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Healthcare Analytics Market - Forecasts from 2021 to 2026

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  • 115 Pages
  • July 2021
  • Region: Global
  • Knowledge Sourcing Intelligence LLP
  • ID: 5397975
The global healthcare analytics market is projected to grow at a CAGR of 20.43% to reach US$57.621 billion by 2026 from US$15.679 billion in 2019. Healthcare Analytics pertains to the collection and analysis of healthcare data relating to claims and costs, pharmaceutical research and development, medical records, and patient behavior and sentiments coupled with the process of deriving insights from patterns and correlations found in healthcare big data and used to make better healthcare decisions. Healthcare analytics extends beyond data management to finding meaning in real-time or historical data and making predictions to improve the probability of success.

Factors driving the market are growing demand for better patient outcomes, availability, and accessibility of big data in healthcare, increasing government initiatives to enhance healthcare provision, Furthermore, shifting focus towards medicine customization, value-based healthcare services, and increase in the number of patients and medical records have made healthcare analytics imperative.

Need to limit expenses and improve operational efficiencies to drive the market growth

Inclining healthcare costs attributing to a fostering arrangement of medical services benefits, the refinement of treatment, and the need to diminish expenses and improve operational efficiencies are expected to drive the market growth. As per the United States Center for Medicare and Medicaid Services, the per capita healthcare spending of the US reached $11,582 in 2019. And, National Healthcare Expenditure grew 4.6% to $3.8 trillion in 2019 and accounted for 17.7% of Gross Domestic Product.

Government policies, programs, and incentives to provide opportunities in the market

Healthcare analytics consistently incorporate various changes in the healthcare industry across the globe. Various government policies, programs, and incentives are being initiated by the governments of developed and emerging nations across the globe to enhance the experience in healthcare services. For instance, in 2016, the European Commission identified at that time 10 priority projects on Big Data implemented in Europe in a systematic review published. Additionally, the European Union had developed a project called “Bigmedilytics” in 2018 regarding the reduction of cost, better improvement of patients, and better access to the health networks. It also develops the best “Big Data technology and Healthcare policy” practices related to big data technologies, new business models, and European and national healthcare data policies and regulations.

Technological advancements and expanding interest of investors to grow market share

Additionally, the expanding amount of complex data because of the progress from paper-bound to electronic medical accounts and its capacity to improve specialists’ practice will encourage the market share. Moreover, technological advancements and expanding interest of investors in healthcare analytical tools are other preferring factors that help the market propel.

In May 2021, Google Cloud and HCA Healthcare announced a partnership to improve data analytics and clinical decision support technologies at HCA Healthcare. The companies will operate to establish a secure and dynamic data analytics platform for HCA Healthcare, for facilitating innovative operational models on actionable insights and more productive workflows through its 32 million annual encounters to discover opportunities to enhance clinical care and support its 93,000 nurses and 47,000 active and affiliated physicians.

In June 2021, QPharma, a cloud-based software, and services company for life sciences announced the launch of Neolytica, a subsidiary that will take healthcare analytics to an extraordinary level focusing on platforms and solutions using next-generation technologies like NLP, AI, face recognition, and chatbots.

Insufficient skilled personnel to restrain the market growth

Notwithstanding, information stockpiling and analyzing the raw information requires an appropriately trained workforce. There is an expanding expertise gap that is going about as a hindrance to the healthcare sector. The absence of wide abilities, information, mastery, and experience needed to work in the data analytics field are critical concerns for the healthcare analytics market. As a result, the Indian government has promised to set up an institute of Big data and analytics with an aim to skilled personnel and improve public healthcare.

Geographically, North America is expected to witness the highest market growth over the projected period owing to advanced Information and Communication Technology and the presence of large IT firms, followed by Europe. In June 2021, EXL, American multinational services company involved in operations management and analytics, announced the launch of new Integrated Revenue Management Solutions from its EXL Health division. EXL Health has entered a partnership with REVELOHEALTH, a contributor of solutions aimed at converting healthcare data into actionable information.

Market Segmentation:

By Type

  • Prescriptive Analytics
  • Predictive Analytics
  • Descriptive Analytics

By Solution

  • Hardware
  • Software
  • Services

By Development Model

  • On-Premise
  • Cloud

By Application

  • Clinical Data Analytics
  • Financial Data Analytics
  • Risk Management
  • Others

By End-user

  • Healthcare Professionals
  • Pharmaceutical Companies
  • Research Organization

By Geography

  • North America
  • USA
  • Canada
  • Mexico
  • South America
  • Brazil
  • Argentina
  • Others
  • Europe
  • Germany
  • France
  • UK
  • Spain
  • Others
  • Middle East and Africa
  • Saudi Arabia
  • UAE
  • Others
  • Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Taiwan
  • Thailand
  • Indonesia
  • Others
Frequently Asked Questions about the Healthcare Analytics Market

What is the estimated value of the Healthcare Analytics Market?

The Healthcare Analytics Market was estimated to be valued at $15.68 billion in 2019.

What is the growth rate of the Healthcare Analytics Market?

The growth rate of the Healthcare Analytics Market is 20.4%, with an estimated value of $57.62 billion by 2026.

What is the forecasted size of the Healthcare Analytics Market?

The Healthcare Analytics Market is estimated to be worth $57.62 billion by 2026.

Who are the key companies in the Healthcare Analytics Market?

Key companies in the Healthcare Analytics Market include IBM Corporation, Oracle, Optum Inc., Crener Corporation, Health Catalyst and Medeanalytics.

Table of Contents

1. Introduction
1.1. Market Definition
1.2. Market Segmentation
2. Research Methodology
2.1. Research Data
2.2. Assumptions
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Powers of Buyers
4.3.3. Threat of Substitutes
4.3.4. The threat of New Entrants
4.3.5. Competitive Rivalry in Industry
4.4. Industry Value Chain Analysis
5. Healthcare Analytics Market, by Type
5.1. Introduction
5.2. Prescriptive Analytics
5.3. Predictive Analytics
5.4. Descriptive Analytics
6. Healthcare Analytics Market, by Solution
6.1. Introduction
6.2. Hardware
6.3. Software
6.4. Services
7. Healthcare Analytics Market, by Development Model
7.1. Introduction
7.2. On-Premise
7.3. Cloud
8. Healthcare Analytics Market, by Application
8.1. Introduction
8.2. Clinical Data Analytics
8.3. Financial Data Analytics
8.4. Risk Management
8.5. Others
9. Healthcare Analytics Market, by End-Users
9.1. Introduction
9.2. Healthcare Professionals
9.3. Pharmaceutical Companies
9.4. Research Organization
10. Healthcare Analytics Market, by Geography
10.1. Introduction
10.2. North America
10.2.1. United States
10.2.2. Canada
10.2.3. Mexico
10.3. South America
10.3.1. Brazil
10.3.2. Argentina
10.3.3. Others
10.4. Europe
10.4.1. Germany
10.4.2. France
10.4.3. United Kingdom
10.4.4. Spain
10.4.5. Others
10.5. The Middle East and Africa
10.5.1. Saudi Arabia
10.5.2. UAE
10.5.3. Israel
10.5.4. Others
10.6. Asia Pacific
10.6.1. China
10.6.2. India
10.6.3. South Korea
10.6.4. Taiwan
10.6.5. Thailand
10.6.6. Indonesia
10.6.7. Japan
10.6.8. Others
11. Competitive Environment and Analysis
11.1. Major Players and Strategy Analysis
11.2. Emerging Players and Market Lucrative
11.3. Mergers, Acquisition, Agreements, and Collaborations
11.4. Vendor Competitiveness Matrix
12. Company Profiles
12.1. IBM Corporation
12.2. Oracle
12.3. Optum Inc.
12.4. Crener Corporation
12.5. Health Catalyst
12.6. Geneia LLC
12.7. Medeanalytics

Companies Mentioned

  • IBM Corporation
  • Oracle
  • Optum Inc.
  • Crener Corporation
  • Health Catalyst
  • Geneia LLC
  • Medeanalytics