Pune, India, June 07, 2022 (GLOBE NEWSWIRE) -- The global healthcare analytics market size is anticipated to reach USD 80.21 billion by 2028, exhibiting a CAGR of 27.5% during the forecast period. Healthcare analytics involves analyzing historical and current industrial data to effectively manage clinical data and patient’s diagnosis, forecast trends, and improve business. It is anticipated to revolutionize the functioning of healthcare organizations in the forthcoming years. Fortune Business Insights™ has presented this information in an upcoming report titled, “Healthcare Analytics Market 2022 - 2028”. The market size stood at USD 11.59 billion in 2018. Several factors are expected to bolster the market growth. For instance, rising awareness of personalized medicines and the growing genomics market is expected to expand the healthcare analytics market growth.
Industry Developments-
- January 2020: Cigna Ventures invested USD 29.5 million in Arcadia, a healthcare analytics company based in Massachusetts.
- August 2019: Clarivate Analytics introduced a state-of-the-art analytics solution named Cortellis Digital Health Intelligence Solution to enable the optimum utilization of digital technology.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2019 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 27.5% |
| 2028 Value Projection | USD 80.21 Billion |
| Base Year | 2018 |
| Market Size in 2018 | USD 11.59 Billion |
| Historical Data for | 2015 to 2017 |
| No. of Pages | 132 |
| Segments covered | Product, Application, End-Users and Geography |
| Growth Drivers | Big Data is Transforming Market |
| Shift Towards Value-Based Care to Foster Market Growth | |
| Descriptive Segment Dominated the Global Healthcare Analytics Market 2022 |
Drivers & Restraints-
Big Data to Revolutionize Healthcare Analytics Industry
The adoption of predictive analytic tools by healthcare organizations is on the rise. The emergence of big data is extremely beneficial for the healthcare sector as it can predict data based on individuals amongst the mass population. In other words, the data gathered from the mass population can be sorted on an individual level. This can theoretically assist in identifying contributing factors and mitigate the risk of a pandemic. Big data ensures proper data management and application and is therefore anticipated to transform the healthcare industry.
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The government of several nations and venture capitalists is making considerable investments in the healthcare analytics. Increasing adoption of electronic health records (EHRs) and various government initiatives are expected to boost the market growth in the forthcoming years. For instance, the Government of India established about 50 e-hospitals across the nation. However, the increasing instances of data breaches are likely to hinder Healthcare Analytics Market growth.
COVID-19 Impact-
The global pandemic has stagnated the growth of several markets and industries. Healthcare systems are on the verge of collapsing in many nations. However, the coronavirus pandemic has augmented the healthcare analytics market share due to the grave need for effective vaccine development and the continuous monitoring of the coronavirus. Investments in the research activities, the utilization of big data, and Internet of Things (IoT), etc., for developing effective COVID-19 treatment are augmenting the market growth. For instance, IBM and Oracle introduced block-chain to assimilate Covid-19 data from the World Health Organization in 2020.
Report Coverage-
The report offers an exhaustive study of the prospected market and is predicated on historical data. It provides a comprehensive analysis of the factors stimulating the market growth and encompasses Porters’ Five Forces Analysis and PESTLE Analysis for an unerring prediction of the market. The report also highlights the effects of COVID-19 on the market and the future opportunities arising thereafter. The report also provides a detailed analysis of the competitive landscape of the prospected market, including the knowledge on rankings of key players, key market trends, recent industry developments, expansions, acquisitions, etc., prevailing in the market.
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Market Segmentation-
On the basis of product, the market is classified into predictive analytics, descriptive analytics, and prescriptive analytics. On the basis of its application, the market segments into population health analytics, operations and administrative analytics, financial analytics, and population health analytics. On the basis of its end-user, the market fragments into providers, payers, etc. Geographically, the market is categorized into North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.
Regional Insights-
North America to Account for the Highest Growth
North America is anticipated to witness the highest growth in the forecast period. The growth is attributable to the presence of key industry players, a thriving healthcare industry, wide adoption of EHRs, rising venture capital investments, and development of advanced technologies.
Europe is anticipated to hold the second-largest market share.
Asia Pacific is expected to witness significant growth due to the rising awareness for healthcare analytics, rising investments, and swift adoption of these solutions in the region.
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Key Players in the Global Healthcare Analytics Market:
- Cerner Corporation
- IBM Corporation (IBM Watson)
- Flatiron Health
- Linguamatics
- Allscripts Healthcare LLC
- Epic Systems Corporation
- Health Catalyst
- Inovalon
Table of Content:
- Global Healthcare Analytics Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product
- Descriptive Analytics
- Predictive Analytics
- Prescriptive Analytics
- Market Analysis, Insights and Forecast – By Application
- Financial Analytics
- Population Health Analytics
- Clinical Analytics
- Operations and Administrative Analytics
- Market Analysis, Insights and Forecast – By End User
- Payers
- Providers
- Others
- Market Analysis, Insights and Forecast – By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America Healthcare Analytics Market Insights and Forecast, 2022-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product
- Descriptive Analytics
- Predictive Analytics
- Prescriptive Analytics
- Market Analysis, Insights and Forecast – By Application
- Financial Analytics
- Population Health Analytics
- Clinical Analytics
- Operations and Administrative Analytics
- Market Analysis, Insights and Forecast – By End User
- Payers
- Providers
- Others
- Market Analysis, Insights and Forecast – By Country
- U.S.
- Canada
- Europe Healthcare Analytics Market 2022 Analysis, Insights and Forecast, 2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product
- Descriptive Analytics
- Predictive Analytics
- Prescriptive Analytics
- Market Analysis, Insights and Forecast – By Application
- Financial Analytics
- Population Health Analytics
- Clinical Analytics
- Operations and Administrative Analytics
- Market Analysis, Insights and Forecast – By End User
- Payers
- Providers
- Others
- Market Analysis, Insights and Forecast – By Country/Sub-region
- U.K.
- Germany
- France
- Spain
- Italy
- Scandinavia
- Rest of Europe
- Asia Pacific Healthcare Analytics Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product
- Descriptive Analytics
- Predictive Analytics
- Prescriptive Analytics
- Market Analysis, Insights and Forecast – By Application
- Financial Analytics
- Population Health Analytics
- Clinical Analytics
- Operations and Administrative Analytics
- Market Analysis, Insights and Forecast – By End User
- Payers
- Providers
- Others
TOC Continued…….
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