Healthcare Analytics Market Size Forecasted to reach USD 90.84 Billion by 2027
Over the projection period, the worldwide healthcare analytics market is predicted to reach USD 90.84 billion in 2027, up from USD 13.86 billion in 2019. This represents a compound annual growth rate (CAGR) of 27.9 percent from 2019. Applied to healthcare data and information, healthcare analytics refers to the computational analysis of data and information utilising a variety of technologies and procedures. When healthcare analytics are used effectively, they can help you make more effective and efficient operational and clinical decisions in your organisation. It is primarily employed in the assessment, management, and analysis of patient data, which is typically derived from electronic health records (EHRs). There are various benefits to using healthcare analytics, including reduced patient wait times, increased patient care quality, and more effective scheduling and staffing management, among others. Furthermore, it facilitates the streamlining of time-consuming and tiresome activities such as scheduling appointments, issuing recommendations, and processing insurance claims.
It is anticipated that the global healthcare analytics market would experience considerable expansion during the forecasted timeframe. Significant factors driving the growth of this market include the increasing demand for improved operational efficiency in the healthcare sector, the increasing emphasis on reducing overheads or unnecessary expenses, and the introduction of Big Data technologies into the healthcare industry, to name a few examples. The use of Big Data analytics in mobile health applications is becoming more common among healthcare providers around the world, which is helping to drive growth in the worldwide healthcare analytics market. One of the most important factors expected to drive market growth is an increase in the number of hospital admissions. Other important factors include an increase in the use of analytics in healthcare for administrative and operational analyses, as well as the growing need to streamline various internal processes. The healthcare industry makes substantial use of analytics to provide real-time healthcare solutions and to increase efficiency levels in the industry. Also contributing to the market growth has been the increasing adoption of the Internet of Things (IoT), rising demand for personalised medicine, increased healthcare research and development activities, and significant government funding for healthtech companies to develop advanced mobile health applications.
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The following are the report’s main highlights:
In terms of revenue share, the hardware sub-segment is likely to lead the global market for electronic components over the forecast period. One of the most important factors contributing to the expansion of this segment has been the development of innovative hardware components, such as computer components.
The descriptive analytics sub-segment is predicted to increase at the fastest rate over the projection period, regardless of the type of solution used to create it. A significant component in fostering the growth of this industry is the use of descriptive analytics to evaluate potential past and future insights into healthcare.
The healthcare payer sub-segment accounts for the highest share of the worldwide healthcare analytics market in terms of end-use, and it is expected to maintain its dominance during the projection period. Various healthcare analytics tools assist healthcare payers in identifying areas for improvement in clinical practise as well as in developing novel treatment strategies.
During the next few years, North America is expected to overtake Europe as the dominant regional market for healthcare analytics. The increasing use of electronic health records (EHRs), stringent regulations aimed at lowering rising healthcare costs, increasing desire for enhanced clinical results, and a growing emphasis on customised medicine all contribute to the market’s expansion in this region.
Health Catalyst Inc., Oracle Corporation, MedeAnalytics, Inc., Athenahealth Inc., Evolent Health, Tenet Healthcare Corporation, Epic Systems Corporation, TIBCO Software Inc., Verisk Analytics, Inc., and SAP SE are some of the major market competitors.
Information Builders, Inc., a premier data analytics software company, was bought by TIBCO Software Inc. in October 2020, allowing the company to expand its extensive variety of healthcare analytics and methodologies even further.
Tricog Health India Pvt. Ltd. raised around USD 10.5 million in funds in March 2020 from investors such as the University of Tokyo Edge Capital (Japan), Dream Incubator, Aflac Ventures LLC, and TeamFund, among other institutions (U.S). It was stated by the healthcare analytics start-up that the cash would be used to assist the company in expanding its remote patient monitoring services as well as strengthening its presence throughout Asia and Africa.
According to Emergen Research, the worldwide healthcare analytics market is classified into five categories: component type, deployment type, solution type, application, end-use, and geography.
From 2017 through 2027, Revenue by Component Type (in billions of dollars)
Deployment-based Software and Hardware Services (revenue in billions of dollars; 2017–2027)
On-premise \sCloud-based
Solution Type (Revenue in Billion Dollars, USD) (2017–2027)
Predictive Analytics is a type of analytics that predicts the future.
Prescriptive Analytics is a type of analytics that predicts what will happen next.
Indicators of Descriptive Analytics by Application (Revenue in Billion Dollars; 2017-2027).
Analytical Study in Clinical Practice
Analysis of Administrative and Operational Processes
Analyze the financial situation
By end-use (revenue in billions of dollars USD; 2017–2027)
By Region (Revenue, USD Billion; 2017–2027), healthcare payers and healthcare providers are ranked.
North America is a continent that includes the United States, Canada, and Mexico.
U.S. \sCanada
Mexico
Europe
U.K. \sGermany
France
Rest of Europe (BENELUX) BENELUX
Asia and the Pacific
China
Japan
South Korea is a country in East Asia.
India
The rest of Asia and the Pacific
Latin America is a continent that includes
Brazil
The remainder of Latin America
Africa and the Middle East
Saudi Arabia is a country in the Middle East.
United Arab Emirates (UAE) and the rest of the Middle East and Africa
