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Healthcare Analytics Market Trends

Report ID: GMI1400
Published Date: Nov 2023
Report Format: PDF

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Healthcare Analytics Market Trends

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, contributing to the overall market growth.

However, 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 market growth.

These professionals lack high technical and statistical knowledge to operate healthcare analytical solutions. Further, stringent data integrity and compliance regulations affects technology advancements adoption rate in healthcare industry.

Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

The global healthcare analytics industry size was around USD 16.4 billion in 2022 and is expected to reach USD 55.6 billion by end of 2032.

The financial management segment held the market share of 33.5% in 2022 and is expected to grow through 2032 as healthcare institutions are increasingly focusing on minimizing the overall cost of treatments while delivering optimum quality of care for patients.

North America healthcare analytics market share is expected to reach more than 63% by 2032 attributed to its cutting-edge healthcare facilities, widespread adoption of advanced platforms, and robust technological infrastructure.

McKesson Corporation, IBM Corporation, OptumHealth, Inc., Allscripts Healthcare Solution Inc., Oracle (Cerner) Corporation, Athenahealth, Inc., Inovalon Holding Inc, Computer Programs and Systems, Inc., Change Healthcare, Tenet Healthcare Corporation, GE Healthcare, Evolent Health, and Influence Health Inc.