Healthcare Analytics Market Worth US 130.1 Bn by 2027 at a CAGR of 24.2%

According to Nova one advisor, the global Healthcare Analytics market gathered revenue around USD 23.0 Billion in 2020 and market is set to grow USD 130.1 Billion by the end of 2027 and is estimated to expand at a modest CAGR of 24.2% during the prediction period 2021 to 2027.

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The increase in capital investments by the healthcare industry in the IT sector for better management and cost-effective patient care are key growth factors for the healthcare analytics market. 

Descriptive analytics holds the biggest revenue share, its use in studying historical data has been successfully and widely adopted during the pandemic for studies on patient populations, the current method of analysis has been studying historical data to devise actionable insights for professionals to act on. Predictive analytics accounted for the fastest growth owing to the ability to provide future prospects for growth and for delivering better results. 

By component, the services component had the largest revenue share in 2021, owing to the majority of healthcare institutes outsourcing their data analytics to third-party vendors. A large number of data analytics companies have been collaborating with the institutions to deliver meaningful insights for better patient care and for maximizing their profits by cost-cutting. Better patient monitoring, and care are key factors for the growth of this component. 

The on-premises delivery model holds the largest revenue share in the delivery mode segment. This has been due to the ease of access of data being on the site, i.e., at hospitals, etc. this has resulted in better patient monitoring, better management of records, etc., small institutions are manageable for on-premises delivery mode, another option for data storage is cloud-based. Cloud-based deployment has been the emerging delivery mode due to the fact that it provides a larger space virtually to store data for a multitude of patients. This is cost-effective and is a commercially more viable option for industries. 

The financial application was the top grosser in the applications category. Most of the industry in the healthcare sector is focusing on cutting costs, and maximizing their profit margins, but also are keen on delivering better care to customers. The costs incurred from insurance frauds have been on the rise, with the help of analytics tools, the aim is to find errors in insurance claims, thus reducing the cost of care. 

The life-science companies hold the highest revenue share amongst the end-users in the market. The companies are constantly looking to improve their products but doing so at a lower cost has been the agenda. Analytics plays a major role in understanding the market dynamics & future business prospects and the need of consumers for better product offerings and cost-cutting. Healthcare providers are increasingly adopting analytical platforms for studying and understanding clinical data being generated during the pandemic due to the overall increase in the prevalence of various diseases. The analytical platforms help them deliver better care and understand the dynamics of the spread of diseases and ways to control them. 

North America has been a key region in the healthcare analytics market, owing to the developed healthcare industry, the need for data analytical solutions due to the multitude of patient data has been the largest in the region. The presence of key market players has also been a reason for the largest market share. The fastest-growing region was the Asia Pacific, due to rapid development, increase in disease burden, the influx of capital in the healthcare industry are all propelling growth in this region. 

COVID-19 pandemic has resulted in the healthcare industry being over-burdened with patient load and an insurmountable amount of data generated from the coronavirus studies alone, coupled with other diseases, this presents a huge opportunity for IT firms and start-ups to lap up the information at hand and drive innovation and better ways to deliver care to patients. 

Report Coverage

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Healthcare Analytics Market Report Highlights

• The descriptive analysis had a market share of 37.1% in 2021, owing to its use in understanding historical datasets
• The services segment was the largest component, due to the majority of healthcare industries relying on IT companies for their services
• On-premises delivery mode was the most prominent in the market, due to ease of access and security
• Financial applications recorded the highest revenue share owing to the fact that the healthcare industry has been under the burden to reduce costs and deliver better patient care, together
• Life science companies were the largest end-users due to the need for companies to develop better products, improve their profits and deliver cost-effective care to patients has been a priority
• The North American region has been a pioneer in the healthcare data analytics industry owing to the presence of key players in the market

Regional Insights

North America had the largest market share of 49.8% as of 2021. The region has state-of-the-art healthcare facilities with the adoption of these platforms and better technological availability have all resulted in the large market share for North America. The rising burden of chronic ailments and the increasing geriatric population have also created a need for hospitals and other organizations to adopt analytics tools. The presence of key players in the market has also been a factor in the large share of the revenue. Microsoft launched Microsoft Cloud for Healthcare which will be a collaboration between patients and providers to help deliver better insights related to patient care. 

The fastest-growing market was the Asia-Pacific, fast development, more spending capacity, and growing population have all resulted in the fast growth registered by APAC. There have been significant growth and advancements in the industry in this region, which has also contributed to its growth. The reliance of consumers and healthcare providers on IT has been increasing thus the adoption rates of the analytics sector have also gone up. Australia-based start-up for healthcare analytics Prospection has opened an office in Japan and will be collaborating with international pharma customers to develop new treatments for the Japanese population.

Some of the prominent players in the Healthcare Analytics Market include:  McKesson Corporation; Optum, Inc.; Verisk Analytics Inc.; Elsevier; Medeanalytics Inc.; Truven Health Analytics; Allscripts Healthcare Solutions Inc.; IBM; Cerner Corporation; IQVIA; Oracle; SAS Institute, Inc.

Segments Covered in the Report

This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for the period of 2017 to 2027 and covers subsequent region in its scope:

• By Component
  • Software
  • Services
  • Hardware
• By Type
  • Descriptive Analysis
  • Predictive Analysis
  • Prescriptive Analysis
• By Application
  • Clinical
  • Financial
  • Operational & Administrative
• By Delivery Mode
  • Web Hosted
  • Cloud Based
  • On-premise
• By End-user
  • Life science Companies
  • Healthcare Payers
  • Healthcare Providers

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Key Benefits for Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the global Healthcare Analytics industry analysis from 2022 to 2030 to identify the prevailing Healthcare Analytics industry opportunity.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the global Healthcare Analytics industry segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global Healthcare Analytics industry trends, key players, market segments, application areas, and market growth strategies.

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