NEW YORK, Oct. 31, 2023 /PRNewswire/ — The Healthcare Analytics Market is expected to increase by USD 66.53 billion, accelerating at a CAGR of 24.79% during the forecast period. The market is experiencing notable growth driven by the increasing integration of Big Data into healthcare analytics. Big Data involves the application of specialized analytical tools to consolidate and process vast amounts of data generated through the digitization of business processes. This transformation is reshaping data management, analysis, and utilization across various industries, and healthcare is no exception, generating substantial data. Factors contributing to this trend include the maintenance of up-to-date electronic patient health records to enhance medical care, mandatory data documentation due to government regulations, and the rising adoption of wearable devices for monitoring patients’ health conditions, all of which are expanding the volume of healthcare data. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy full report here
- A significant challenge impeding market growth is the presence of open-source healthcare analytics solutions. The high costs associated with proprietary software have increased the adoption of open-source applications, particularly by organizations with constrained IT budgets. Notable examples of open-source healthcare records and information software solutions in the market include OpenEMR, OpenMRS, OpenHospital, and MedinTux. While these solutions offer cost-effectiveness, they are often limited in their functionalities and lack advanced features.
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The healthcare analytics market has segmented by Component (Services, Software, and Hardware), Deployment (On-premise and Cloud-based), and Geography (North America, Europe, APAC, South America, and Middle East and Africa).
- The services segment is expected to experience substantial market share growth during the forecast period. Within healthcare analytics services, this encompasses a range of offerings, including consulting services, learning and training, development and integration, hardware maintenance and support, IT management, process management, and software support. Notably, areas of major growth within these services are consulting and software support.
- North America is anticipated to make a substantial 38% contribution to the global market’s growth during the forecast period. The market in North America is driven by a growing demand for security, seamless data accessibility, and the effective management of patient information. In this region, the United States and Canada are key contributors to the healthcare analytics market. Major companies in the North American healthcare analytics market include SAS Institute, Oracle, and Veeva Systems. It’s important to note that the healthcare analytics market in North America operates within a highly regulated environment, subject to stringent regulatory standards.
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Key Companies in the healthcare analytics market:
- ALLSCRIPTS HEALTHCARE SOLUTIONS INC.
- Avgi Solutions Inc.
- Cerner Corp.
- CitiusTech Healthcare Technology Pvt. Ltd.
- Cotiviti Inc.
- ExlService Holdings Inc.
- Gainwell Technologies LLC
- General Electric Co.
- Health Catalyst Inc.
- International Business Machines Corp.
- IQVIA Holdings Inc.
- Komodo Health Inc.
- McKesson Corp.
- Medeanalytics Inc.
- Oracle Corp.
- RELX Plc
- SAS Institute Inc.
- UnitedHealth Group Inc.
- Wipro Ltd.
Healthcare Cloud Based Analytics Market: The healthcare cloud based analytics market share is expected to increase by USD 26.93 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 21.11%.
Life Sciences Analytics Market: The Life Sciences Analytics Market size is estimated to grow by USD 7,830.57 million at a CAGR of 12.02% between 2023 and 2028.
- Executive Summary
- Market Landscape
- Market Sizing
- Historic Market Sizes
- Five Forces Analysis
- Market Segmentation by Component
- Market Segmentation by Deployment
- Market Segmentation by Geography
- Customer Landscape
- Geographic Landscape
- Drivers, Challenges, & Trends
- Company Landscape
- Company Analysis
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