The increase in capital investments by the healthcare industry in the IT sector for better management & cost-effective patient care are key factors for market.
PORTLAND, PORTLAND, OR, UNITED STATE, November 3, 2023 /EINPresswire.com/ — Allied Market Research published a new report, titled, ” The USD 96.90 Billion Healthcare Analytics Market to Reach by 2030 at 15.3% CAGR | Top Players such as – Cerner, Optum & SAS.” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The global healthcare analytics market size was valued at $ 23.51 billion in 2020, and is projected to reach $ 96.90 billion by 2030, growing at a CAGR of 15.3% from 2021 to 2030.
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Increase in adoption of big data in healthcare organizations, rise in government initiatives to escalate the adoption of electronic health records (EHRs) among healthcare organizations, and growing pressure in the healthcare sector to curb unnecessary expenditure fuel the growth of the global healthcare analytics market. On the other hand, lack of skilled labors and high implementation costs restrain the growth to some extent. However, use of cloud-based analytics across various healthcare providers is anticipated to pave the way for lucrative opportunities for the key players in the industry.
The global healthcare analytics market is segmented on the basis of application, component, deployment model, end user, type and region. Depending on application, it is fragmented into financial analysis, operational & administrative analysis and clinical analysis. By component, the market is categorized into hardware software and services. By deployment model, it is bifurcated as on-premise and on-demand. As per end user, the market is categorized into, healthcare payers, healthcare providers and others. On the basis of type, it is classified into descriptive analytics, predictive analytics, and prescriptive analytics. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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Based on application, the financial analysis segment contributed to the largest share in 2020, holding more than two-fifths of the global healthcare analytics market. Rise in need to acclimatize in the ever-changing and unpredictable healthcare landscape drives the growth of the segment. The clinical analysis segment, on the other hand, would grow at the fastest CAGR of 18.5% throughout the forecast period. Growing demand from patients to track their health data and share it with their respective healthcare professionals for additional remedies and advices fuels the segment growth.
By deployment model, the on-premise segment garnered the largest healthcare analytics share and is expected to maintain its dominance in the upcoming years as on-premise software is considered widely useful in large enterprises as software can be implemented on IT infrastructure of a company itself and it provides more security as compared to on-demand. However, the on-demand segment is expected to witness highest growth, owing to a paradigm shift in deployment methods from on-premise to on-demand models.
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Based on region, North America held the major share in 2020, garnering more than half of the global healthcare analytics market, due to increasing adoption of analytics solutions in the healthcare industry and presence of major players in the region. The market across Asia-Pacific would cite the fastest CAGR of 19.4% from 2021 to 2030. Growing government healthcare regulations to reduce the rising healthcare costs and increasing regulatory requirements propel the need for healthcare analytics in the region. This factor drives the market growth in this province.
The key players profiled in the healthcare analytics market analysis are Allscript Healthcare Solution, Cerner Corporation, Health Catalyst, HMS(Vitreoshealth), IBM Corporation, McKesson Corporation, MedeAnalytics, Inc., Oracle Corporation, Optum, Inc., and SAS, Institute. These players have adopted various strategies to increase their market penetration and strengthen their position in the healthcare analytics industry.
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Impact of COVID-19 on Healthcare Analytics Market-
► The outbreak of the pandemic led to increase in demand for upgraded analytics solutions among healthcare organizations to support the establishments during critical situation in the pandemic. This, in turn, has driven the global healthcare analytics market.
► This trend is most likely to continue till the pandemic is completely not over.
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