Market Research Report
Healthcare Analytics Market Size By Product, By Application By End-Use, COVID19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027
|Healthcare Analytics Market Size By Product, By Application By End-Use, COVID19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027|
Published: June 11, 2021
Global Market Insights Inc.
Content info: 150 Pages
Delivery time: 2-3 business days
The healthcare analytics market is expected to grow exponentially by the year 2027. Data analytics can be used to continuously evaluate patients' vitals in real time in order to track and enhance practitioners' effective practices and improve patient care. It also helps identify the costs involved in treating a certain illness including the process of prevention and cure.
Data analytics helps healthcare professionals account for a patient's varied medical conditions when modelling risk and treatment regimes. The health-care business can more effectively allocate resources by combining and analyzing any type of data, allowing medical professionals to intervene early and providing counselling to high-risk individuals to help them avoid long-term fundamental costs.
The healthcare analytics market is segmented in the terms of product, application, end-use and region.
In terms of product, the descriptive analytics segment attained a valuation of USD 6.1 billion in the year 2020. In the healthcare industry, data analysis can help assess the positivity rate of a virus in a specific population within a timeframe to ascertain how contagious it is. Recently, descriptive analysis has become an asset to tackle viruses, which has translated into a significant rise in product demand throughout the industry.
Operational data analytics has also gained tremendous traction recently, primarily owing to a growing need for systematically organizing data and offering consistency among all channels of the industry. In terms of application within the healthcare industry, the operations management segment held a market share of 10.0% in the year 2020.
Acquiring and maintaining the data of patients that visit a clinic, creates an opportunity to analyze and predict their well-being, to understand future requirements and carefully construct an action-plan based on it. This would help reduce time consumption and increase effectiveness on a domestic level. With reference to the end-use segment, clinics are expected to reach a valuation of USD 3.5 billion by the year 2027.
In terms of region, Latin America accounted a market share of 1.7% back in 2020. The region was ill-prepared for the Covid-19 pandemic and suffered due to low expenditure on virus awareness programs in areas of poverty and scarcity of essential healthcare workers. It is now investing in a robust healthcare technology that would boost efficiency and safeguard public health, creating avenues for the market.
The healthcare industry, including its infrastructure and management systems, within the Middle East and Africa region has undergone massive changes over time. Globalization in the future would further lead to open channels of collaboration and enhance medical infrastructure within the region. MEA is expected to show a steady growth at a rate of 9.4% during the period of analysis.