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Healthcare Analytics Market

Healthcare Analytics Market Size, Share & Segmentation by Type (Descriptive Analysis, Predictive Analysis, Prescriptive Analysis), By Component Type (Software, Hardware, Services), By Delivery Mode Type (On-premises, Web-hosted, Cloud-based), By Application Type (Clinical, Financial, Operational and Administrative), By End-use (Healthcare Payers, Healthcare Providers, Life Science Companies), and by Regions | Global Market Forecast 2022-2028

Report Id: SNS/HC/1765 | June 2022 | Region: Global | 125 Pages

Report Scope & Overview:

The Healthcare Analytics Market size is projected at USD 28.54 billion by 2021, and is projected to grow at a CAGR of 21.4 percent from 2022 to 2028, and will reach USD 110.9 billion by 2028. Patient data, hospital management, diagnostics, and healthcare expenses are all areas where healthcare analytics may help. It's a burgeoning industry. These analytics give a combination of administrative and financial data, as well as substantial information that may be used to enhance the quality of care, existing operations, and patient services. They're growing more and more popular. Healthcare analytics can help reduce patient wait times by recognizing and leveraging activities like booking appointments and offering tailored therapy.

Healthcare Analytics Market

The two delivery mechanisms for healthcare analytics are on-premise and on-demand. There are four different kinds of it. Descriptive, prescriptive, predictive, and cognitive analytics are all types of analytics. The most popular form is descriptive analytics. Services, software, and hardware are the three areas that it is separated into. Healthcare analytics can be used in a variety of ways, including financial analysis, clinical analysis, operational and administrative analysis, and population health analytics. The growth of the business is being aided by the development of advanced analytical solutions adapted to the specific demands of healthcare organisations and institutions that clinical, provide financial, operational, and administrative services. The use of data mining methods and big data analytics to identify high-risk populations and develop prevention and intervention measures is driving the market for healthcare analytics. Government agencies and financial institutions are employing predictive analytics technologies for a range of purposes, payment fraud reduction and including risk assessment.

MARKET DYNAMICS

DRIVERS

  • Initiatives of the federal government to promote the use of electronic health records (EHRs)

  • There is increasing demand to cut healthcare costs and enhance patient outcomes.

  • Real-world evidence is becoming more important.

  • Investments in venture capital are increasing.

RESTRAINTS

  • Significant expense of investigation arrangements

OPPORTUNITIES

  • Value-based medicine is becoming more popular.

  • Precision and tailored medicine make use of analytics.

  • Analysis in the cloud

  • Patient registries are becoming more common.

  • The rise of social media and its implications for healthcare

  • Analytics with added value

  • Healthcare Big Data Analytics

CHALLENGES

  • the privacy of patient data

  • Manpower shortages

  • Data that is erroneous and unreliable is a source of concern for many people.

  • In emerging countries, there is a reluctance to utilise healthcare analytics.

IMPACT OF COVID-19

The worldwide spread of COVID-19 has caused the medical care market to rethink the decision of leading clinical benefits examinations. The Healthcare Analytics Industry is being headed generally by consolidating propels in development and working on the execution of proactive and prescriptive assessment in numerous facilities. The COVID-19 pandemic has fueled the adoption of these frameworks, which is assisting organisations in exploring the healthcare industry through cutting-edge investigation frameworks and delivering excellent outcomes.

Analytical abilities are one of the major improvements that the company is implementing and implementing in order to properly cope with the current pandemic issue. In June 2020, for example, Verily and CVS Health released Healthy at Work, an application that combines neighbourhood, on-site, and mail testing administrations into a consolidated advanced examination dashboard. A worker on the app shares daily symptoms of sickness openness to COVID-19, which are recorded in the app.

By Type

Analytics in Healthcare Unmistakable, prophetic, prescriptive, and psychological tests account for the majority of market share. To represent the largest share of the market, a detailed examination is necessary, while the Prescriptive Analytics segment is expected to grow at the fastest CAGR during the forecasted time. During the figure time period, a clear investigation is expected to overwhelm the market since it forms the foundation for the compelling application of prophetic or prescriptive examination.

By Component type

Analytics in Healthcare Unmistakable, prophetic, prescriptive, and psychological tests account for the majority of market share. To represent the largest share of the market, a detailed examination is necessary, while the Prescriptive Analytics segment is expected to grow at the fastest CAGR during the forecasted time. During the figure time period, a clear investigation is expected to overwhelm the market since it forms the foundation for the compelling application of prophetic or prescriptive examination.

By Application Type

the market has been divided into monetary research, clinical research, functional and authoritative research, and population health research. Because of a growing focus among payers on early detection of misrepresentation and decreasing unnecessary expenses, the Financial Analytics segment is expected to overtake the market in 2021. During the forecasted time range, the market for financial investigation is expected to see significant growth.

By Delivery Mode Type

On-premise and on-request models exist in the healthcare analytics industry. The on-premise model was to account for the majority of the global market by 2021. When compared to on-request approaches, this can be attributed to the easily customizable nature of on-premise solutions.

By End-use

Payers, suppliers, MCOs, ACOs, HIEs, and TPAs are among the several segments of the healthcare analytics market. It was assumed that the payers' segment would comprise the largest percentage of the global market. Medical care payers are being persuaded to accept investigation arrangements by factors such as rising medical care prices, improving supplier organisations, growing the need to extend enrolments, detecting deceptive instances and operational expenses, and increasing competition.

COMPETITIVE LANDSCAPE

Some of the major key plyers of Healthcare Analytics Market are as follows: Allscripts healthcare, llc, health catalyst, Optum, inc., Hms(vitreoshealth), Cerner corporation, Sas institute inc., International business machines corporation, Oracle corporation, and Medeanalytics inc, and other players.

MARKET SEGMENTATION:

By Type

  • Descriptive Analysis

  • Predictive Analysis

  • Prescriptive Analysis

By Component type

  • Software

  • Hardware

  • Services

By Delivery Mode Type

  • On-premises

  • Web-hosted

  • Cloud-based

By Application Type

  • Clinical

  • Financial

  • Operational and Administrative

By End-use

  • Healthcare Payers

  • Healthcare Providers

  • Life Science Companies

Healthcare Analytics Market

REGIONAL ANALYSIS

With a piece of the pie of 62.0 percent in 2021, North America drove the medical care examination market, trailed by Europe and Asia Pacific. North America's enormous portion of the worldwide medical care examination market can be credited to government wellbeing commands that empower the reception of HCIT arrangements, a developing spotlight on PHM, a lot of VC speculations, developing strain to lessen medical care costs, mechanical headways, and high item and administration accessibility around here. Moreover, North America is home to most of the significant firms in the medical services examination industry.

REGIONAL COVERAGE:

  • North America

    • USA

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • France

    • Italy

    • Spain

    • The Netherlands

    • Rest of Europe

  • Asia-Pacific

    • Japan

    • south Korea

    • China

    • India

    • Australia

    • Rest of Asia-Pacific

  • The Middle East & Africa

    • Israel

    • UAE

    • South Africa

    • Rest of Middle East & Africa

  • Latin America

    • Brazil

    • Argentina

    • Rest of Latin America

 

Healthcare Analytics Market Report Scope:
Report Attributes Details
Market Size in 2021 US$ 28.54 Billion
Market Size by 2028 US$ 110.9 Billion
CAGR CAGR of 21.4% From 2022 to 2028
Base Year 2021
Forecast Period 2022-2028
Historical Data 2017-2020
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments • By Type (Descriptive Analysis, Predictive Analysis, Prescriptive Analysis)
• By Component Type (Software, Hardware, Services)
• By Delivery Mode Type (On-premises, Web-hosted, Cloud-based)
• By Application Type (Clinical, Financial, Operational and Administrative)
• By End-use (Healthcare Payers, Healthcare Providers, Life Science Companies)
Regional Analysis/Coverage North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
Company Profiles Healthcare Analytics Market are as follows: Allscripts healthcare, llc, health catalyst, Optum, inc., Hms(vitreoshealth), Cerner corporation, Sas institute inc., International business machines corporation, Oracle corporation, and Medeanalytics inc, and other players.
DRIVERS • Initiatives of the federal government to promote the use of electronic health records (EHRs)
• There is increasing demand to cut healthcare costs and enhance patient outcomes.
• Real-world evidence is becoming more important.
RESTRAINTS • Significant expense of investigation arrangements


Frequently Asked Questions (FAQ) :

Patient registries are becoming more common, the rise of social media and its implications for healthcare, analytics with added value are becoming increasingly popular, is the opportunities of Healthcare Analytics market.

Yes, this report covers qualitative and quantitative analysis.

North America's enormous portion of the worldwide medical care examination market.

The on-premise model was to account for the majority of the global market.

The Health Market size is projected at USD 28.54 billion by 2021.


Table of Contents

 

1. Introduction

1.1 Market Definition

1.2 Scope

1.3 Research Assumptions

 

2. Research Methodology

 

3. Market Dynamics

3.1 Drivers

3.2 Restraints

3.3 Opportunities

3.4 Challenges

 

4. Impact Analysis

4.1 COVID 19 Impact Analysis

4.2 Impact of Ukraine ware

 

5. Value Chain Analysis

 

6. Porter’s 5 forces model

 

7.  PEST Analysis

  

8. Healthcare Analytics Market Segmentation, By Type

8.1 Descriptive Analysis

8.2 Predictive Analysis

8.3 Prescriptive Analysis

 

9. Healthcare Analytics Market Segmentation, By Component type

9.1 Software

9.2 Hardware

9.3 Services

 

10. Healthcare Analytics Market Segmentation, By Delivery Mode Type

10.1 On-premises

10.2 Web-hosted

10.3 Cloud-based

 

11. Healthcare Analytics Market Segmentation, By Application Type

11.1 Clinical

11.2 Financial

11.3 Operational and Administrative

 

12. Healthcare Analytics Market Segmentation, By End-use

12.1 Healthcare Payers

12.2 Healthcare Providers

12.3 Life Science Companies

 

13. Regional Analysis

13.1 Introduction

13.2 North America

13.2.1 USA

13.2.2 Canada

13.2.3 Mexico

13.3 Europe

13.3.1 Germany

13.3.2 UK

13.3.3 France

13.3.4 Italy

13.3.5 Spain

13.3.6 The Netherlands

13.3.7 Rest of Europe

13.4 Asia-Pacific

13.4.1 Japan

13.4.2 South Korea

13.4.3 China

13.4.4 India

13.4.5 Australia

13.4.6 Rest of Asia-Pacific

13.5 The Middle East & Africa

13.5.1 Israel

13.5.2 UAE

13.5.3 South Africa

13.5.4 Rest

13.6 Latin America

13.6.1 Brazil

13.6.2 Argentina

13.6.3 Rest of Latin America

 

14 Company Profiles

14.1 Allscripts healthcare, LLC

            14.1.1 Financial

14.1.2 Products/ Services Offered

14.1.3 SWOT Analysis

14.1.4 The SNS view

14.2 health catalyst

14.3 Optum, inc.

14.4 Hms(vitreoshealth)

14.5 Cerner corporation

14.6 Sas institute inc.

14.7 International business machines corporation

14.8 Oracle corporation

14.9 Medeanalytics, inc.

 

15 Competitive Landscape

15.1 Competitive Benchmark

15.2 Market Share analysis

15.3 Recent Developments

 

16 Conclusion

 

An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.

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The 5 steps process:

Step 1: Secondary Research:

Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.

Secondary Research

Step 2: Primary Research

When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data.  This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.

We at SNS Insider have divided Primary Research into 2 parts.

Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.

This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.

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