Healthcare Analytics Market — Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2021–2027
According To Univdatos Market Insights 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.
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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.
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. Predictive analytics dominated the market with a share of 25.8% in 2019 and are expected to maintain its dominance 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. The 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$ 8.0 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.
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