |
The global Healthcare Analytics Market is worth more than US$ 29.1 Billion at present.
Value of Healthcare Analytics Market are projected to increase at a CAGR of around 29.2% from 2022 to 2032.
Value of Healthcare Analytics Market increased at a CAGR of around 24.2% from 2017 to 2021.
Advanced analytical solutions designed for specific requirements of healthcare companies and facilities delivering financial, clinical, operational, and administrative services are bolstering the growth.
The market for Healthcare Analytics Market in China is projected to expand at a CAGR of around 30.7% from 2022 to 2032.
While the market in South Korea is expected to grow at nearly 27.5%, the market in Japan is projected to register a CAGR of nearly 37.1% from 2022 to 2032.
1. Executive Summary | Healthcare Analytics Market 1.1. Global Market Outlook 1.2. Demand-side Trends 1.3. Supply-side Trends 1.4. Technology Roadmap Analysis 1.5. Analysis and Recommendations 2. Market Overview 2.1. Market Coverage / Taxonomy 2.2. Market Definition / Scope / Limitations 3. Market Background 3.1. Market Dynamics 3.1.1. Drivers 3.1.2. Restraints 3.1.3. Opportunity 3.1.4. Trends 3.2. Scenario Forecast 3.2.1. Demand in Optimistic Scenario 3.2.2. Demand in Likely Scenario 3.2.3. Demand in Conservative Scenario 3.3. Opportunity Map Analysis 3.4. Investment Feasibility Matrix 3.5. PESTLE and Porter’s Analysis 3.6. Regulatory Landscape 3.6.1. By Key Regions 3.6.2. By Key Countries 4. Global Market Analysis 2017 to 2021 and Forecast, 2022 to 2032 4.1. Historical Market Size Value (US$ Million) Analysis, 2017 to 2021 4.2. Current and Future Market Size Value (US$ Million) Projections, 2022 to 2032 4.2.1. Y-o-Y Growth Trend Analysis 4.2.2. Absolute $ Opportunity Analysis 5. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Component 5.1. Introduction / Key Findings 5.2. Historical Market Size Value (US$ Million) Analysis By Component, 2017 to 2021 5.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Component, 2022 to 2032 5.3.1. Hardware 5.3.2. Software 5.3.3. Services 5.4. Y-o-Y Growth Trend Analysis By Component, 2017 to 2021 5.5. Absolute $ Opportunity Analysis By Component, 2022 to 2032 6. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Type 6.1. Introduction / Key Findings 6.2. Historical Market Size Value (US$ Million) Analysis By Type, 2017 to 2021 6.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Type, 2022 to 2032 6.3.1. Descriptive Analysis 6.3.2. Predictive Analysis 6.3.3. Prescriptive Analysis 6.4. Y-o-Y Growth Trend Analysis By Type, 2017 to 2021 6.5. Absolute $ Opportunity Analysis By Type, 2022 to 2032 7. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Delivery Mode 7.1. Introduction / Key Findings 7.2. Historical Market Size Value (US$ Million) Analysis By Delivery Mode, 2017 to 2021 7.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Delivery Mode, 2022 to 2032 7.3.1. Web Hosted 7.3.2. Cloud Based 7.3.3. On-premise 7.4. Y-o-Y Growth Trend Analysis By Delivery Mode, 2017 to 2021 7.5. Absolute $ Opportunity Analysis By Delivery Mode, 2022 to 2032 8. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Application 8.1. Introduction / Key Findings 8.2. Historical Market Size Value (US$ Million) Analysis By Application, 2017 to 2021 8.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Application, 2022 to 2032 8.3.1. Clinical 8.3.2. Financial 8.3.3. Operational & Administrative 8.4. Y-o-Y Growth Trend Analysis By Application, 2017 to 2021 8.5. Absolute $ Opportunity Analysis By Application, 2022 to 2032 9. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Region 9.1. Introduction 9.2. Historical Market Size Value (US$ Million) Analysis By Region, 2017 to 2021 9.3. Current Market Size Value (US$ Million) Analysis and Forecast By Region, 2022 to 2032 9.3.1. North America 9.3.2. Latin America 9.3.3. Europe 9.3.4. Asia Pacific 9.3.5. Middle East and Africa (MEA) 9.4. Market Attractiveness Analysis By Region 10. North America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 10.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2017 to 2021 10.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2022 to 2032 10.2.1. By Country 10.2.1.1. United States of America 10.2.1.2. Canada 10.2.2. By Component 10.2.3. By Type 10.2.4. By Delivery Mode 10.2.5. By Application 10.3. Market Attractiveness Analysis 10.3.1. By Country 10.3.2. By Component 10.3.3. By Type 10.3.4. By Delivery Mode 10.3.5. By Application 10.4. Key Takeaways 11. Latin America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 11.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2017 to 2021 11.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2022 to 2032 11.2.1. By Country 11.2.1.1. Brazil 11.2.1.2. Mexico 11.2.1.3. Rest of Latin America 11.2.2. By Component 11.2.3. By Type 11.2.4. By Delivery Mode 11.2.5. By Application 11.3. Market Attractiveness Analysis 11.3.1. By Country 11.3.2. By Component 11.3.3. By Type 11.3.4. By Delivery Mode 11.3.5. By Application 11.4. Key Takeaways 12. Europe Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 12.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2017 to 2021 12.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2022 to 2032 12.2.1. By Country 12.2.1.1. Germany 12.2.1.2. Italy 12.2.1.3. France 12.2.1.4. United Kingdom 12.2.1.5. Spain 12.2.1.6. Russia 12.2.1.7. BENELUX 12.2.1.8. Rest of Europe 12.2.2. By Component 12.2.3. By Type 12.2.4. By Delivery Mode 12.2.5. By Application 12.3. Market Attractiveness Analysis 12.3.1. By Country 12.3.2. By Component 12.3.3. By Type 12.3.4. By Delivery Mode 12.3.5. By Application 12.4. Key Takeaways 13. Asia Pacific Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 13.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2017 to 2021 13.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2022 to 2032 13.2.1. By Country 13.2.1.1. China 13.2.1.2. Japan 13.2.1.3. South Korea 13.2.1.4. India 13.2.1.5. Thailand 13.2.1.6. Malaysia 13.2.1.7. Indonesia 13.2.1.8. Rest of Asia Pacific 13.2.2. By Component 13.2.3. By Type 13.2.4. By Delivery Mode 13.2.5. By Application 13.3. Market Attractiveness Analysis 13.3.1. By Country 13.3.2. By Component 13.3.3. By Type 13.3.4. By Delivery Mode 13.3.5. By Application 13.4. Key Takeaways 14. MEA Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 14.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2017 to 2021 14.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2022 to 2032 14.2.1. By Country 14.2.1.1. GCC Countries 14.2.1.2. Rest of MEA 14.2.2. By Component 14.2.3. By Type 14.2.4. By Delivery Mode 14.2.5. By Application 14.3. Market Attractiveness Analysis 14.3.1. By Country 14.3.2. By Component 14.3.3. By Type 14.3.4. By Delivery Mode 14.3.5. By Application 14.4. Key Takeaways 15. Key Countries Market Analysis 15.1. United States of America 15.1.1. Pricing Analysis 15.1.2. Market Share Analysis, 2021 15.1.2.1. By Component 15.1.2.2. By Type 15.1.2.3. By Delivery Mode 15.1.2.4. By Application 15.2. Canada 15.2.1. Pricing Analysis 15.2.2. Market Share Analysis, 2021 15.2.2.1. By Component 15.2.2.2. By Type 15.2.2.3. By Delivery Mode 15.2.2.4. By Application 15.3. Brazil 15.3.1. Pricing Analysis 15.3.2. Market Share Analysis, 2021 15.3.2.1. By Component 15.3.2.2. By Type 15.3.2.3. By Delivery Mode 15.3.2.4. By Application 15.4. Mexico 15.4.1. Pricing Analysis 15.4.2. Market Share Analysis, 2021 15.4.2.1. By Component 15.4.2.2. By Type 15.4.2.3. By Delivery Mode 15.4.2.4. By Application 15.5. Germany 15.5.1. Pricing Analysis 15.5.2. Market Share Analysis, 2021 15.5.2.1. By Component 15.5.2.2. By Type 15.5.2.3. By Delivery Mode 15.5.2.4. By Application 15.6. Italy 15.6.1. Pricing Analysis 15.6.2. Market Share Analysis, 2021 15.6.2.1. By Component 15.6.2.2. By Type 15.6.2.3. By Delivery Mode 15.6.2.4. By Application 15.7. France 15.7.1. Pricing Analysis 15.7.2. Market Share Analysis, 2021 15.7.2.1. By Component 15.7.2.2. By Type 15.7.2.3. By Delivery Mode 15.7.2.4. By Application 15.8. United Kingdom 15.8.1. Pricing Analysis 15.8.2. Market Share Analysis, 2021 15.8.2.1. By Component 15.8.2.2. By Type 15.8.2.3. By Delivery Mode 15.8.2.4. By Application 15.9. Spain 15.9.1. Pricing Analysis 15.9.2. Market Share Analysis, 2021 15.9.2.1. By Component 15.9.2.2. By Type 15.9.2.3. By Delivery Mode 15.9.2.4. By Application 15.10. Russia 15.10.1. Pricing Analysis 15.10.2. Market Share Analysis, 2021 15.10.2.1. By Component 15.10.2.2. By Type 15.10.2.3. By Delivery Mode 15.10.2.4. By Application 15.11. BENELUX 15.11.1. Pricing Analysis 15.11.2. Market Share Analysis, 2021 15.11.2.1. By Component 15.11.2.2. By Type 15.11.2.3. By Delivery Mode 15.11.2.4. By Application 15.12. China 15.12.1. Pricing Analysis 15.12.2. Market Share Analysis, 2021 15.12.2.1. By Component 15.12.2.2. By Type 15.12.2.3. By Delivery Mode 15.12.2.4. By Application 15.13. Japan 15.13.1. Pricing Analysis 15.13.2. Market Share Analysis, 2021 15.13.2.1. By Component 15.13.2.2. By Type 15.13.2.3. By Delivery Mode 15.13.2.4. By Application 15.14. South Korea 15.14.1. Pricing Analysis 15.14.2. Market Share Analysis, 2021 15.14.2.1. By Component 15.14.2.2. By Type 15.14.2.3. By Delivery Mode 15.14.2.4. By Application 15.15. India 15.15.1. Pricing Analysis 15.15.2. Market Share Analysis, 2021 15.15.2.1. By Component 15.15.2.2. By Type 15.15.2.3. By Delivery Mode 15.15.2.4. By Application 15.16. Thailand 15.16.1. Pricing Analysis 15.16.2. Market Share Analysis, 2021 15.16.2.1. By Component 15.16.2.2. By Type 15.16.2.3. By Delivery Mode 15.16.2.4. By Application 15.17. Malaysia 15.17.1. Pricing Analysis 15.17.2. Market Share Analysis, 2021 15.17.2.1. By Component 15.17.2.2. By Type 15.17.2.3. By Delivery Mode 15.17.2.4. By Application 15.18. Indonesia 15.18.1. Pricing Analysis 15.18.2. Market Share Analysis, 2021 15.18.2.1. By Component 15.18.2.2. By Type 15.18.2.3. By Delivery Mode 15.18.2.4. By Application 15.19. GCC Countries 15.19.1. Pricing Analysis 15.19.2. Market Share Analysis, 2021 15.19.2.1. By Component 15.19.2.2. By Type 15.19.2.3. By Delivery Mode 15.19.2.4. By Application 16. Market Structure Analysis 16.1. Competition Dashboard 16.2. Competition Benchmarking 16.3. Market Share Analysis of Top Players 16.3.1. By Regional 16.3.2. By Component 16.3.3. By Type 16.3.4. By Delivery Mode 16.3.5. By Application 17. Competition Analysis 17.1. Competition Deep Dive 17.1.1. IBM Corporation 17.1.1.1. Overview 17.1.1.2. Product Portfolio 17.1.1.3. Profitability by Market Segments 17.1.1.4. Sales Footprint 17.1.1.5. Strategy Overview 17.1.1.5.1. Marketing Strategy 17.1.2. McKesson Corporation 17.1.2.1. Overview 17.1.2.2. Product Portfolio 17.1.2.3. Profitability by Market Segments 17.1.2.4. Sales Footprint 17.1.2.5. Strategy Overview 17.1.2.5.1. Marketing Strategy 17.1.3. SAS Institute Inc. 17.1.3.1. Overview 17.1.3.2. Product Portfolio 17.1.3.3. Profitability by Market Segments 17.1.3.4. Sales Footprint 17.1.3.5. Strategy Overview 17.1.3.5.1. Marketing Strategy 17.1.4. Optum Inc. 17.1.4.1. Overview 17.1.4.2. Product Portfolio 17.1.4.3. Profitability by Market Segments 17.1.4.4. Sales Footprint 17.1.4.5. Strategy Overview 17.1.4.5.1. Marketing Strategy 17.1.5. Oracle 17.1.5.1. Overview 17.1.5.2. Product Portfolio 17.1.5.3. Profitability by Market Segments 17.1.5.4. Sales Footprint 17.1.5.5. Strategy Overview 17.1.5.5.1. Marketing Strategy 17.1.6. IQVIA 17.1.6.1. Overview 17.1.6.2. Product Portfolio 17.1.6.3. Profitability by Market Segments 17.1.6.4. Sales Footprint 17.1.6.5. Strategy Overview 17.1.6.5.1. Marketing Strategy 17.1.7. Cerner Corporation 17.1.7.1. Overview 17.1.7.2. Product Portfolio 17.1.7.3. Profitability by Market Segments 17.1.7.4. Sales Footprint 17.1.7.5. Strategy Overview 17.1.7.5.1. Marketing Strategy 17.1.8. Truven Health Analytics, Inc. 17.1.8.1. Overview 17.1.8.2. Product Portfolio 17.1.8.3. Profitability by Market Segments 17.1.8.4. Sales Footprint 17.1.8.5. Strategy Overview 17.1.8.5.1. Marketing Strategy 18. Assumptions & Acronyms Used 19. Research Methodology
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Healthcare Analytics Market
