Market Research Report
Healthcare Analytics Market Size By Product, By Application, By End-Use, Industry Analysis Report, Regional Outlook, Growth Potential, COVID-19 Impact Analysis, Price Trends, Competitive Market Share & Forecast, 2022 - 2030
|Healthcare Analytics Market Size By Product, By Application, By End-Use, Industry Analysis Report, Regional Outlook, Growth Potential, COVID-19 Impact Analysis, Price Trends, Competitive Market Share & Forecast, 2022 - 2030|
Published: July 12, 2022
Global Market Insights Inc.
Content info: 163 Pages
Delivery time: 2-3 business days
The healthcare analytics market is set to witness sturdy growth through 2030 owing to increasing expenditure on public healthcare. Additionally, surging focus on improving patient outcomes and supporting timely and accurate diagnosis are likely to further promote industry expansion over the forecast timespan.
Healthcare analytics has emerged as an effective solution for healthcare managers and hospitals to deliver better clinical care, operations, and patient engagement, as well as make informed decisions. To accommodate prevalent consumer needs, key participants operating in the healthcare analytics market have been diversifying their offerings, which has been lucrative for the product landscape.
For instance, in July 2022, a health consortium headed by Weill Cornell Medical College received $8 million from the PCORI (Patient-Centered Outcomes Research Institute) to expand its patient data network. The INSIGHT Clinical Research Network is a database that contains clinical data and EHR of 15 million patients from prominent academic medical centers. This collaboration enhanced data sharing, which was designed to foster research aimed at providing insights into the provision of health services and healthcare quality and cost.
In another instance, in July 2022, WhiteSpace Health, a deep analytics expert, broadened its Revenue Intelligence Platform with the addition of Operational Analytics 3.0 for health system-associated and independent medical practices. This platform has been developed to provide clarity into the organizational workstreams' health, identify underperforming areas, and resolve the issues arising therefrom. The deep analytics in the platform then combines the data from various sources, improving utilization, profitability, and patient satisfaction.
The healthcare analytics market has been bifurcated in terms of end-use, product, application, and region.
By end-use, the market has been segmented into clinics, hospitals, and others. Among these, the clinics segment is expected to register massive growth in the upcoming time period to reach a valuation of around $4,866.8 million by the end of 2030.
Based on product, the market has been divided into predictive analytics, prescriptive analytics, and descriptive analytics. In 2021, the prescriptive analytics segment accounted for more than $2,084.9 million in revenue and is estimated to register substantial gains over the analysis period.
With regard to application, the healthcare analytics market has been segmented into financial management, clinical management, population health management, and operations management. Among these, the operations management segment is anticipated to register approximately 11.8% CAGR between 2022 and 2030.
On the regional front, the Latin America healthcare analytics market accounted for over 1.7% of the overall industry revenue in 2021. On the other hand, in the Middle East & Africa, the market is projected to witness sizable expansion, progressing at above 9.7% CAGR over the analysis timeframe.