The healthcare industry has made significant expenditures in IT development and digitization at a quick pace, which have contributed significantly to the enormous growth of the healthcare analytics market. The North American region emerged as the most significant global healthcare analytics market, with a 46.98% market revenue share in 2022.
Newark, Feb. 15, 2023 (GLOBE NEWSWIRE) — As per the report published by The Brainy Insights, the global healthcare analytics market is expected to grow from USD 24.8 billion in 2022 to USD 148 billion by 2030, at a CAGR of 25.02% during the forecast period 2022-2030.
Healthcare analytics utilizes information investigation to develop medical care organization and patient care further. Data has profoundly impacted health care, just as it has on the financial, marketing, and technology industries. Nowadays, healthcare analytics are utilized for a variety of purposes, including the refinement of diagnostic tools, the enhancement of business insights, and the enhancement of patient care. Healthcare analytics offers advantages to well-being organizations, emergency clinic executives, and patients. However, it might be appealing to imagine healthcare analysts working in a virtual data cloud. The potential to collect various forms of healthcare data has become increasingly simple due to recent technological advancements. In this advanced world, information has become an essential medical service. Hospitals and other healthcare facilities have begun collecting significant patient health data due to rapid technological advancements in data sensing and acquisition. Advanced analytical methods capable of effectively transforming data into meaningful and actionable information are required to comprehend healthcare data and construct knowledge from it effectively. The delivery of medical care to patients has begun to be reshaped by general computing technologies. Mainly, data analytics is a crucial part of these computing technologies. When applied to healthcare data, analytical solutions have a tremendous potential to shift healthcare delivery from reactive to proactive.
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Healthcare data comes from a wide range of sources, including sensors, images, biomedical literature and clinical notes as text, and traditional electronic records. Numerous difficulties arise when processing and analyzing the underlying data due to this heterogeneity in the data accumulation and representation process. The methods that are required to analyze these various kinds of data are very different from one another. Additionally, the diverse nature of the data presents several difficulties for data integration and analysis. Mixed data types often yield insights that would otherwise be impossible to obtain from a single data source. The vast potential of such integrated data analysis techniques has only recently been realized.
The prominent companies of the global healthcare analytics market are now aiming to adopt various strategies such as mergers & acquisitions, product transformation, recent developments, joint ventures, collaborations, and partnerships. This will help to increase their market share in the global healthcare analytics market.
• For instance, on October 11, 2022, MedeAnalytics, a medical care examination software-as-a-service (SaaS) pioneer, revealed the MedeAdopt, a top self-administration instrument that layers into existing MedeAnalytics solutions to offer an extraordinary, improved investigation and detailing experience for clients. MedeAdopt gives users insights from data they can use to improve user adoption, training, and satisfaction. Pendo is the engine behind this individualized MedeAnalytics technology. It seamlessly integrates real-time, on-demand product usage analytics, onboarding, training, and in-app messaging into the client’s individualized MedeAnalytics solution. This partnership empowers MedeAnalytics clients to guide user behaviour and make better business decisions strategically.
Market Growth & Trends
As the industry undergoes fundamental change, the healthcare analytics sector will expand and develop. Healthcare providers are under pressure to provide better outcomes due to consumers’ growing demands for improved healthcare quality and value. Utilizing analytics to gain better insights can assist in demonstrating value and achieving improved outcomes, such as new technologies and treatments. Informed and educated consumers can become more responsible for their health with insight-based information. Analytics can boost productivity and effectiveness. Analytics can help with exploration and discovery, from managing small details to managing significant processes, and assist in program and policy planning and design. It also improves operations and service delivery, increases longevity, reduces risk and offers a method for evaluating and measuring important organizational data. It has the potential to broaden access to healthcare, align pay with performance, and assist in stifling cost growth in healthcare. The market for healthcare analytics will expand as healthcare costs rise due to improved operational efficiencies, an expanding range of services, the desire to cut costs, and treatment effectiveness.
• In 2022, the descriptive analytics segment dominated the market with the largest market share of 38.12% and market revenue of 9.4 billion.
The type segment is divided into descriptive analytics, predictive analytics, prescriptive analytics and cognitive analytics. In 2022, the descriptive analytics segment dominated the market with the largest market share of 38.12% and market revenue of 9.4 billion.
• In 2022, the services segment accounted for the largest share of the market, with 35.13% and a market revenue of 8.7 billion.
The component segment is divided into services, hardware and software. In 2022, the services segment accounted for the largest share of the market, with 35.13% and market revenue of 8.7 billion.
• In 2022, the on-premises segment accounted for the largest share of the market, with 51.28% and a market revenue of 12.7 billion.
The deployment mode segment is divided into on-premises and cloud based. In 2022, the on-premises segment accounted for the largest share of the market, with 51.28% and market revenue of 12.7 billion.
• In 2022, the financial analytics segment dominated the market with the largest market share of 37.45% and market revenue of 9.3 billion.
The application segment is divided into clinical analytics, financial analytics and operation & administrative analytics. In 2022, the financial analytics segment dominated the market with the largest market share of 37.45% and market revenue of 9.3 billion.
• In 2022, the payers segment dominated the market with the largest market share of 39.45% and market revenue of 9.8 billion.
The end-user segment is divided into payers, providers and ACOs, HIEs, Mcos & TPAs. In 2022, the payers segment dominated the market with the largest market share of 39.45% and market revenue of 9.8 billion.
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Regional Segment Analysis of the Healthcare Analytics Market
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, the North American region emerged as the largest market for the global healthcare analytics market, with a market share of around 46.98% and 11.6 billion of the market revenue in 2022. The North American region is expected to be the largest market. Complexity and competition are increasing as new players enter the market and new ways of providing healthcare are introduced. Staffing, supply chain, and revenue cycle management can all benefit from scaling up, streamlining operations, and quickly adapting to shifting patient requirements through data and analytics. Additionally, citizens demand greater accountability from their health plans, physicians, and nurses and higher standards from their healthcare providers.
Key players operating in the global healthcare analytics market are:
• Allscripts Healthcare
• CitiusTech Inc.
• ExlService Holdings, Inc.
• General Electric
• Health Catalyst
• SAS Institute Inc.
This study forecasts global, regional, and country revenue from 2019 to 2030. The Brainy Insights has segmented the global healthcare analytics market based on the below-mentioned segments:
Global Healthcare Analytics Market by Type:
• Descriptive Analytics
• Predictive Analytics
• Prescriptive Analytics
• Cognitive Analytics
Global Healthcare Analytics Market by Component:
Global Healthcare Analytics Market by Deployment Mode:
• Cloud Based
Global Healthcare Analytics Market by Application:
• Clinical Analytics
• Financial Analytics
• Operation & Administrative Analytics
Global Healthcare Analytics Market by End-User:
• ACOs, HIEs, Mcos & TPAs
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About the report:
The global healthcare analytics market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirement whether they are looking to expand or planning to launch a new product in the global market.