Chicago, June 28, 2022 (GLOBE NEWSWIRE) -- According to the new market research report "Healthcare Analytics Market by Type (Descriptive, Prescriptive, Cognitive), Application (Financial, Operational, RCM, Fraud, Clinical), Component (Services, Hardware), Deployment (On-premise, Cloud), End-user (Providers, Payer) - Global Forecast to 2026", is projected to reach USD 75.1 billion by 2026 from an estimated USD 21.1 billion in 2021 at a CAGR of 28.9%.
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The Healthcare analytics is the efficient use of data and related business insights developed through statistical, quantitative, predictive, comparative, cognitive, and other emerging applied analytical models. Healthcare analytics tools help reveal and understand historical data patterns, predict future outcomes, and provide actionable insights to drive fact-based decision-making for improved clinical, financial, and operational performance of healthcare organizations. The use of analytics helps healthcare systems reduce healthcare costs and improve the quality of care. However, high cost of healthcare analytics software and services and the dearth of skilled professionals are likely to challenge market growth in the coming years.
Based on deployment mode, the healthcare analytics market is segmented into on-premise and on-demand. In 2020, the on-premise healthcare analytics segment accounted for 62.8% of the market. This segment is projected to reach USD 35,039.3 million by 2026 from USD 12,781.7 million in 2021, at a CAGR of 22.3%. The large share of this segment is primarily because on-premise deployment allows end users to use solutions from multiple vendors, which enables customizations as per end-user requirements.
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Based on component, the healthcare analytics market is segmented into services, software and hardware. The services segment accounted for the largest market share of 51.9% in 2020. The large share of this segment can be attributed to their indispensable nature and repetitive requirement. This is because end users of healthcare analytics rely heavily on service providers for consulting, data storage, implementing services, training, maintenance, and regular solution upgrades.
On the end users, the healthcare analytics market is segmented into providers (hospitals, physician practices, IDN, post acute care organizations and, ambulatory settings), payers (private insurance companies, government agencies, and employers & private exchangers), and ASCOs, HIEs, & TPAs. The payers segment accounted for the largest market share of 51.8% in 2020. The use of healthcare analytics in for claim management, risk assessment and financial management of payer organizations.
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Geographical Growth Scenario:
The healthcare analytics market is segmented into four six regions—North America, Europe, Asia, Pacific countries, Latin America, and the Middle East and Africa. North America has been among the frontrunners in developing healthcare analytics services in the healthcare industry. The healthcare analytic market in the US is expected to offer growth opportunities in the coming years owing to the increasing incorporation of EHR in the hospitals. Many major global players are also based in the US, owing to which the country has become a center of innovation in the market.
Key Players of Healthcare Analytics Market:
- IBM (US),
- Optum (US),
- Cerner (US),
- SAS Institute (US),
- Allscripts (US),
- McKesson (US),
- MedeAnalytics (US),
- Inovalon (US),
- Oracle (US),
- Health Catalyst (US),
- SCIO Health Analytics (US),
- Cotiviti (formerly Verscend Technologies) (US),
- CitiusTech (US), Wipro (India), and
- VitreosHealth (US).
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