The global healthcare analytics market size was estimated to be USD 36.41 billion in 2023 and is expected to reach at USD 310.2 billion by 2033 with a CAGR of 21.52% during the forecast period 2023-2033. Increasing demand for data-driven decision making, increasing focus on value-based care and population health management, technological advancements, growing focus on personalized medicine, increasing adoption of electronic health records, and growing awareness of preventive healthcare will drive market growth.
Healthcare analytics now have far greater capabilities due to technological developments like cloud computing, big data analytics, artificial intelligence (AI), and machine learning. Healthcare organisations can now extract valuable insights from large, complicated datasets owing to these technologies' faster data processing, real-time insights, predictive modelling, and automation capabilities. For instance, Google Cloud announced in January 2023 that Healthcare Data Lake, a new healthcare analytics platform, had been launched. This platform is intended to support the storage, analysis, and sharing of healthcare data by healthcare organisations.
By type, the descriptive analytics type was highest revenue-grossing segment in 2022 due to the fact that descriptive analytics help healthcare payers and providers to improve their business practices. An increasing number of companies are using descriptive analysis methods to boost market growth potential. Predictive analysis is predicted to expand at the fastest pace due to the fact that it employs data sets produced by descriptive analytics by analyzing data for useful future insights.
By application, the financial analytics segment accounted the largest revenue share in 2022 due to growing use of analytics to control rising healthcare expenses and provide excellent patient care. Additionally, the widespread application of analytics to identify and stop healthcare fraud will increase demand for it inside all healthcare organisations. The clinical analytics market, on the other hand, has the fastest CAGR over the anticipated years. By using data analytics tools, clinical analytics helps to lower healthcare costs and expands access to healthcare provider networks. Additionally, the increasing investor interest in companies that offer therapeutic solutions is projected to accelerate segment expansion.
By mode of delivery, the on-premises segment is expected to have highest market share in 2022 due to the fact that on-premises deployment enables end users to use solutions from several providers, allowing for customization to meet end user needs. Majority of institutions are currently installing software and instruments to store data at their own premises, leading to the huge market share of this form of delivery due to the convenience of access and security. The current technologies are useful in small organizations, but when scaled up, they can make data management challenging if the organization is working with a sizable dataset. This may require substantial capital investments for data security and storage. The cloud-based is expected to grow at the fastest pace due to its ease of storage, low capital requirements, enhanced flexibility, and efficiency.
By end-use, the life science companies was highest revenue-grossing segment in 2022. The life-science sector is currently using analytical tools and platforms most extensively to lower product costs, boost profit margins, and produce better products, which is accelerating segment adoption and growth. To appeal to a larger market, the companies are continually investing money in enhancing their product ranges and offerings. As a result, analytical tools are now required to help people make decisions that are both value-based and better at understanding and predicting the market. The healthcare providers are predicted to grow at the fastest rate. This is because hospitals and healthcare professionals have had a particularly difficult time providing cost-effective care and better patient management during and after the pandemic, which has led to the expansion of this end user segment.
In 2022, the North American region accounted for the highest revenue in the practice management system market during the forecast period. This can be attributed to technological advancements, a high patient awareness rate, and increasing investments in healthcare IT solutions. According to American Heart Association estimates for 2022, there were 6 million cases of heart failure in the country in 2021, or 1.8% of the entire populationT solutions. According to American Heart Association statistics for 2022, there were 6 million cases of heart failure in the country in 2021, or 1.8% of the entire population. As a result, the high prevalence of heart failure cases in the nation is predicted to raise the need for clinical decision support systems to assist doctors and other healthcare workers. Asia Pacific is expected to grow at the fastest rate. The region's rapid development, increased purchasing power, and expanding population have all contributed to the region's rapid expansion.
Healthcare analytics now have far greater capabilities due to technological developments like cloud computing, big data analytics, artificial intelligence (AI), and machine learning. Healthcare organisations can now extract valuable insights from large, complicated datasets owing to these technologies' faster data processing, real-time insights, predictive modelling, and automation capabilities. For instance, Google Cloud announced in January 2023 that Healthcare Data Lake, a new healthcare analytics platform, had been launched. This platform is intended to support the storage, analysis, and sharing of healthcare data by healthcare organisations.
By type, the descriptive analytics type was highest revenue-grossing segment in 2022 due to the fact that descriptive analytics help healthcare payers and providers to improve their business practices. An increasing number of companies are using descriptive analysis methods to boost market growth potential. Predictive analysis is predicted to expand at the fastest pace due to the fact that it employs data sets produced by descriptive analytics by analyzing data for useful future insights.
By application, the financial analytics segment accounted the largest revenue share in 2022 due to growing use of analytics to control rising healthcare expenses and provide excellent patient care. Additionally, the widespread application of analytics to identify and stop healthcare fraud will increase demand for it inside all healthcare organisations. The clinical analytics market, on the other hand, has the fastest CAGR over the anticipated years. By using data analytics tools, clinical analytics helps to lower healthcare costs and expands access to healthcare provider networks. Additionally, the increasing investor interest in companies that offer therapeutic solutions is projected to accelerate segment expansion.
By mode of delivery, the on-premises segment is expected to have highest market share in 2022 due to the fact that on-premises deployment enables end users to use solutions from several providers, allowing for customization to meet end user needs. Majority of institutions are currently installing software and instruments to store data at their own premises, leading to the huge market share of this form of delivery due to the convenience of access and security. The current technologies are useful in small organizations, but when scaled up, they can make data management challenging if the organization is working with a sizable dataset. This may require substantial capital investments for data security and storage. The cloud-based is expected to grow at the fastest pace due to its ease of storage, low capital requirements, enhanced flexibility, and efficiency.
By end-use, the life science companies was highest revenue-grossing segment in 2022. The life-science sector is currently using analytical tools and platforms most extensively to lower product costs, boost profit margins, and produce better products, which is accelerating segment adoption and growth. To appeal to a larger market, the companies are continually investing money in enhancing their product ranges and offerings. As a result, analytical tools are now required to help people make decisions that are both value-based and better at understanding and predicting the market. The healthcare providers are predicted to grow at the fastest rate. This is because hospitals and healthcare professionals have had a particularly difficult time providing cost-effective care and better patient management during and after the pandemic, which has led to the expansion of this end user segment.
In 2022, the North American region accounted for the highest revenue in the practice management system market during the forecast period. This can be attributed to technological advancements, a high patient awareness rate, and increasing investments in healthcare IT solutions. According to American Heart Association estimates for 2022, there were 6 million cases of heart failure in the country in 2021, or 1.8% of the entire populationT solutions. According to American Heart Association statistics for 2022, there were 6 million cases of heart failure in the country in 2021, or 1.8% of the entire population. As a result, the high prevalence of heart failure cases in the nation is predicted to raise the need for clinical decision support systems to assist doctors and other healthcare workers. Asia Pacific is expected to grow at the fastest rate. The region's rapid development, increased purchasing power, and expanding population have all contributed to the region's rapid expansion.
Segmentation: Healthcare Analytics Market Report 2022-2033
Healthcare Analytics Market Analysis & Forecast by Type 2022-2033 (Revenue USD Bn)
- Descriptive Analytics
- Predictive Analytics
- Prescriptive Analytics
Healthcare Analytics Market Analysis & Forecast by Application 2022-2033 (Revenue USD Bn)
- Clinical Analytics
- Financial Analytics
- Operational Analytics
- Population Health Analytics
- Claims Analytics
- Research Analytics
Healthcare Analytics Market Analysis & Forecast by Mode of Delivery 2022-2033 (Revenue USD Bn)
- On-Premises Solutions
- Cloud-Based Solutions
- Web-Based Solutions
Healthcare Analytics Market Analysis & Forecast by End-user 2022-2033 (Revenue USD Bn)
- Healthcare Payers
- Healthcare Providers
- Life Science Companies
Healthcare Analytics Market Analysis & Forecast by Region 2022-2033 (Revenue USD Bn)
North America
- U.S
- Canada
Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of APAC
Latin America
- Brazil
- Mexico
- Argentina
- Rest of LATAM
Middle East & Africa
- South Africa
- GCC
- Rest of MEA
Table of Contents
1. Research Methodology
2. Introduction
4. Market Environment Analysis
5. Market Dynamics
7. Healthcare Analytics Market: Type Estimates & Trend Analysis
8. Healthcare Analytics Market: Application Estimates & Trend Analysis
9. Healthcare Analytics Market: Mode of Delivery Estimates & Trend Analysis
10. Healthcare Analytics Market: End-user Estimates & Trend Analysis
11. Regional Market Analysis
12. North America Healthcare Analytics Market
13. Europe Global Healthcare Analytics Market
14. Asia Pacific Global Healthcare Analytics Market
15. Latin America Global Healthcare Analytics Market
16. MEA Global Healthcare Analytics Market
17. Competitor Analysis
18. Company Profiles
Companies Mentioned
- IBM Watson Health
- Cerner Corporation
- Epic Systems Corporation
- Allscripts Healthcare Solutions
- McKesson Corporation
- Change Healthcare
- MedeAnalytics
- Health Catalyst
- Philips Healthcare
- SAS Institute Inc.
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 145 |
| Published | July 2023 |
| Forecast Period | 2022 - 2033 |
| Estimated Market Value ( USD | $ 36.41 Billion |
| Forecasted Market Value ( USD | $ 310.2 Billion |
| Compound Annual Growth Rate | 21.5% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
