Vancouver, Nov. 08, 2023 (GLOBE NEWSWIRE) — The global healthcare analytics market is estimated to reach USD 249.87 Billion by 2032, according to a current analysis by Emergen Research. During the forecast period, the global healthcare analytics market is likely to expand significantly, due to the rising adoption of analytics for marketing and sales purposes in the healthcare industry. Rising beneficial initiatives by governments such as inclusion of electronic health records (EHRs) in hospitals and clinics are expected to fuel the global healthcare analytics market during the forecast period. Moreover, growing awareness about evidence-based and personalized medicines would lead to processing and analysis of a large volume of digital genomic information, which is projected to boost the global healthcare analytics market during the forecast period.
Issues of privacy and data integrity related to analytics solutions are anticipated to hinder the global healthcare analytics market during the forecast period.
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Segments Covered in Report
|The market size in 2019||USD 13.86 Billion|
|The revenue forecast in 2032||USD 249.87 Billion|
|Base year for estimation||2019|
|Quantitative units||Volume in tons, revenue in USD Billion, and CAGR from 2020 to 2027|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Component, deployment, solution, application, end-use, and region|
|Regional scope||North America; Europe; Asia Pacific; Latin America; Middle East & Africa|
|Country scope||U.S.; Canada; Mexico; U.K.; Germany; France; BENELUX; Italy; Spain; China; India; Japan; South Korea; Brazil; Saudi Arabia; South Africa; Turkey|
|Key companies profiled||Health Catalyst Inc., MedeAnalytics, Inc., Athenahealth Inc, Tenet Healthcare Corporation, Evolent Health, Oracle Corporation, Verisk Analytics, Inc., Epic Systems Corporation, TIBCO Software Inc., and SAP SE|
|Customization scope||10 hours of free customization and expert consultation|
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MAJOR COMPANIES and Market Share Analysis
The global market for healthcare analytics is fragmented, with a substantial number of large- and medium-sized players accounting for a significant share of the global market. Some of the top players operating in the healthcare analytics market are:
- Health Catalyst Inc.
- MedeAnalytics, Inc.
- Athenahealth Inc
- Tenet Healthcare Corporation
- Evolent Health
- Oracle Corporation
- Verisk Analytics, Inc.
- Epic Systems Corporation
- TIBCO Software Inc.
- SAP SE
In July 2020, Healthfinch, Inc. was acquired by Health Catalyst Inc. The addition of Healthfinch would allow Health Catalyst’s clients to optimize healthcare work processes in their electronic health record (EHR) systems. In March 2019, SnappyData, Inc. was acquired by TIBCO Software Inc. The deal would strengthen TIBCO’s Connected Intelligence system with such a cohesive analytics framework that improves analysis, informatics, sharing, and data processing for different applications.
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Key Highlights of Report
- In February 2020, Able Health, Inc. was acquired by Health Catalyst, Inc. The deal would improve the company’s current reliability and compliance initiatives abilities, partially attributable to Able Health’s SaaS software, which streamlines reporting activities. The merged Health Catalyst and Able Health solutions would help decrease the operational cost of quality reporting and enable the treatment staff to concentrate on clinical outcomes.
- The services segment is estimated to witness significant growth during the forecast period, owing to the continuous trend of outsourcing led by factors such as lack of resources and capabilities required to incorporate these solutions and the rising demand for control of operational costs
- The cloud-based segment is expected to witness steady growth during the forecast period. The cloud-based technology facilitates efficient storage of large volumes of data to create free space on servers and helps the user to retrieve data as required. Cloud-based solutions offer high capabilities in terms of data, networking, and security. This factor is anticipated to drive the segment during the forecast period.
- The predictive analytics segment is projected to witness growth at the most rapid pace during the forecast period. Predictive analytics use predictive insights to make it easier to determine various care approaches for each condition. Previous medical data, demographic knowledge, and patterns may also be used to predict the possibilities along with the expertise and comprehension of healthcare professionals.
- The clinical analytics segment is expected to witness significant growth during the forecast period. Increasing use of clinical applications led by their benefits, including improved sales and cost benefits by using real-time clinical insights, boosts the segment.
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Emergen Research has segmented the global healthcare analytics market based on component, deployment, solution, application, end-use, and region.
- Component Outlook (Revenue, USD Billion; 2019–2032)
- Deployment Outlook (Revenue, USD Billion; 2019–2032)
- Solution Outlook (Revenue, USD Billion; 2019–2032)
- Predictive Analytics
- Descriptive Analytics
- Prescriptive Analytics
- Application Outlook (Revenue, USD Billion; 2019–2032)
- Clinical Analysis
- Financial Analysis
- Administrative & Operational Analysis
- End-use Outlook (Revenue, USD Billion; 2019–2032)
- Healthcare Provider
- Healthcare Payer
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
- North America
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