Market Perspective

The global Healthcare Analytics Market was valued at USD 24.45 billion in 2022 and is projected to reach USD 139.34 billion by 2030, growing at a CAGR of 23.31% from 2023 to 2030.

The lack of better patient care, surge in the costs of the treatment, less patient engagement and retention, enabled the healthcare industry to adopt healthcare analytics. This will encourage better patient care and operations in the healthcare industry, these factors are driving the growth of the healthcare analytics market.

In addition, the growing rate of technological advancements and increasing investments by the healthcare industry into IT development, along with digitization are the key factors that are propelling the growth of the market. Furthermore, healthcare analytics platforms work for patient management, retention, which will deliver better care for patients. The deployment of healthcare analytics increases the productivity of the staff and overall patient management. Thus, the progressive results delivered by healthcare analytics increase its demand and drives the growth of the market.

Analyst’s Review on Healthcare Analytics Market

The increased use of big data in healthcare organizations in order to address the risks associated with various chronic diseases is propelling the growth of the market. In addition, the growing use of telemedicine, telehealth care, and other solutions by various enterprises in order to lower operational costs and improve service quality that drives market growth in the forecast period.

Furthermore, these big data preserve the critical patient data that may be used to improve the healthcare outcome of the companies. Moreover, it reduces personnel expenses and increased organizational productivity, that help the healthcare analytics market to grow during the forecast period.

Market Definition

Healthcare analytics uses the vast amounts of collected data to provide organizations with actionable insights. These insights are developed through analytical disciplines to drive real time and fact-based decision-making. It also improves planning, management, measurement, and learning.

In addition, healthcare organizations across the globe are focusing on reducing costs, improving the coordination with care teams, and focus on improving patient care. Furthermore, new businesses entering the market are applying new approaches to healthcare delivery, which is increasing competition in the market.

Thus, healthcare analytics systems basically focus on big data, which offers healthcare analytics the potential to reduce operation costs, improve efficiency, and treat patients.

Market Dynamics

Supportive government initiatives as well as the surge in the use of big data in healthcare organizations, are encouraging the use of electronic health records by health organizations. In addition, the increasing need for healthcare organizations in order to cut unnecessary costs is positively impacting the global healthcare analytics market in the forecast period.

Furthermore, the expanded range of services, improved operational efficiencies, the urge to cut the costs, and the increased effectiveness in the treatment. Moreover, the increased amount of sophisticated data that is generated by the transition from paper to electronic health records, along with the ability to improve the physicians' practice, is likely to fuel the demand for the healthcare analytics market. In addition to this, notable technological and technical developments, as well as an increase in investments in healthcare analytics tools is expected to drive market growth.

Segmentation Analysis

The global healthcare analytics market is segmented based on type, component, delivery model, application, end user, and geography.

Based on type, the market is bifurcated into prescriptive analytics, predictive analytics, and descriptive analytics. The descriptive analysis segment is expected to hold the largest market share in the forecast period. This is due to an increase in the demand for the descriptive analysis, which is based on historical patterns to gain data-enriched insights that can help organizations improve the management of the healthcare system.

Based on the deliver model, the healthcare analytics market is bifurcated into on cloud, and on premise. On premise holds the largest share in the market. This is due to the better accessibility from remote regions, along with the lower maintenance and operation costs drives the growth of the segment.

Geographical Analysis

Based on regional analysis, the global healthcare analytics market is classified into North America, Europe, Asia Pacific, MEA, and Latin America.

North America is expected to dominate the market in the forecast period due to the rising prevalence of chronic diseases, evolution and development of healthcare facilities, increasing technological advancements, the expanding geriatric population, the growing adoption of analytical solutions, and the presence of key market players.

Asia-Pacific is considered to be the fastest-growing segment in the forecast period. This is owing to infrastructural improvements, high expenditures in healthcare, new startup entrants in the market, along with the use of advanced analytical solutions, are all contributing to the growth of the healthcare analytics market during the forecast period.

Competitive Landscape

The global healthcare analytics industry study will provide valuable insights with an emphasis on the fragmented nature of the global market. Prominent players are focusing on several key business strategies, such as partnerships, mergers & acquisitions, product innovations, and joint ventures to expand their product portfolio and increase their respective market shares across different regions. Expansion & investments involve a range of strategic initiatives including investments in R&D activities, new manufacturing facilities, and supply chain optimization. The major players in the healthcare analytics market are:

• Optum, Inc.
• Wipro Limited
• Allscripts Healthcare, LLC
• Cerner Corporation
• Health Catalyst
• Inovalon
• McKesson Corporation
• IBM
• MEDEANALYTICS, INC.
• GENERAL ELECTRIC

Key Developments

• June 2022 (Acquisition): Oracle Corporation acquired Cerner Corporation in order to combine the clinical capabilities of Cerner with its enterprise platform analytics and automation expertise.
• January 2022 (Agreement): IBM and Francisco Partners signed a definitive agreement under which Francisco Partners agreed to acquire healthcare data and analytics assets from IBM that are currently part of the Watson Health business.

The global Healthcare Analytics Market is segmented as:

By Type

• Prescriptive Analytics
• Predictive Analytics
• Descriptive Analytics

By Component

• Services
• Software
• Hardware

By Delivery Model

• On Cloud
• On Premise

By Application

• Clinical Analytics
• Population Health Analytics
• Operational and Administrative Analytics
• Financial Analytics

By End User

• Healthcare Payers
• Healthcare Providers
• Life Science Companies

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • France
  • UK
  • Spain
  • Germany
  • Italy
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific
• Middle East & Africa
  • GCC
  • North Africa
  • South Africa
  • Rest of Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America