New York, USA, Jan. 24, 2023 (GLOBE NEWSWIRE) -- Healthcare Analytics Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Healthcare Analytics Market Information by Type, Component, Delivery Model, Application, End User, and Region - Forecast till 2030”, Market is expected to reach USD 36.65 billion by 2030 at CAGR 14.20% during the forecast period 2022-2030
Market Synopsis
Healthcare analytics is being incorporated into every aspect of the industry to provide better care to patients and for better operations of the sector as a whole. The healthcare sector as a whole has been challenged with issues like a lack of better patient care, skyrocketing treatment costs, less patient retention, and engagement. The healthcare analytics sector is expanding for several of these reasons.
The significant expansion of the healthcare analytics market has been driven in large part by the speed at which technology is developing and by the industry's significant investments in IT development and digitization. The analytical platforms that are currently being used by healthcare organizations all over the world aid in patient management and retention, which enables the provision of better care.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 36.65 Billion |
| CAGR | 14.20% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Component, Delivery Model, Application and End-User |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | High adoption of technological advancements in the field of healthcare |
| Increased data innovation in medical care |
Healthcare Analytics Market Competitive Landscape:
The important firms active in the healthcare analytics industry include.
- Cerner
- Allscripts Healthcare Solutions
- SAS Institute Inc.
- IBM
- Wipro
- Inovalon
- Cotiviti
- Citiustech
- Health Catalyst
- Mckesson
- Optum
- Oracle
- SCIO Health Analytics
- Vitreoshealth
- Medeanalytics
Due to their strong regional presence, distinct product offerings, strong financial standing, and strong brand recognition, these firms are dominating the global market.
To enhance their market positions and snag a sizable client base, market players are concentrating on investing in research and development and implementing strategic growth activities like expansion, product launches, agreements, partnerships, acquisitions, and mergers.
Healthcare Analytics Market Dynamics:
Market Drivers:
Healthcare analytics empowers professionals in the field to find opportunities to enhance patient engagement, clinical outcomes, care delivery, and business operations. Real-time and historical data are combined in healthcare data analytics to foresee trends, improve patient care, reveal useful insights, and spur long-term growth. Furthermore, to provide businesses with meaningful information, healthcare analytics systems make use of enormous volumes of data.
An increase in government initiatives and the use of big data in healthcare organizations, which promotes the use of electronic health records by healthcare organizations, are both contributing to the market growth of the healthcare analytics. The expansion of the global healthcare analytics market is also aided by healthcare companies' aim to reduce wasteful spending.
Due to improved operational efficiencies, an expanded range of services, a desire to reduce costs, and the effectiveness of treatments, the market for healthcare analytics will benefit from the rising costs of healthcare. The demand for healthcare analytics will also increase due to the increase in complex data produced by the switch from paper to electronic health records and its potential to enhance medical practice. Additionally, the industry benefits from technological advancements and rising investor interest in healthcare analytics technologies.
The healthcare analytics market is anticipated to expand as a result of a rise in the usage of big data in healthcare organizations to manage risks associated with several chronic diseases. Additionally, the expanding usage of telemedicine solutions by several businesses to reduce operating costs and enhance service quality is fueling the market growth of the healthcare analytics.
Market Restraints:
The availability of a variety of pay-for-announcing, pay-for-execution, and risk- and income-sharing projects to suppliers is encouraging payer organisations to invest more in programmes that help to balance cost and quality through in-depth knowledge of their people's medical care demands. High execution costs associated with medical care investigation are one of the main restrictions on the healthcare analytics market. It is anticipated that these constraints will limit market growth. Therefore, appropriate action should be made to prevent such limitations.
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COVID 19 Analysis
The use of healthcare analytics platforms is required for better management and patient care delivery as a result of the growing pressure on healthcare facilities and workers, especially since the COVID-19 outbreak.
Healthcare analytics is not a stopgap measure but rather a component of a more comprehensive approach that will have far-reaching effects on how professionals interpret clinical data.
To gather patient information for useful COVID-19 insights, the NIH created a healthcare data analytics platform.
A hub for pandemic data was built by the WHO and a federal agency in Germany to analyze disease transmission, medical innovation, patient surveillance, and other factors in order to reduce future risks.
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Market Segmentation
By Type
The types of Healthcare Analytics are predictive analytics, descriptive analytics, cognitive analytics, and prescriptive analytics.
By Application
The market applications are Financial Analytics (Revenue Cycle Management (RCM), Claims Processing, Risk Adjustment & Assessment and Payment Integrity & Fraud, Waste, and Abuse (FWA)), Clinical Analytics (Clinical Decision Support (CDS)), Quality Improvement & Clinical Benchmarking, population health analytics, and operational & administrative analytics).
By Delivery Model
Depending on the delivery model, the Healthcare Analytics Industry has been divided into on-premise and more.
By End User
Healthcare Analytics Market is largely segmented into many sub-sectors based on the end user, including payers, suppliers, MCOs, ACOs, HIEs, and TPAs. It was anticipated that the payers' sector will account for the largest share of the global market in 2020. Medical care payers are being persuaded to use investigation arrangements by factors including rising healthcare costs, strengthening supplier organizations, growing demand for enrollment growth, monitoring fraudulent cases and functional charges, and intensifying competition.
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Regional Insights
The North American market is experiencing the strongest growth and will continue to thrive during the given period. In order to control the rising costs of medical services, the North American market is said to be developing administrative medical services orders, expanding administrative requirements, developing EHR selection, and increasing government focus on personalized medicine, public health across the board, and value-based repayments.
The Asia Pacific market could see the fastest growth rate. The growing demand to eliminate medical errors is fueling the growth of the healthcare analytics market, one of the primary factors impacting its expansion in the area. The market is anticipated to develop over the course of the forecast period as a result of a rising number of new vendors entering the healthcare analytics space.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
