Market Research Report
Healthcare Analytics Market Size, Share & Trends Analysis Report By Component, By Type, By Application, By Delivery Mode, By End User, By Region, And Segment Forecasts, 2021 - 2028
|Healthcare Analytics Market Size, Share & Trends Analysis Report By Component, By Type, By Application, By Delivery Mode, By End User, By Region, And Segment Forecasts, 2021 - 2028|
Published: September 16, 2021
Grand View Research, Inc.
Content info: 110 Pages
Delivery time: 2-10 business days
The global healthcare analytics market size is expected to reach USD 129.7 billion by 2028 and is expected to expand at a CAGR of 23.8% over the forecast period, according to a new report by Grand View Research, Inc., The rising need to enhance patient outcomes simultaneously focusing on reducing expenses is supporting the growing need for analytical solutions in the industry. Moreover, analytical solutions developers and providers are introducing advanced analytical solutions, which is further boosting revenue growth.
The covid-19 pandemic has strained the global healthcare systems and is supporting the growing demand for analytical solutions. Furthermore, during the pandemic analytical solutions providers have made technological advancements allowing healthcare systems to overcome the physical restrictions of labor and capital, and venture new sources of growth. The industry uses these solutions in tracking facility capacity, evaluating and identifying high-risk patients.
The services segment dominated the market owing to the growing trend of healthcare and life science companies outsourcing these analytical services since they lack the capabilities and resources for the same. Descriptive analysis dominates the analytics industry due to the growing demand for quantifiable and descriptive analysis to holistically analyze historic business performances and trends. On the other hand, predictive analysis is anticipated to grow lucratively owing to the growing adoption rates of advanced analytical solutions in predicting future outcomes.
Financial systems using analytical solutions dominated the market with the growing trend of integrating analytical solutions in government and private healthcare settings to prevent frauds and maximize cost savings. Although on-premises deployment dominated the market due to ease of accessibility and minimum costs, cloud deployment is expected to grow tremendously with the growth of web-based and internet services enhancing accessibility. Life science companies extensively use analytical solutions in improving the accuracy and efficacy of their products and services. Healthcare providers are witnessing a rise in adoption rates of analytics with the growing use of analytical solutions in hospitals and clinics especially.
North America dominated the market in 2020 owing to the significant growth in adoption rates of advanced analytical solutions, increasing geriatric population coupled with rising prevalence of chronic diseases, growing economic development supporting the development of infrastructure and facilities. The Asia Pacific on the other hand is anticipated to grow at a lucrative growth rate over the forecast period owing to advancements in infrastructure, rapidly growing healthcare industry, rising government and private investments, and availability of highly skilled labor is supporting the growth of the market in the region.