Healthcare Analytics Market Outlook: Revenues Expected To Reach USD 249.3 Billion By 2032, With A 24.6% CAGR | Market.Us

New York, Dec. 14, 2023 (GLOBE NEWSWIRE) -- According to a recent report by Market, the Global Healthcare Analytics market size is expected to be worth around USD 249.3 Billion by 2032 from USD 36.4 Billion in 2023, growing at a CAGR of 24.6 % during the forecast period from 2023 to 2032.

Healthcare analytics involves the analysis of vast datasets to provide businesses with relevant, fact-based insights that enable fact-based decision-making. This analytical discipline enhances various aspects such as planning, management, measurement, and learning within healthcare organizations. Healthcare Analytics Market growth is being propelled by several factors, such as an increasing presence of big data within healthcare, an emphasis on data collection and analysis, technological developments, and social media's influence in shaping healthcare practices.

The Global Healthcare Analytics Market Report offers a thorough examination of this market, offering in-depth analyses of its key segments, trends, drivers, restraints, competitive landscape, and significant factors shaping its landscape.

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Key Takeaway

• Market Size: Healthcare Analytics Market size is expected to be worth around USD 249.3 Billion by 2032 from USD 36.4 Billion in 2023.
• Market Growth: The market is growing at a CAGR of 24.6 %.
• Big Data Has Increased in Importance: Healthcare industries are rapidly adopting big data tools to gain meaningful insights and make more informed decisions.
• Enhance Decision-Making: Healthcare analytics supports fact-based decision-making within healthcare organizations, leading to improvements in planning, management, measurement, and learning processes.
• Technological Advancements: Technological progress plays an essential role in shaping healthcare data analytics, enabling more advanced analysis and interpretation of healthcare data.
• Impact of Social Media on Healthcare: Social media's presence within healthcare has an immense influence, driving the adoption of data analytics solutions while affecting patient engagement, communication, and healthcare trends.

Factors Affecting the Growth of Healthcare Analytics Market

Various factors influence the growth of the Healthcare Analytics Market are;

• Rising Healthcare Costs: In response to increasing healthcare expenditures, organizations increasingly invest in analytics solutions for improved financial management.
• Population Health Management Is Becoming More Important: Population health management initiatives that aim to enhance the health outcomes for entire populations drive demand for analytics tools that analyze and manage health data on an aggregate level.
• Regulatory Requirements and Compliance: Compliance with healthcare regulations and the need to meet reporting requirements compels organizations to invest in analytics solutions for data governance and regulatory adherence.
• An Ever-Increasing Amount of Healthcare Data: Due to the exponentially growing amount of healthcare data - from electronic health records (EHRs), imaging studies, and patient-generated reports - analytics tools must become more powerful for extracting insights from large datasets.
• Raise Awareness of Preventive Care: Healthcare analytics have become an indispensable asset when it comes to preventive health and wellness programs, identifying at-risk populations, and initiating preventative healthcare measures.
• Increase in Chronic Diseases: With chronic illnesses on the rise, healthcare providers must utilize analytics for disease management, tailored treatment plans, and early intervention strategies.

Regional Analysis

North America currently leads the global healthcare analytics market, accounting for 40% of total revenue over its forecast period. This can be attributed to advanced healthcare infrastructure in this region and an increasing prevalence of complex ailments; while Asia-Pacific will experience the highest compound Annual Growth Rate during that same timeframe due to chronic diseases rising at an alarming rate and incurring substantial healthcare costs in this part of the world.

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Scope of the Report

Competitive Landscape

Cerner Corporation stands out as a market leader, providing dynamic healthcare analytics solutions and tools. Their health analytics solution significantly enhances clinical, operational, population health, and financial operations seamlessly while their innovative approach positions them at the forefront of this competitive field.

Market Key Players

• McKesson Corporation
• IQVIA
• IBM
• Optum, Inc.
• Cerner Corporation
• Oracle
• Truven Health Analytics, Inc.
• SAS Institute, Inc
• Verisk Analytics, Inc.
• Elsevie
• Medeanalytics, Inc.
• Allscripts Healthcare Solutions, Inc.
• Other key players

Market Drivers

A key driver of growth for the healthcare analytics market is the increasing adoption of data-driven decision-making in healthcare services. Healthcare organizations are turning to analytics solutions to glean meaningful insights from complex datasets and enable data-based decision-making. By adding advanced technologies such as artificial intelligence and machine learning into these analytics tools, their capabilities are further expanded. As healthcare organizations face rising costs and expanding patient populations, analytics become even more essential to optimizing operations, improving patient outcomes, and allocating resources efficiently.

Analytics solutions become even more essential as preventive care, population health management, personalized medicine, and personalized medicine become increasingly prevalent. With such solutions becoming essential tools in dealing with healthcare industry issues such as rising costs and expanding populations - analytics have become an indispensable asset in improving operations management, patient outcomes, and resource allocation - analytics become invaluable solutions that help healthcare institutions overcome them all.

Market Restraints

Although growth in the healthcare analytics market seems optimistic, key challenges such as data security and privacy act as significant restraints. As healthcare data is highly confidential and must comply with regulations, safeguarding it requires stringent measures to maintain confidentiality and comply with regulations. Finding an equilibrium between accessing data for analysis while ensuring robust security measures is an intricate challenge.

Interoperability challenges between different healthcare IT systems create additional obstacles to data exchange and analytics implementation, impeding sustainable healthcare analytics development. Addressing these concerns is of utmost importance for sustained healthcare analytics growth; industry stakeholders must invest in advanced cybersecurity measures, standardization initiatives, and collaborative efforts to overcome interoperability hurdles.

Market Opportunities

An emerging opportunity in the healthcare analytics market lies in its expansion in areas like telehealth and remote patient monitoring. With the rise in the adoption of telehealth services and remote patient monitoring, there is great potential for analytics solutions to extract insights from virtual care platforms. Analytics play an invaluable role in managing and analyzing telehealth interaction data, improving care coordination, and ultimately increasing patient outcomes. As the industry evolves, analytics are expected to play an increasing role in providing quality healthcare while simultaneously optimizing costs. They could drive innovations in personalized medicine, predictive analytics, and population health management, as well as open new avenues of growth and development.

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Report Segmentation of the Healthcare Analytics Market

Type Insight

The healthcare analytics market is evolving with three primary forms: Descriptive, Predictive, and Cognitive analytics. Descriptive analytics currently holds the majority of the market share. Descriptive analysis was especially vital during the Covid-19 pandemic. Historical data analysis offers essential insight into a virus's impact. Predictive analytics has become a rapidly emerging segment.

Utilizing datasets created through descriptive analytics, predictive modeling is used to anticipate future trends - an indispensable resource for companies seeking greater market expansion. Cognitive analytics with its advanced features such as machine learning and natural language processing is at the forefront of innovation, revolutionizing healthcare decision-making by providing deeper insights and uncovering patterns within large datasets.

Application Insight

The market is experiencing unprecedented transformation across various applications, such as Financial Analytics, Revenue Cycle Management (RCM), Fraud Detection, and Clinical and Operational Analytics. Financial Analytics optimizes fiscal strategies for maximum cost efficiency and stability. Revenue Capture Management applications enable more accurate revenue capture and reimbursement processes.

Fraud Detection uses advanced analytics to detect and prevent fraudulent healthcare transactions, while Clinical Analytics utilizes patient data for enhanced treatment protocols and outcomes. Operational Analytics are utilized to enhance operational efficiencies by streamlining workflows to maximize resource use more efficiently. Healthcare analytics applications support increased decision-making, cost-effectiveness, and overall healthcare performance.

Component Insight

Healthcare analytics market dynamics include Services and Software; each has an essential part to play in shaping this industry. Services encompass implementation, consulting, and maintenance, as well as seamless integration and efficient use of analytics solutions. Software solutions offering descriptive to predictive analytics provide healthcare providers with actionable insight from data.

Deployment options also play a part in shaping the market; On-Premise solutions provide localized control, while Cloud deployments allow scalability and accessibility. All these components combine to drive innovation within the healthcare analytics sector and facilitate improved decision-making and operational efficiencies for healthcare organizations.

End-User Insight

Hospitals and Payers are key stakeholders driving innovation and efficiency within the healthcare analytics market. Hospitals rely on analytics for clinical insights, operational optimization, financial management, and resource allocation - ultimately improving patient outcomes and resource allocation - whereas Payers use analytics solutions for risk evaluation, fraud detection, and claims processing efficiency enhancements.

As demand for analytics solutions in both Hospitals and Payers increases due to greater recognition of its transformative effect resulting in improved care delivery, cost-effectiveness, and overall healthcare performance outcomes for their constituents, both have experienced increased interest within these end-user organizations as a result.

Recent Developments in the Healthcare Analytics Market

• McKesson Corporation: McKesson acquired RxBenefits in October 2023 to expand their data analytics capabilities in the pharmacy benefits management (PBM) market.
• IQVIA : In November 2023, IQVIA joined AstraZeneca to analyze real-world data in support of new drug development and commercialization.
• IBM: IBM launched its Watson Health Cloud AI Assistant in August 2023 to deliver automated insights from medical images and reports.
• Optum, Inc.: Established the Optum Labs Center for Population Health Research in June 2023 to develop data-driven solutions to public health challenges.
• Oracle: Alongside their acquisition of Cerner, Oracle also unveiled their Healthcare Analytics Platform in September 2023 for unified data management and analysis across healthcare organizations.
• SAS Institute, Inc.: Joined Health Catalyst in September 2023 to expand access to advanced analytics tools for healthcare providers.

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Market Segmentation

By Type

• Descriptive
• Predictive
• Cognitive

By Application

• Financial
• RCM
• Fraud
• Clinical
• Operational

By Component

• Services
• Software
• By Deployment
• On-Premise
• Cloud

By End User

• Hospitals
• Payer

By Geography

North America

• The US
• Canada
• Mexico

Western Europe

• Germany
• France
• The UK
• Spain
• Italy
• Portugal
• Ireland
• Austria
• Switzerland
• Benelux
• Nordic
• Rest of Western Europe

Eastern Europe

• Russia
• Poland
• The Czech Republic
• Greece
• Rest of Eastern Europe

APAC

• China
• Japan
• South Korea
• India
• Australia & New Zealand
• Indonesia
• Malaysia
• Philippines
• Singapore
• Thailand
• Vietnam
• Rest of APAC

Latin America

• Brazil
• Colombia
• Chile
• Argentina
• Costa Rica
• Rest of Latin America

Middle East & Africa

• Algeria
• Egypt
• Israel
• Kuwait
• Nigeria
• Saudi Arabia
• South Africa
• Turkey
• United Arab Emirates
• Rest of MEA

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