Healthcare Analytics Market Size By Product (Descriptive Analytics, Predictive Analytics, Prescriptive Analytics), By Application (Operation Management, Financial Management, Population Health, Management, Clinical Management), By End-Use (Hospital, Clinics), Industry Analysis Report, Regional Outlook, Growth Potential, COVID-19 Impact Analysis, Price Trends, Competitive Market Share & Forecast, 2022 – 2030

Industry Overview

Healthcare Analytics Market size accounted for USD 12.3 billion in 2021 and is estimated to grow at a CAR of over 11.8% between 2022 and 2030. Emergence of personalized and evidence-based medicine is widely prompted for use in healthcare decision making and is associated with effective outcomes for patient.
 

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It offers enhanced medication selection and targeted therapy, increased patient compliance, improves cost effectiveness, helps in developing novel therapeutic strategies, promotes consistency in treatment & optimal outcomes, etc. Thus, these factors are accelerating the demand for personalised and evidence-based medicine, thereby augmenting the global market growth.
 

Healthcare analytics refers to tools analyzing current and historic data to visualize trends and assists in forecast modeling. Healthcare analytics helps in enhancing the quality of clinical care, improves outreach, provides actionable insights, and manages the spread of diseases, among others. Benefits of healthcare analytics includes early detection of diseases, prevents unnecessary visits to doctors, provide precise results of patient’s tests, while also enabling healthcare facilities to be well prepared for disease management and providing optimum care services.
 

COVID-19 pandemic significantly impacted global economies, healthcare, social systems and caused significant fatalities as well. However, the emergence of COVID-19 pandemic has positively impacted the healthcare analytics market growth. Many organizations are noted to focus on implementing and enhancing data analytics and artificial intelligence in healthcare to provide precise results and cost-effective treatments.
 

Furthermore, big data analytical tools and solutions are essential for developing the knowledge required in decision making and preventive measures. Big data also plays an important role in COVID-19 for analysing and validate data, as it helped in controlling the spread of COVID-19 by helping key decision makers with providing mathematical modelling and data visualization.
 

Growing demand for cost effective and early treatment applications is expected to spur the overall market statistics

Adoption of big data in healthcare assists researchers to perform population health data analysis and helps limiting the potential risks of epidemics, treat diseases while lowering the overall costs associated with it. Such big data can include patients’ medical records, information collected by healthcare testing equipment, hospital records, prescription information, family medical history, personal ID as well as insurance details, among others.
 

Doctors and medical professionals use big data analysis to make efficient decisions regarding treatment and services. Thus, it helps doctors to identify illness/disease at early stage which can be treated early and costs less. Such aforementioned factors are expected to boost the adoption rate of healthcare analytics.
 

Lack of high technical and statistical knowledge among healthcare professionals is expected to restrain the market growth

It is observed that there exists a dearth of skilled professionals in the healthcare sector for the smooth adoption and integration of novel technologies such as big data analytics, machine learning and artificial intelligence, among others. This is one of the major factors hampering the healthcare analytics market demand. These professionals lack high technical and statistical knowledge to operate healthcare analytical solutions.
 

Furthermore, stringent data integrity and compliance regulations affects technology advancements adoption rate in healthcare industry. Hence, it is anticipated to remain one of the prime factors hampering the market growth.
 

Ease of using descriptive analytics is expected to drive the segmental expansion

Based on product, the healthcare analytics industry is divided into descriptive analytics, predictive analytics, and prescriptive analytics. Descriptive analytics segment accounted for over USD 6.5 million revenue share in 2021 and is anticipated to dominate the market throughout the forecast period. Descriptive analytics is the simplest form of healthcare analytics tools and is largely employed in analysing data, describing relationships and trends using current and historical data. Using such datapoints, descriptive healthcare analytics provides decision makers a holistic view to base their business strategies on.
 

Thus, descriptive analytics helps to interpret results of analysis as well as validate analytical findings, among others. Additionally, increasing implementation of descriptive healthcare analytics in hospitals and other healthcare institutions is also contributing to the segmental expansion.
 

Growing need for cost effective treatment is expected to boost the segmental revenue

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Based on application, the market is segmented into operations management, population health management, financial management, and clinical management. The financial management application segment is expected to witness a lucrative 11.2% CAGR over the forecast period. Increasing market demand for efficient healthcare facilities is boosting the segmental demand. Healthcare institutions are noted to increasingly focus on minimizing the overall cost of treatments while delivering optimum quality of care for patients.
 

Facilities are noted to implement healthcare analytics for financial management in order to maintain an optimum inventory to manage overspending or underspending on capital instruments and consumables. Moreover, with increasing number of insurance claims, the demand for optimum financial management is also observed to increase in order to detect fraudulent claims. Hence, the aforementioned factors largely contribute to the segmental growth.
 

Growing demand to minimize human errors and improve patients’ outcomes will fuel the market statistics

Based on end-use, the healthcare analytics market is divided into hospitals, clinics, and others. Hospitals segment dominated the market accounting for nearly USD 8.8 billion in 2021. Factors such as analysing clinical data to improve medical research, obtaining operational insights, utilisation of patients’ data to improve health outcomes, studying regional population health, among others, have resulted in growing adoption rates for healthcare analytics solutions and other tools across healthcare facilities, predominantly in hospitals.
 

Furthermore, several healthcare organisations are moving forward with incorporation of various healthcare analytics tools and software to minimize human error and reduce subsequent costs, thereby fostering the market forecasts.
 

Adoption of healthcare analytical tools in North America is expected to foster the regional market share

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North America accounted for over 65% revenue proportion in the global healthcare analytics market in 2021. Increasing prevalence of chronic diseases along with rising geriatric population creates a need for hospitals and other organizations to adopt healthcare analytics solutions. Therefore, rising adoption of healthcare analytics helps in lowering operational costs, promotes innovations and enhances quality of care delivered. In addition, technological advancements in data analytics along with a high density of prominent players operating in the regional market are few other factors that favour the North American industry demand.
 

Growth strategies of market players are focused on increasing the customer base

Few of the notable industry players operating in global healthcare analytics market are IBM Corporation, McKesson Corporation, OptumHealth, Inc, Allscripts Healthcare Solution, Inc, Athenahealth, Inc, Cerner Corporation, Inovalon Holding, Inc, Computer Programs and Systems, Inc, among others. These industry players implemented various strategies such as mergers, collaborations, acquisitions, new product launch, etc. in order to capture high revenue share in the market.
 

Some of the recent industry developments:

• In March 2021, McKesson Corporation launched ScriptPAS, a pharmacy management platform for oncology practices. This product launch enhanced its patient care portfolio.
   
• In September 2020, Inovalon launched the Inovalon DataStream API for analytical derivations of patient-specific data. This strategy strengthened the company’s product portfolio and enhanced its overall market positioning.
   

The healthcare analytics market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2017 to 2030, for the following segments:

By Product

• Descriptive analytics
• Predictive analytics
• Prescriptive analytics

By Application

• Operations management
• Financial management
• Population management
• Clinical management

By End-use

• Hospital
• Clinics
• Others

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • South Korea
• Latin America
  • Brazil
  • Mexico
• Middle East & Africa
  • South Africa
  • Saudi Arabia