Healthcare Analytics Market is valued at USD 29.54 Billion in 2021 and expected to reach USD 162.69 Billion by 2028 with a CAGR of 27.6% over the forecast period.
Global Healthcare Analytics Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2022-2028- Increasing adoption of big data in healthcare organizations, rising popularity of personalized medicine, and growing adoption of healthcare analytics are some of the major factors driving the growth of the Global Healthcare Analytics Market.
Healthcare analytics is defined as the effective use of data and related business insights that are generated through predictive, comparative, qualitative, cognitive, and other predictive analytics models. There are four types of healthcare analytics these are cognitive analytics, descriptive analytics, prescriptive analytics, and predictive analytics. Healthcare analytics software and services enable understanding and revealing factors such as future forecasting, and historical data patterns, and provide actionable insights to lead information-based decision-making to improve the financial, and operational performance of healthcare facilities. Healthcare analytics solutions use vast amounts of collected data to offer organizations actionable insights.
The Covid-19 pandemic has shown a positive impact on the growth of the global healthcare analytics market. The Covid-19 pandemic accelerated the shift to digital health and led to record investments in health technology, including data analytics. Predictive analytics has been boosted to help healthcare organizations better understand which patients are at risk, where resources are most needed, and where the disease is likely to grow next. Furthermore, Covid has led to significant changes in operational processes to collect, document, and report data which positively impacts the need for analytics.
The global healthcare analytics market is segmented on the type, component, deployment model, application, end-use AND region & country level. Based on type, the global healthcare analytics market is segmented into cognitive analytics, descriptive analytics, prescriptive analytics, and predictive analytics. By component, the global healthcare analytics market is segmented into services, software, and hardware. By deployment model, the global healthcare analytics market is segmented into on-demand, on-premise. By application, the global market is segmented into operation & administrative analytics, clinical analytics, population health, and financial analytics. By end-use, the global healthcare analytics market is segmented into healthcare payers, life science companies, and healthcare providers.
The regions covered in the global healthcare analytics market report are North America, Europe, Asia-Pacific, Latin America, and the rest of the World. Based on country level, the market of global healthcare analytics is sub divided into U.S., Mexico, Canada, U.K., France, Germany, China, Italy, India, Japan, Southeast Asia, Middle East Asia (Saudi Arabia, UAE, Egypt) GCC, Africa, etc.
|Historical data||2018 - 2021|
|Forecast Period||2022 - 2028|
|Market Size in 2021:||USD 29.54 Billion|
|Base year considered||2021|
|Forecast Period CAGR %:||
|Market Size Expected in 2028:||USD 162.69 Billion|
|Tables, Charts & Figures:||175|
|Healthcare Analytics Companies||IBM, Optum, Cerner, SAS Institute, Allscripts, McKesson, MedeAnalytics, Oracle, Inovalon, Health Catalyst, SCIO Health Analytics, Cotiviti, CitiusTech, Wipro, VitreosHealth, and others.|
|Segments Covered||By Type, By Component, By Deployment Model, By Application, By End-User|
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|
PINC AI Launched INsights, an Enhanced Technology Offering for Customized, On-Demand Healthcare Analytics
On January 19th, 2022; PINC AI, Premier, Inc's technology and services platform, launched INsights, an enhanced self-service healthcare solution for creating customized, on-demand analytics. INsights are a vendor-agnostic analytics platform that accesses PINC AI's pure, standardized and risk-adjusted healthcare data, including all U.S. Covers more than 45 percent of hospital inpatient discharges. INsights users leverage pre-developed analytics developed by PINC AI, as well as conduct customized data queries and visualizations using PINC AI or their own data sources.
Amazon Launched Service for Big Data Analytics in Healthcare
On December 10th, 2020; Amazon Web Services (AWS) announced Amazon HealthLake, a HIPAA-eligible service that aims to support interoperability standards and further drive the use of big data analytics in healthcare. Amazon HealthLake aimed to collect an organization’s complete data across different siloes and varying formats into a centralized data lake, automatically standardizing the data using machine learning techniques. The service allows organizations to store, tag, index, standardize, query, and apply machine learning techniques to analyze data in the cloud.
Increasing Adoption of Big Data in Healthcare Organizations, Rising Popularity of Personalized Medicine, and Growing Adoption of Healthcare Analytics are the Major Factors Driving the Market Growth
One of the major factors driving the growth of the healthcare analytics market is the increasing adoption of big data in healthcare organizations. Increasing adoption of big data among healthcare organizations to combat various risks associated with various chronic diseases drives the growth of the market. In addition, increasing adoption of telemedicine solutions across various enterprises to reduce operational costs and improve the quality of services is driving the market growth. Moreover, big data also helps to store critical patient information that can be used to improve clinical outcomes for organizations. It leverages labor costs and increases the productivity of organizations, which also boosts the market growth. Increasing investment in practice solutions through workforce management tools, electronic health records, and various healthcare solutions is also fostering the market growth.
In addition, the rising popularity of personalized medicine is also boosting the growth of the healthcare analytics market. In order to offer customized treatment options, it is necessary to study the anatomy of individual patients to identify their specific drug reactions. The result is that a huge amount of genome-centric data is generated, which needs to be properly studied, in order to create the most effective medication or treatment course for individual patients, thereby advancing the industry. For instance; according to Personalized Medicine Coalition, on November 17th, 2020; the number of personalized medicines on the market in the United States has increased from 132 in 2016 to 286 in 2020.
Moreover, the growing adoption of healthcare analytics is also supplementing the healthcare analytics market growth. The adoption of healthcare analytics is predicted to grow rapidly worldwide as it can reduce potential treatment costs, predict disease outbreaks, prevent preventable diseases, and improve overall care and quality of life for patients. However, the data breaching associated with healthcare analytics may hinder the growth of the global healthcare analytics market. Despite that, the use of analytics in precision and personalized medicine and cloud-based analytics extend profitable may create more opportunities for the further growth of the market.
North America Holds a Major Share in the Global Healthcare Analytics Market
Geographically, North America holds a major share in the global healthcare analytics market within the forecast period due to the increasing geriatric population, rising prevalence of chronic diseases, and technological advancements in this field in this region. The increasing geriatric population is driving the growth of the healthcare analytics market. For example; according to Rural Health Information Hub, on April 6th, 2019; there were 46 million people aged 65 in the US. The number of geriatric populations is projected to double to 90 million by 2050. In addition, the rising prevalence of chronic diseases is also supplementing the market growth in this region. For example; according to the Center for Disease Control Gov., on September 17th, 2020; 51.8% of US adults had at least one chronic condition, and 27.2% had multiple chronic conditions.
The Asia Pacific is the fastest-growing region in the global healthcare analytics market due to increasing awareness about healthcare analytics, rising population, and advancements in the industry in this region. For instance; according to global security; on October 24th, 2021; China and India are the world's two largest countries, each with more than 1 billion people, representing 19 and 18% of the world's population, respectively.
By Region Analysis
Middle East and Africa