Healthcare Analytics Market Growth is Driven by Technological Advancements and Data-Driven Healthcare Initiatives
Austin, United States, Feb. 10, 2025 (GLOBE NEWSWIRE) — According to SNS Insider, the global Healthcare Analytics Market size was valued at USD 39.56 billion in 2023, is projected to reach USD 249.50 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 22.72% during the forecast period from 2024 to 2032.
Market Overview
The primary force behind the surging adoption of healthcare analytics in recent times relates to the increasingly high demand in healthcare for a data-driven process of decision-making. Healthcare organizations are using analytics to enhance their patient care levels, decrease operating costs, and improve overall systems efficiency. Technological advancements-including artificial intelligence and machine learning also accelerated the development of advanced analytics capabilities, while high volumes of data in healthcare drive the creation of complex analytics products. These tools allow for predictive insights, personalized treatment plans, and efficient resource management. Government initiatives supporting the adoption of electronic health records and data interoperability further fuel the market’s growth. Data privacy issues, interoperability problems, and a scarcity of professionals are some factors that can restrict market expansion. Yet, the continuous development of analytics technologies and the increased value-based care emphasize significant opportunities for market players.
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Major Players Analysis Listed in this Report are:
Merative – IBM Watson Health
Optum, Inc. – Optum Analytics, OptumIQ
SAS Institute Inc. – SAS Health Analytics, SAS Viya for Healthcare
Oracle – Oracle Health Sciences, Oracle Analytics Cloud
Citiustech Inc. – HealthCumulus, HealthBI
Inovalon – Inovalon ONE Platform
McKesson Corporation – McKesson Data Analytics Solutions
MedeAnalytics, Inc. – MedeAnalytics Platform
Cotiviti, Inc. – Cotiviti Analytics Platform
Exlservice Holdings, Inc. – EXL Health Analytics Solutions
Wipro – Wipro Health Analytics, Wipro HOLMES
Apixio – Apixio AI Platform
Komodo Health, Inc. – Komodo Healthcare Platform
Health Catalyst – Health Catalyst Data Operating System (DOS), Healthcare Analytics Platform
Evidation Health, Inc. – Evidation Analytics Platform
HealthCorum – HealthCorum Analytics
Aetion, Inc. – Aetion Evidence Platform
Tredence Inc. – Tredence Healthcare Analytics Solutions
Sisense Ltd. – Sisense for Healthcare
Healthcare Analytics Market Report Scope
Report Attributes
Details
Market Size in 2023
US$ 39.56 billion
Market Size by 2032
US$ 249.50 billion
CAGR
CAGR of 22.72% From 2024 to 2032
Base Year
2023
Forecast Period
2024-2032
Historical Data
2020-2022
Key Regional Coverage
North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East]), Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America)
Key Growth Drivers
The integration of advanced analytics in healthcare is propelling market growth, enhancing patient outcomes, and optimizing operational efficiencies.
Key Market Trends in Healthcare Analytics Market
AI-driven predictive and prescriptive analytics are transforming healthcare decision-making by enhancing early disease detection, personalized treatments, and resource optimization.
The increasing need for real-time patient monitoring and rapid decision-making is driving the adoption of real-time healthcare analytics, particularly in critical care and emergency response systems.
The shift from fee-for-service to value-based care is fueling demand for healthcare analytics, helping providers improve patient outcomes while controlling costs and optimizing reimbursements.
Governments and regulatory bodies are promoting interoperability and electronic health record (EHR) adoption, boosting the implementation of analytics solutions across healthcare systems.
Segment Analysis
By Type
In 2023, descriptive analytics held the largest share of the healthcare analytics market, at 37.8%. This type of analytics is used to interpret historical data to identify trends and patterns within healthcare systems, which helps organizations track past performance and patient outcomes.
Predictive analytics is the fastest-growing segment that uses historical data to predict future outcomes and possible risks. The healthcare sector focuses on improving patient outcomes, reducing costs, and optimizing resource utilization, which explains the rapid adoption of predictive analytics.
By Component
The services segment was the dominant component for 2023, accounting for 39% of the market share. Increased demand for consulting, implementation, and support services has facilitated this trend. Healthcare organizations’ adoption of advanced analytics tools calls for expert services to integrate and maintain them.
The services segment also happens to be the fastest growing, driven by the increasing requirement for professional services to support the deployment and optimization of complex analytics solutions. Healthcare organizations are increasingly finding themselves in need of a specialized service provider to navigate through the complexities of advanced analytics tools.
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Healthcare Analytics Market Segmentation
By Type
Descriptive Analysis
Predictive Analysis
Prescriptive Analysis
By Component
Software
Hardware
Services
By Delivery Mode
On-premises
Web-hosted
Cloud-based
By Application
By End-use
Healthcare Payers
Healthcare Providers
Life Science Companies
Regional Analysis
North America held the largest revenue share of 49.2% in 2023 for the healthcare analytics market.
The dominance is primarily attributed to advanced digital infrastructure, supportive regulatory policies, and proactive government initiatives for promoting analytics adoption in healthcare. Increasing incidence rates of various diseases drive the demand for advanced diagnostics and therapeutics, further pushing market growth.
The Asia Pacific region is anticipated to grow at the highest rate during the forecast period. The growth can be attributed to the increasing adoption of digitalization in diagnostic laboratories and hospitals, an aging population, and an increasing prevalence of chronic diseases. Key initiatives include collaborations between healthcare providers and technology companies to use analytics to enhance healthcare delivery in the region.
Recent Developments
In December 2024, Forian Inc. announced a partnership with Databricks to expand access to its Chartis product, which maps physician and organization affiliations, through the Databricks Marketplace.
Tuva Health unveiled an open-source platform to change the healthcare analytics industry in December 2024, emerging from stealth mode with USD 5 million in funding and partnering with more than 25 organizations.
In November 2024, Wellstack partnered with Hartford HealthCare to enhance data integration and healthcare analytics, using Wellstack’s advanced data platform to support Hartford HealthCare’s goal of delivering high-quality, patient-centered care.
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Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
5.1 Market Penetration and Adoption Rates (2023)
5.2 Spending Trends on Healthcare Analytics (2023), by Region
5.3 Data Volume and Utilization, by Region (2020–2032)
5.4 Healthcare Analytics Solutions Revenue, by Region and Application (2023)
5.5 Technological Advancement and Integration Trends (2023)
5.6 ROI and Efficiency Gains from Analytics (2023)
6. Competitive Landscape
7. Healthcare Analytics Market by Type
8. Healthcare Analytics Market by Component
9. Healthcare Analytics Market by Delivery Mode
10. Healthcare Analytics Market by Application
11. Healthcare Analytics Market by End-use
12. Regional Analysis
13. Company Profiles
14. Use Cases and Best Practices
15. Conclusion
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