Healthcare Payer Analytics Market: Current Analysis and Forecast (2022-2028)
Emphasis on product technology (descriptive analytics, predictive analytics, prescriptive analytics) application (operation management, financial management, population health management, clinical management) component (hardware, software, service) by deployment mode (cloud-based, web-based, on-premise) by end-use (healthcare payer, healthcare providers, life science companies) and by Region/Country
The Healthcare payer analytics market was valued at USD 35.5 Bn and expected to grow with a CAGR of 15.5% during the forecast period (2022-2030). The shifting of the healthcare industry towards value-based care is driving the growth of the healthcare payer analytic market in the forecast period. The healthcare industry is moving towards value-based services from fee for service model. In value-based care, the providers are incentivized to improve patient outcomes and reduce costs. Additionally, the analytics can help the payers measure and evaluate the risk thus, helping them to make the data-driven decision.
Some of the major players operating in the market include Some of the major players operating in the market include CloudMedx Inc., Amitech, IBM, SAS Institute Inc., Optum, Inc, Oracle, Veradigm LLC, CVS Health, Inovalon., MCKESSON CORPORATION
Insights Presented in the Report
“Amongst product technology, the predictive analytic segment is expected to witness significant market growth in 2021”
By product technology, the market is segmented into, descriptive analytics, predictive analytics, and prescriptive analytics. The predictive analytics segment is expected to witness significant growth during the forecasting period. Predictive analytics uses historical data and statistical models to predict future outcomes. It can make data-driven solutions based on these predictions. This factor is responsible for the growth of this segment.
“Amongst applications, the operation management segment is growing with significant CAGR during the forecasting period”
By application, the market is segmented into operation management, financial management, population health management, and clinic management. Amongst these, the operation management segment is expected to grow a significant CAGR in the market during the forecasting period. The increasing need for healthcare payer-provider to improve their operational efficiency and reduce costs by providing high-care quality treatment to customers. This is driving the growth of this segment. Additionally, it involves the use of data and analytics to optimize various operational processes such as claims, processing management and member engagement. Further, by leveraging advanced analytics tools and technique healthcare payer analytics can gain greater visibility into their operations and can identify the area for improvement, reduce waste and better service to their members.
“Amongst, the component software is growing with the significant CAGR in 2021 market”
Amongst components, the market is segmented into hardware, software and services. The software segment is expected to grow with a significant CAGR in the forecasting period. Factors driving the growth of this segment is the increasing demand for data analytics and insights in the healthcare payer market. Additionally, the payer needs to analyze a vast variety of data, identify the records, and outcomes and make an informed decision. Software solutions can help to collect, manage and help to identify data more effectively.
“Amongst deployment mode, the on-premise segment is expected to witness significant market growth in 2021”
By deployment, the market is segmented into cloud-based, web-based and on-premises. The on-premises is estimated to dominate the market during the forecasting period. The on-premise benefit offers such as low cost, better accessibility to data, reduce chances of data theft and ease of maintenance. Thus, the above-mentioned factors are responsible for the growth of this segment.
Amongst end-users, the healthcare provider segment is expected to witness significant market growth in 2021”
By end-users, the market is segmented into healthcare payers, healthcare providers and life science companies. Amongst these, the healthcare provider segment is expected to witness significant market growth in the forecasting period. Technological advancements in healthcare such as electronic health records (e-health records), telemedicine, and mobile application have enabled healthcare providers to offer better patient care and improve their operational efficacy. Thus, the above-mentioned factors are responsible for the growth of this segment.
“North America dominated the healthcare payer analytics market in 2021”
North America dominates the healthcare payer analytics market in 2021. This is attributed to the increasing healthcare expenditure and federal initiatives taken by the key players of various countries to improve patient healthcare quality are driving the market growth in this region. For instance, in August 2022, Syntellis performance solution, a provider of enterprise performance of management solutions, acquired strantasan, a leading company in advanced healthcare market intelligence and data analytics. This acquisition would improve operational, financial and strategic growth planning. Thus rise in healthcare expenditure coupled with federal initiatives taken by the key players are driving the market growth in this region.
Healthcare Payer Analytics Market Report Coverage
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report briefly reviews overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers, primarily focusing on key business financials, product portfolios, 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 global healthcare payer 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.
Table of Contents
Research Methodology for the Healthcare Payer Analytics Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global healthcare payer analytics market were the three major steps undertaken to create and analyze the adoption of healthcare payer analytics 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 global healthcare payer analytics market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up 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 of 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 payer analytics market through company internal sources such as annual reports & 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 payer 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 are included in the report as product technology, application, component, deployment mode and end-users. Further country-level analyses were conducted to evaluate the overall adoption of testing models 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 the healthcare payer analytics market. Further, we conducted factor analysis using dependent and independent variables such as product technology, application, component, deployment mode and end-users of the healthcare payer analytics market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, and business expansion, in the healthcare payer analytics market sector 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 global healthcare payer 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., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the healthcare payer analytics market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global healthcare payer analytics market in terms of products 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, 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
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global healthcare payer analytics market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of product technology, application, component, deployment mode and end-users in the global healthcare payer analytics market.
The main objective of the Global Healthcare Payer Analytics Market Study
The current & future market trends of the global healthcare payer analytics market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends 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 from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the healthcare payer analytics market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of the product technology, application, component, deployment mode and end-users.
- Define and analysis of the regulatory framework for the healthcare payer analytics industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviours of the industry
- Analyze the current and forecast market size of the healthcare payer analytics market for the major region
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
- Company profiles of the healthcare payer analytics market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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