Global Healthcare Analytics Market Is Expected To Foresee Significant Growth During The Forecast. North America To Witness The Highest Growth
Global Healthcare Analytics Market is expected to reach the market valuation of US$ 118.23 billion by 2027 expanding at a reasonable CAGR of 31% during the forecast period (2021-2027) from US$ 14 billion in 2019. The healthcare analytics is done to get the micro and macro-level insights that help in predicting trends, improve outreach, and even better manage the spread of diseases.
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Surging investments in technologies such as IoT, AI, and ML for digital transformation in the healthcare industry is one of the prime factors contributing to market growth. Also, the need for predictive and preventive analytics owing to the need for continuous and uninterrupted operations of the machinery or equipment in the healthcare industry is contributing to the growth of the market. Moreover, the government across countries is emphasized on the adoption of digital technology such as EHR adoption, Digital healthcare card, etc., are contributing to the market growth of the industry. Furthermore, with the growing need to guide future strategy, product research, and development in a competitive scenario, there is a demand uplift in the market.
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With a continuous rise in the number of COVID cases globally, the demand for healthcare services is on a surge. During the pandemic, the hospitals and healthcare systems faced the risk of unexpected patient volume spikes, resulting in scarce resources and an increased workforce burden. Businesses have introduced analytics tool to better prepare for surges. For instance, Cleveland Clinic researchers built a predictive model in late April 2020 to provide appropriate precise data on patient number, bed size, availability of ventilators, and other metrics. Moreover, amid pandemic, big data and healthcare analytics have supported organizations pinpoint and reduce health disparities among patient populations. The organizations provided optimal treatment to the patients utilizing healthcare analytics by helping the physicians manage the early months of the pandemic. For instance, data analytics helped the organizations to know where the hotspots were and further reason and impact of such hotspots could be understood to take targeted measures to mitigate the effect of the virus. Furthermore, the growing number of COVID patients is resulting in the escalating need for healthcare analytics to take care of the patient records, diagnoses, and other data calculations. Also, a surge in healthcare spending for AI and big data after promulgation in COVID-19 pandemic cases has helped in the market growth of healthcare analytics. In a survey, it was found that Healthcare data executives are upping their investments in big data analytics and artificial intelligence, and nearly 80% of Healthcare Execs investing more in Big Data, AI.
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The various type of Healthcare analytics includes descriptive, predictive, prescriptive, and cognitive analytics. Descriptive analytics grabbed the major market share and captured a 31.4% market share in 2019 owing to the need for better service delivery to the patients. Predictive analytics takes historical data and feeds it into a machine learning model that considers key trends and patterns and then the estimation for the future can be done. However, the end-users are more inclined towards prescriptive analytics rather than predictive analytics as prescriptive analytics facilitates hospitals in cutting costs, delivering better services, and improving transparency in their day-to-day functioning.
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Based on the component, the market is bifurcated into services, software, and hardware. The Services segment grabbed the major market share and accounted for 54.9% in the component type segment of the healthcare analytics market. The same trend of dominance is also expected in the forthcoming years as well. Moreover, with the growing demand for support services as well as business analytics services, the market share for the services segment is witnessing an uptick. Also, the players in the industry are partnering up with the technology providers which is gaining end-users traction and the market is on the rise. For instance: In 2020, an oncology informatics company “Vidence” announced its partnership with digital business and IT services provider NTT Data Services to deliver Predictive Analytics in Oncology. Also, trending cloud adoption in the healthcare sector is contributing to the growing demand for services in the healthcare industry.
Based on the Deployment, the on-premises segment being an old and trusted technology captured the lion’s share and accounted for 63.6% in 2019. The low deployment cost associated with the on-premises solutions is one of the key contributing factors for the growth in the market. However, on-cloud deployment is expected to witness a robust CAGR in the forthcoming years due to the widespread adoption of EHR, surging emphasis on digitization, and an increase in funding for innovative delivery solutions. As per IDC, “Global spending on cloud services would surpass US$ 1 trillion in 2024.
Amongst the application segment, the Financial Analytics segment captured the major market share and accounted for 36.4% in 2019. The market share is witnessing an uptick due to the surging focus of the payers on the early detection of fraud and reducing preventable costs. Moreover, the need to reduce the costs without the effective quality of care is leading to the growing use of data analytics in the healthcare sector. Furthermore, the benefits of financial analytics in purposes such as claim settlement, risk adjustment & assessment, and fraud analysis is the demand generator for the healthcare analytics market.
Based on end-user, the market is fragmented into healthcare providers, healthcare payers, academic organizations, and the biotechnology industry. The healthcare payers captured around 36% market share and dominated the market on account of the surging awareness about the benefit of the solutions such as identifying the areas of improvement in patient care, executing innovative strategies for engaging high-risk patients, and encouraging optimum outcomes. However, Surging IT spending by the providers would help in the market growth with the highest CAGR in the forecast period. As per Gartner, Healthcare providers’ IT spend will grow by 4.8% in 2020 to US$ 136 billion.
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Additionally, the report provides detailed initiatives that are being taken in the field of Healthcare Analytics. The market is classified into distinct regions including North America (the U.S and Canada), Europe (Germany, France, Spain, Italy, and United Kingdom), Asia-Pacific (China, Japan, India, and Australia), Rest of the World. The North American region is an early adopter of technologies generated revenue of US$ 9.28 billion in 2019. The market for the North American region would increase owing to the escalating mandates and regulatory requirements from federal healthcare to limit the ever-rising healthcare costs. Moreover, the focus on personalized medicine coupled with the adoption of EHR in the region Is acting as a growth catalyst to the market. Moreover, the APAC region would witness an exhibit CAGR owing to the surging prevalence of the COVID-19 pandemic in the region coupled with the development and investments in the healthcare infrastructure in the counties such as India, Australia, and Japan, etc.
Allscripts Healthcare Solutions, Cerner Corporation, SAS Institute, Health Catalyst, IBM Corporation, McKesson Corporation, Microsoft Corporation, Oracle Corporation, SAP SE, and TIBCO Software are some of the prominent players operating in the global Healthcare Analytics market. Several M&A’s along with partnerships have been undertaken by these players to develop Healthcare Analytics.
Global Healthcare Analytics Market Segmentation
Market Insight, by Type
- Descriptive Analytics
- Predictive Analytics
- Prescriptive Analytics
- Cognitive Analytics
Market Insight, by Component
Market Insight, by Deployment
Market Insight, by Application
- Clinical Analytics
- Financial Analytics
- Operational and Administrative Analytics
- Population Health Analytics
Market Insight, by End-User
- Healthcare Providers
- Healthcare Payers
- Academic Organizations
- Biotechnology Industry
Market Insight, by Region
- North America
- United States
- Rest of North America
- United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Rest of World
Top Company Profiles
- Allscripts Healthcare Solutions
- Cerner Corporation
- SAS Institute
- Health Catalyst
- IBM Corporation
- McKesson Corporation
- Microsoft Corporation
- Oracle Corporation
- SAP SE
- TIBCO Software