Healthcare Analytics Market: A Look through Industry Dynamics, Trends and Segmental Assessment

What is the size of the healthcare analytics market?

Allied Market Research published a report that estimates the global healthcare analytics market to reach $96.90 billion by 2030. More than three times the value of its previous size, which was $23.51 billion in 2020, the industry is expected to witness impressive growth with a CAGR of 15.3% between the forecast period of 2021 to 2030.

Key Highlights in the Report

Through an impeccable research methodology consisting of analytical tools like Porter’s five forces and expert interventions, the report provides high-quality data and refined insights into the industry’s whereabouts. It includes an in-depth analysis of the market forecast along with the current trends and future estimations to explain the imminent investment pockets. Additionally, Information about key drivers, restraints, & opportunities and their impact analysis is provided in the report. Furthermore, quantitative analysis helps in determining the market potential during the forecast period, enabling stakeholders to understand how to execute their future growth objectives.

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A brief note on the market segments

Application

• Financial analysis
• Operational & administrative analysis
• Clinical analysis

Financial analysis assesses cost-effectiveness and revenue optimization, aiding in resource allocation. Operational and administrative analysis streamlines workflows and enhances efficiency, improving healthcare delivery. Clinical analysis identifies trends and outcomes, facilitating evidence-based decision-making and personalized patient care. Together, they drive insights, efficiency, and quality improvement in the healthcare analytics industry.

Component

• Hardware
• Software
• Services

Hardware, including servers and storage systems, provides the infrastructure for storing and processing healthcare data. Software platforms, such as analytics and business intelligence tools, enable data analysis and visualization. Services encompass consulting, implementation, and support, facilitating the integration and optimization of analytics solutions. They form the major components of the healthcare analytics industry, enabling data-driven decision-making and improving patient outcomes

Deployment model

• On-premise
• On-demand

On-premise solutions offer control and security over data but require substantial infrastructure investment. On-demand, or cloud-based solutions, provide scalability and flexibility without the need for extensive hardware. Both contribute by offering healthcare organizations options to deploy analytics solutions tailored to their needs and resources.

End user

• Healthcare payers
• Healthcare providers
• Others

Healthcare payers leverage analytics to optimize claims processing, detect fraud, and manage risk, ensuring financial sustainability. Healthcare providers utilize analytics for clinical decision support, patient outcomes analysis, and operational efficiency, enhancing the quality of care. Both stakeholders drive innovation and adoption of analytics solutions, improving overall healthcare delivery and outcomes.

Type

• Descriptive analytics
• Predictive analytics
• Prescriptive analytics

Descriptive analytics summarizes historical data to provide insights into past trends and patterns, aiding in performance evaluation. Predictive analytics forecasts future outcomes and trends based on historical data, enabling proactive interventions and risk management. Prescriptive analytics recommends actions to optimize outcomes, guiding decision-making and resource allocation for improved healthcare delivery. 

A study of the regional dynamics

The healthcare analytics market is studied across Europe, North America, LAMEA, and Asia-Pacific. Asia-Pacific is expected to grow at 19.4% during 2021-2030.

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Factors influencing the growth of the global market

The increasing adoption of electronic health records (EHRs) and digital healthcare systems generates vast amounts of data, driving the need for advanced analytics solutions to derive actionable insights. Additionally, rising healthcare costs and the growing demand for personalized medicine necessitate more efficient and data-driven approaches to healthcare delivery. Moreover, advancements in technology, such as artificial intelligence and machine learning, enhance the capabilities of healthcare analytics platforms, further fueling market expansion. Overall, these factors contribute to the sustained growth and evolution of the global healthcare analytics market.

Leading industry players

• Cerner Corporation
• HMS(Vitreoshealth)
• McKesson Corporation
• Oracle Corporation
• SAS, Institute
• Allscript Healthcare Solution
• Health Catalyst
• IBM Corporation
• MedeAnalytics, Inc.
• Optum, Inc.

These players often adopt various strategic moves like collaborations, mergers, acquisitions, and partnership to stay ahead in the competitive landscape.

Recent developments in the healthcare analytics industry

Recent developments in the industry include the widespread adoption of artificial intelligence and machine learning algorithms for predictive analytics and personalized medicine. Additionally, there’s a focus on interoperability to integrate data from various sources for comprehensive insights. Moreover, advancements in data visualization tools enhance decision-making processes, while blockchain technology ensures secure data exchange. Finally, there’s an increasing emphasis on real-time analytics and the use of wearables and IoT devices to collect patient data, enabling proactive healthcare interventions. These developments signify a shift toward data-driven decision-making and personalized patient care in the healthcare analytics industry

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Allied Market Research’s healthcare analytics industry report offers invaluable insights for stakeholders seeking to navigate the evolving landscape, providing a comprehensive analysis to inform strategic decisions and drive innovation in the market.

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