WASHINGTON, June 21, 2022 (GLOBE NEWSWIRE) — Vantage Market Research’s recent analysis of the Global Healthcare Analytics Market finds that the increasing technological advancements are expediting the Healthcare Analytics Market growth in coming years.
In addition, growing government initiatives, and increasing pressure to reduce health care costs are also anticipated to augment the growth of the Global Healthcare Analytics Market during the forecast period.
The Global Market revenue stood at a value USD 28.5 Billion in the year 2021.
The Global Healthcare Analytics Market size is forecasted to reach USD 89 Billion by the year 2028 and is expected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 20.9% during the forecast period; states Vantage Market Research, in a report, titled “Healthcare Analytics Market Size, Share & Trends Analysis Report by Type (Descriptive Analytics, Predictive Analytics, Prescriptive Analytics, Cognitive Analytics), by Application (Clinical Analytics, Financial Analytics, Operation and Administrative Analytics, Population Health), by Component (Services, Hardware, Software), by Deployment Model (On-Premise, On-Demand), by End User (Payers, Providers, ACOs, HIEs, Mcos and TPAs), by Region (North America, Europe, Asia Pacific, Latin America) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)”.
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Rising Technological Advancements to Drive the Market Growth
Over the past few years, the global market has seen a dramatic increase in the demand for a healthcare analytical system. The rapid rate of technological advancement and the massive investment of the healthcare industry in IT development and digitalization are key factors in the rapid growth of the healthcare sector. Analysis platforms are currently distributed by health facilities around the world, assisting in patient management, maintenance, due to the best care that can be provided. The distribution of health care analysis platforms not only increases staff productivity, but overall patient management has improved and the burden on caregivers has been reduced. It can not only improve the quality of patient care but also provide information on the overall management of business facilities, better patient access, disease control etc. Hence, the rise in technology advancements is the crucial driver for the growth of the market.
Increasing Government initiatives to Stimulate Market Growth
Government efforts and major financial fluctuations in the healthcare industry also encourage the renaming and are responsible for the increased acceptance of these analysis platforms by health facilities. Analytical forums are used not only by hospitals but also by other institutions for the management and interpretation of clinical data from the various studies conducted; to study historical data and analyse it to identify trends, to develop methods, tools and technologies for best results.
These areas of analysis are also used by policy makers to learn statistics and models to make better decisions and policies regarding health care facilities and to provide care to patients. The U.S. government has been taking steps to address this case as the HealthData.gov website contains information from a few state-owned databases on topics such as public health practices, clinical data, medical information, and engineering information that are accessible through application applications. Therefore, the implementation of these programs is considered a good indicator of market growth as a whole.
Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Healthcare Analytics market is predicted to grow at a CAGR of roughly 20.9% during the forecast period.
- The Healthcare Analytics market was estimated to be worth roughly USD 28.5 Billion in 2021 and is expected to reach USD 89 Billion by 2028; based on primary research.
- On the basis of region, North America is projected to dominate the worldwide Healthcare Analytics market.
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Segmentation of the Global Healthcare Analytics Market:
- Descriptive Analytics
- Predictive Analytics
- Prescriptive Analytics
- Cognitive Analytics
- Clinical Analytics
- Financial Analytics
- Operation and Administrative Analytics
- Population Health
- Deployment Model
- End User
- ACOs, HIEs, Mcos and TPAs
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the IT healthcare industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
The report on Healthcare Analytics Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
North America Dominated the Global Healthcare Analytics Market
North America dominated the Global Healthcare Analytics Market in 2021 and is likely to continue the same trend during the forecast period. This is attributable to the increase in implementation of organizational health regulations that promote the adoption of HCIT solutions in the region. Furthermore, the increasing focus on PHM, greater VC investment along with growing pressure to reduce health care costs is also likely to support the regional growth of the market. Additionally, the high availability of products and services and presence of leading players is also expected to fuel the growth of the market in the region.
Browse market data Tables and Figures spread through 150 Pages and in-depth TOC on “Healthcare Analytics Market Size, Share & Trends Analysis Report by Type (Descriptive Analytics, Predictive Analytics, Prescriptive Analytics, Cognitive Analytics), by Application (Clinical Analytics, Financial Analytics, Operation and Administrative Analytics, Population Health), by Component (Services, Hardware, Software), by Deployment Model (On-Premise, On-Demand), by End User (Payers, Providers, ACOs, HIEs, Mcos and TPAs), by Region (North America, Europe, Asia Pacific, Latin America) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)“.
List of Prominent Players in Healthcare Analytics Market:
- IBM (US)
- Optum (US)
- Cerner (US)
- SAS Institute (US)
- Allscripts (US)
- McKesson (US)
- Mede Analytics (US)
- Inovalon (US)
- Oracle (US)
- Health Catalyst (US)
- SCIO Health Analytics (US)
- Cotiviti (formerly Verscend Technologies) (US)
- CitiusTech (US)
- Wipro (India)
- Vitreos Health (US)
- Linguamatics (US)
- Flatiron (US)
- Roam Analytics (US)
- Komodo Health (US)
- CVS Health (US)
July 2021: Enlitic (US) got in partnership with NMC Healthcare (UAE). This is a multi-faceted partnership with private healthcare companies to implement Enlitic solutions in GCC countries.
June 2021: Flatiron (US) collaborated with Foundation Medicine, Inc. to integrate its solutions with OncoEMR to provide customers with integrated genetic profiles.
April 2020: Cerner announced the acquisition Kantar Health. With this discovery, Cerner plans to compile data to improve the safety and effectiveness of clinical research in health sciences, medicine, and health care. This acquisition is expected to add to your service delivery.
January 2020: Optum and Change Healthcare, a healthcare technology provider, announced their partnership. Under this partnership, Change Healthcare will join Optum Insight in delivering software and data analysis, technology-based services, research, and revenue management cycle offerings to strengthen Optum’s healthcare analysis portfolio.
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Healthcare Analytics Market?
- How will the Healthcare Analytics Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Healthcare Analytics Market?
- What is the Healthcare Analytics market drivers and restrictions?
- What will be the CAGR and size of the Healthcare Analytics Market throughout the forecast period?
This market titled “Healthcare Analytics Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
|Market Size Provided for Years||2016-2028|
|Segments Covered||• Type
• Descriptive Analytics
• Predictive Analytics
• Prescriptive Analytics
• Cognitive Analytics
• Clinical Analytics
• Financial Analytics
• Operation and Administrative Analytics
• Population Health
• Deployment Model
• End User
• ACOs, HIEs, Mcos and TPAs
• North America
• Asia Pacific
• Latin America
• Middle East & Africa
|Region & Counties Covered||• North America
• Rest Of Europe
• Asia Pacific
• South Korea
• South East Asia
• Rest Of Asia Pacific
• Latin America
• Rest Of Latin America
• Middle East & Africa
• GCC Countries
• South Africa
• Rest Of Middle East & Africa
|Companies Covered||• IBM (US)
• Optum (US)
• Cerner (US)
• SAS Institute (US)
• Allscripts (US)
• McKesson (US)
• MedeAnalytics (US)
• Inovalon (US)
• Oracle (US)
• Health Catalyst (US)
• SCIO Health Analytics (US)
• Cotiviti (formerly Verscend Technologies) (US)
• CitiusTech (US)
• Wipro (India)
• VitreosHealth (US)
• Linguamatics (US)
• Flatiron (US)
• Roam Analytics (US)
• Komodo Health (US)
• CVS Health (US)
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis,
PEST analysis, value chain analysis, regulatory landscape, technology landscape,
patent analysis, market attractiveness analysis by segments and North America,
company market share analysis, and COVID-19 impact analysis
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