Report Scope & Overview:
The Healthcare Analytics Market size is projected at USD 34.64 billion by 2022, and is projected to grow at a CAGR of 21.4% from 2023 to 2030, and will reach USD 163 billion by 2030.
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.
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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.
KEY 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
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REGIONAL ANALYSIS
With a piece of the pie of 62.0% 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
KEY PLAYERS:
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.
Optum-Company Financial Analysis
| Report Attributes | Details |
|---|---|
| Market Size in 2022 | US$ 34.64 Billion |
| Market Size by 2030 | US$ 163 Billion |
| CAGR | CAGR of 21.4% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| 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 |
Ans: The Healthcare Analytics market size was valued at US$ 34.64 billion by 2022.
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.
Ans: The Healthcare Analytics Market is to grow at a CAGR of 21.4% over the forecast period 2023-2030.
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- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
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
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