Global Healthcare Analytics Market: Current Analysis and Forecast (2020-2027)

Global Healthcare Analytics Market: Current Analysis and Forecast (2020-2027)

Emphasis on Type (Predictive Analytics, Descriptive Analytics, Prescriptive Analytics, Cognitive Analytics), Components (Hardware, Software, Services), Deployment Type (On-Premises, On-Cloud), Application (Clinical Analytics, Financial Analytics, Operational & Administrative Analytics, Population Health Analytics), EndUsers (Healthcare Providers, Healthcare Payers, Academic Organization, Biotechnology Industry) and Region/Country

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Published: Dec-2020

Pages:194

Table:81

Figure:170

Report ID:UMHE20148

The global healthcare analytics market was valued at US$ 14 billion in 2019 and is projected to expand significantly with a CAGR of 31% from 2021 to 2027. The future of the healthcare industry is expected to be driven by data analysis and digital transformation. A rise in the healthcare facilities coupled with the surging number of patients resulted in the release of a vast amount of data. The collection of generated data followed by the analysis to gain insight that helps in decision making is known as healthcare analytics. As per IDC, healthcare data is projected to accelerate even faster than sectors such as manufacturing and financial services, delivering a CAGR of 36% through 2025. The ever-rising medical data which is gathered from the patients’ medical records and the equipment’s needs to be in a structured way to do the analysis. Therefore, the demand for healthcare analytics is on the rise.

Moreover, the benefits of healthcare analytics such as reduced patient’s wait time improved performance by delivering data-based quality care, etc. are some of the key factors contributing to the growing market of the healthcare analytics market. Furthermore, with the advent of new technologies such as AI, Big data, and ML, the healthcare industry across the globe is moving towards a rapid transformation. The need for preventive and precautionary measures for the medical records and the medical equipment owing to the surging use of smart medical equipment to reduce medical errors is contributing to the growth of the market. Also, the growing usage of portable Medical devices for home monitoring, Healthcare wearables, Electronic Health Records (EHRs), etc. is turning out in the release of a huge amount of data. Therefore, the demand for healthcare analytics is to witness an uptick.

Also, the COVID-19 pandemic adversely impacted the industries at a larger scale but, the healthcare technology sector witnessing steady growth. The investments in digital health were very much higher when compared to the investment in previous years. It was found that strong performance continued in the second quarter with investors sinking US$ 4.2 billion into digital health across the globe. Also, in the first half of 2020, total health innovation funding reached US$ 9.1 billion which is around 19% more as compared to US$ 7.7 billion invested during the same period in 2019.

Healthcare Analytics Adoption Model

 

Allscripts Healthcare Solutions, Inc., Cerner Corporation, SAS Institute, Health Catalyst, IBM Corporation, McKesson Corporation, Microsoft Corporation, Oracle Corporation, SAP SE 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 facilitate costumers with hi-tech and innovative products.

Insights Presented in the Report

“Amongst type, Predictive Analytics segment holds the major share”

Based on type, the market is fragmented into Descriptive Analytics, Predictive Analytics, Prescriptive Analytics, and Cognitive analytics. The predictive analytics segment accounted a share of 25.8% in 2019 and is expected to grow reasonably during the forecast period owing to the escalating prevalence of healthcare fraud coupled with the increasing usage of smart devices and medical equipment. Moreover, the escalating adoption of technologies such as AI and ML would lead to growth in cognitive analytics.

“Amongst component segment, services sub-segment dominated the market in 2019”

The component segment is further subdivided into hardware, software, and services. The services segment dominated the market with a share of 54.9% in 2019 and are expected to maintain its dominance during the forecast period owing to the increasing demand for support services such as implementation, ongoing IT support, system integration, training, and maintenance services and business analytics services to better operational efficiency. However, the software segment is expected to witness the highest growth owing to the shifting on-premise to cloud deployment.

“Amongst the Deployment segment, on-cloud segment is expected to grow at the highest CAGR during the analyzed period”

Based on the deployment model, the market is bifurcated into On-cloud and On-premises. The on-premises segment dominated the market with a share of 63.6% in 2019 and is expected to maintain its dominance during the forecast period owing to the low cost associated with it. However, with the surging volume of generated data and the provided benefits of on-demand delivery. The cloud segment would register the highest growth.

“Amongst Applications, Financial Analytics dominated the market in 2019”

Based on the application, the market is segmented into clinical analytics, financial analytics, operational and administrative analytics, and population health analytics. In 2019, financial analytics accounted for around 36.4% of the market revenue share and dominated the market. Financial analytics helps in the improve claims response, revenue cycle management that helps in proactive decision-making, and risk adjustment & assessment. However, clinical analytics is expected to grow at a considerable share owing to the need to reduce medical errors and issue identification that hampers the growth.

“Amongst end-users, Healthcare Payers dominated the market in 2019”

Based on end-users, the healthcare analytics market is fragmented healthcare providers, healthcare payers, Academic Organizations, and the Biotechnology industry. In 2019, Healthcare payers accounted for 36.0% of the market revenue share and dominated the market. However, healthcare providers are anticipated to witness considerable CAGR during the forecast period.

“North America indicates one of the largest markets of healthcare Analytics market”

For a better understanding of the market dynamics of the healthcare analytics market, a detailed analysis was conducted for different regions across the globe including North America (US, Canada, and Rest of North America), Europe (Germany, UK, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), and Rest of World has been conducted. North America dominated the market and generated revenue of US$ 9.28 Billion in 2019 owing to the adoption of digital technologies in the healthcare sector and the mandates by the federal government for the adoption of EHR.

Reasons to buy this report:

  • The study includes market sizing and forecasting analysis validated by authenticated key industry experts
  • The report presents a quick review of overall industry performance at one glance
  • The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
  • Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
  • The study comprehensively covers the market across different segments
  • Deep dive regional level analysis of the industry

Customization Options:

The healthcare analytics market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

  1 MARKET INTRODUCTION                  
    1.1 Market Definition                  
    1.2 Objective of the Study                
    1.3 Limitation                  
    1.4 Stakeholders                  
    1.5 Currency used in the Report                
    1.6 Scope of the Global Healthcare Analytics Market Study          
  2 RESEARCH METHODOLOGY OR ASSUMPTION              
    2.1 Research Methodology for the Healthcare Analytics Market Study        
      2.1.1 Main Objective of the Healthcare Analytics Market Study        
  3 INDUSTRY PERFORMANCE                  
  4 EXECUTIVE SUMMARY                  
  5 MARKET OVERVIEW                    
    5.1 Introduction                  
    5.2 Market Dynamics                  
      5.2.1 Market Trend & Drivers              
        5.2.1.1 Government Initiatives to Increase EHR Adoption        
        5.2.1.2  Surging adoption of technologies such as Big data, AI, and ML      
        5.2.1.3  Mounting Pressure to Curb Healthcare Spending and Improve Patient Outcomes  
      5.2.2 Market Challenges                
        5.2.2.1  High Cost of Analytics Solutions          
        5.2.2.2 Security and Privacy Concerns for Confidential Data Owing to Low awareness  
      5.2.3 Market Opportunities              
        5.2.3.1 Demand for Precision and Personalized Medicine        
        5.2.3.2 Growing Adoption of Cloud-Based Analytics        
  6 LEGAL & REGULATORY FRAMEWORK                
    6.1 General Overview                  
      6.1.1 HIPAA: The Health Insurance Portability and Accountability Act      
        6.1.1.1 HIPAA Security Rule              
        6.1.1.2 HIPAA Privacy Rule              
  7 DEMAND AND SUPPLY SIDE ANALYSIS                
    7.1 Demand Side Analysis                
    7.2 Supply Side Analysis                
      7.2.1 Top Product Launches              
      7.2.2 Top Business Partnerships              
      7.2.3 Top Mergers and Acquisitions              
      7.2.4 Top Start-ups under Healthcare Analytics Sector          
  8 VALUE CHAIN ANALYSIS                  
    8.1 Value Chain Analysis                
  9 MARKET INSIGHTS BY TYPE                  
    9.1 General Overview                  
      9.1.1 Predictive Analytics                
      9.1.2 Descriptive Analytics              
      9.1.3 Prescriptive Analytics              
      9.1.4 Cognitive Analytics                
  10 MARKET INSIGHTS BY COMPONENT                
    10.1 General Overview                  
      10.1.1 Hardware                
      10.1.2 Software                  
      10.1.3 Services                  
  11 MARKET INSIGHTS BY DEPLOYMENT TYPE              
    11.1 General Overview                  
      11.1.1 On-Premises                
      11.1.2 On-Cloud                  
  12 MARKET INSIGHTS BY APPLICATION                
    12.1 General Overview                  
      12.1.1 Clinical Analytics                
      12.1.2 Financial Analytics                
      12.1.3 Operational & Administrative Analytics            
      12.1.4 Population Health Analytics              
  13 MARKET INSIGHTS BY END-USERS                
    13.1 General Overview                  
      13.1.1 Healthcare Providers              
      13.1.2 Healthcare Payers                
      13.1.3 Academic Organization              
      13.1.4 Biotechnology Industry              
  14 MARKET INSIGHTS BY REGION                  
    14.1 General Overview                  
    14.2 North America Healthcare Analytics Market            
      14.2.1 United States Healthcare Analytics Market          
      14.2.2 Canada Healthcare Analytics Market            
      14.2.3 Rest of North America Healthcare Analytics Market          
    14.3 Europe Healthcare Analytics Market              
      14.3.1 Germany Healthcare Analytics Market            
      14.3.2 United Kingdom Healthcare Analytics Market          
      14.3.3 France Healthcare Analytics Market            
      14.3.4 Italy Healthcare Analytics Market            
      14.3.5 Spain Healthcare Analytics Market            
      14.3.6 Rest of Europe Healthcare Analytics Market          
    14.4 Asia-Pacific Healthcare Analytics Market              
      14.4.1 China Healthcare Analytics Market            
      14.4.2 Japan Healthcare Analytics Market            
      14.4.3 India Healthcare Analytics Market            
      14.4.4 South Korea Healthcare Analytics Market            
      14.4.5 Rest of Asia-Pacific Healthcare Analytics Market          
    14.5 Rest of World Healthcare Analytics Market            
  15 COMPETITIVE SCENARIO                  
    15.1 Porter’s Five forces analysis                
      15.1.1 Bargaining power of Supplier              
      15.1.2 Bargaining power of Buyer              
      15.1.3 Industry Rivalry                
      15.1.4 Availability of Substitute              
      15.1.5 Threat of new Entrants              
    15.2 Competitive Landscape                
      15.2.1 Market Share of Key Players in Healthcare Analytics Market, 2019      
  16 TOP COMPANY PROFILES                  
    16.1 Oracle Corporation                  
      16.1.1 Key Facts                  
      16.1.2 Business Description              
      16.1.3 Key Product/Services Offerings            
      16.1.4 Growth Strategy                
      16.1.5 SWOT Analysis                
      16.1.6 Key Financials                
        16.1.6.1 Revenue Split, by Region and Segment          
      16.1.7 Recent Developments              
        16.1.7.1 Partnerships              
        16.1.7.2 Mergers and Acquisitions            
    16.2 Allscripts Healthcare Solutions              
    16.3 Cerner Corporation                  
    16.4 SAS Institute                  
    16.5 Health Catalyst                  
    16.6 IBM Corporation                  
    16.7 McKesson Corporation                
    16.8 Microsoft Corporation                
    16.9 SAP SE                    
    16.10 TIBCO Software                  

Analyzing the historical market, estimation of the current market, and forecasting the future market of the Global Healthcare Analytics Market were the three major steps undertaken to create and analyze the adoption of healthcare analytics across various industry verticals in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the healthcare analytics sector. Post assumption and validation of market numbers through primary interviews, we employed a top-down approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the Healthcare Analytics through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the healthcare analytics market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as the type, component, application, deployment, and end-user. Further, country-level analyses were conducted to evaluate the overall adoption of healthcare analytics in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of healthcare analytics. Further, we conducted factor analysis using dependent and independent variables such as the surging prevalence of the chronic disease, rise in the number of patients due to the COVID pandemic, IT investment in healthcare, and the accelerating geriatric population. A thorough analysis was conducted for demand and supply-side scenario considering top partnerships, merger and acquisition, business expansion, and product launches in the Healthcare Analytics industry across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the healthcare analytics market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e. top-down approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

  • The industry’s market size, in terms of value (US$) and the adoption rate of healthcare analytics across the major markets domestically
  • All percentage shares, splits, and breakdowns of market segments and sub-segments
  • Key players in the Healthcare Analytics market in terms of services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

 

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the healthcare analytics market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type, component, deployment, application, and end-users of the healthcare analytics market.

The main objective of the Healthcare Analytics Market Study

The current & future market trends of Healthcare Analytics were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

  • Analyze the current and forecast market size of Healthcare Analytics in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
  • Segments in the study include areas of type, component, deployment, application, and end-users
  • Defined analysis of the regulatory framework for the Healthcare Analytics industry
  • Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
  • Analyze the current and forecast market size of the Healthcare Analytics for the major regions
  • Major regions studied in the report include North America (United States, Canada, and Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of APAC), and Rest of World
  • Company profiles of the Healthcare Analytics market players and the growth strategies adopted by them to sustain in the fast-growing market

Deep dive regional level analysis of the industry

Analyzing the historical market, estimation of the current market, and forecasting the future market of the Global Healthcare Analytics Market were the three major steps undertaken to create and analyze the adoption of healthcare analytics across various industry verticals in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the healthcare analytics sector. Post assumption and validation of market numbers through primary interviews, we employed a top-down approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the Healthcare Analytics through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the healthcare analytics market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as the type, component, application, deployment, and end-user. Further, country-level analyses were conducted to evaluate the overall adoption of healthcare analytics in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of healthcare analytics. Further, we conducted factor analysis using dependent and independent variables such as the surging prevalence of the chronic disease, rise in the number of patients due to the COVID pandemic, IT investment in healthcare, and the accelerating geriatric population. A thorough analysis was conducted for demand and supply-side scenario considering top partnerships, merger and acquisition, business expansion, and product launches in the Healthcare Analytics industry across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the healthcare analytics market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e. top-down approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

  • The industry’s market size, in terms of value (US$) and the adoption rate of healthcare analytics across the major markets domestically
  • All percentage shares, splits, and breakdowns of market segments and sub-segments
  • Key players in the Healthcare Analytics market in terms of services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

 

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the healthcare analytics market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type, component, deployment, application, and end-users of the healthcare analytics market.

The main objective of the Healthcare Analytics Market Study

The current & future market trends of Healthcare Analytics were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

  • Analyze the current and forecast market size of Healthcare Analytics in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
  • Segments in the study include areas of type, component, deployment, application, and end-users
  • Defined analysis of the regulatory framework for the Healthcare Analytics industry
  • Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
  • Analyze the current and forecast market size of the Healthcare Analytics for the major regions
  • Major regions studied in the report include North America (United States, Canada, and Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of APAC), and Rest of World
  • Company profiles of the Healthcare Analytics market players and the growth strategies adopted by them to sustain in the fast-growing market

Deep dive regional level analysis of the industry


Global Healthcare Analytics Market: Current Analysis and Forecast (2020-2027)