Healthcare Analytics Market Forecasts to 2030 - Global Analysis By Type, Component, Deployment Model, Application, End User and by Geography

According to Stratistics MRC, the Global Healthcare Analytics Market is accounted for $43.10 billion in 2023 and is expected to reach $146.51 billion by 2030 growing at a CAGR of 19.1% during the forecast period. The methodical application of data analysis tools and techniques to extract patterns, trends, and insights from enormous healthcare data sets is known as healthcare analytics. Healthcare practitioners can improve patient outcomes, operational efficiency, and overall healthcare delivery by leveraging the power of advanced analytics, machine learning, and statistical modeling to inform their decisions. Moreover, healthcare analytics is critical to turning raw data into actionable intelligence, from optimizing clinical workflows and identifying cost-saving strategies to predictive modeling for disease prevention.

According to the MedPac report published in June 2018, as the readmission rate declined, mortality rate and ED/observation rates were stable, but two billion dollars in annual savings was observed, showing that the shift to value-based payments is creating headway.

Market Dynamics:

Driver:

Growing amount of medical data

Data on healthcare has increased at a rate never seen before, thanks to the widespread use of wearable technology, electronic health records (EHRs), and other digital health tools. Additionally, in order to support evidence-based decision-making and improve patient care, healthcare analytics tackles the problem of organizing and deriving valuable insights from this enormous and varied data landscape.

Restraint:

Issues with data quality and interoperability

The security and privacy of healthcare data in analytics are continuously challenged by the growing sophistication of cyber threats. Incidents of unapproved access and data breaches can jeopardize patient privacy and reduce confidence in analytics products. Furthermore, to mitigate the risk of data security breaches, addressing this constraint necessitates ongoing investment in strong cybersecurity measures, encryption protocols, and strict adherence to data protection standards.

Opportunity:

Instantaneous analytics to facilitate quick decisions

The ability to make quick, data-driven decisions is made possible for healthcare providers by the integration of real-time analytics. This is especially helpful for emergency response, critical care scenarios, and resource optimization. Moreover, healthcare practitioners can respond more quickly to changes in patient conditions and make better clinical decisions overall when they have access to real-time insights.

Threat:

Inadequate instruction and gaps in skills

The lack of professionals with both healthcare and analytics experience creates a talent gap that jeopardizes analytics initiatives' ability to be implemented successfully. Additionally, healthcare organizations need to make investments in workforce development, academic partnerships, and training programs in order to close skill gaps and guarantee that healthcare professionals have the skills needed to fully utilize analytics solutions.

COVID-19 Impact:

The market for healthcare analytics has been significantly impacted by the COVID-19 pandemic. Robust analytics solutions have become increasingly important due to the growing emphasis on public health, the requirement for real-time data to track and respond to the virus, and the rise in telehealth services. Analytics has been used by governments, healthcare organizations, and researchers to better allocate resources, model viral spread, and expedite vaccine distribution. Furthermore, the COVID-19 pandemic has expedited the assimilation of digital health technologies, thereby elevating the need for analytics tools to extract meaningful insights from the flood of medical records.

The Cloud-based segment is expected to be the largest during the forecast period

The segment with the largest market share is the cloud-based deployment model. Organizations in a wide range of industries strongly prefer cloud-based solutions because they provide unmatched flexibility, scalability, and accessibility. By using the cloud, companies can benefit from a shared infrastructure, which eliminates the need for large hardware expenditures and internal maintenance. Moreover, this model fosters flexibility and collaboration in a digital landscape that is changing quickly by enabling seamless remote access to data and applications.

The Pharmaceutical Industry segment is expected to have the highest CAGR during the forecast period

The pharmaceutical industry segment is projected to have the highest CAGR. The pharmaceutical sector is expanding rapidly, and it is distinguished by ongoing innovation, R&D efforts, and the search for novel treatments. This rapid growth can be attributed to a number of factors, such as the growing emphasis on biopharmaceuticals, advances in precision medicine, and the need for new drugs. Additionally, the growth has been further fueled by the industry's response to global health challenges, such as the COVID-19 pandemic, which has accelerated research and development efforts.

Region with largest share:

It is projected that North America will hold the largest market share for healthcare analytics worldwide. Numerous elements contribute to the region's dominance, such as its highly developed healthcare system, its cutting-edge technological capabilities, and its heavy emphasis on research and development. With its large number of biotechnology and pharmaceutical companies, state-of-the-art healthcare providers, and diverse health insurance market, the United States in particular is a key player. Furthermore, the area benefits from a steady stream of investments in healthcare innovation, which increases its market share.

Region with highest CAGR:

In the global healthcare analytics market, the Asia-Pacific region has the highest CAGR. Numerous important factors, such as a growing population, rising healthcare awareness, and rising investments in healthcare infrastructure across nations like China and India, are driving this dynamic growth. Moreover, the pharmaceutical and biotechnology industries are expanding in the region, healthcare technology is advancing significantly, and the government is taking proactive steps to increase healthcare accessibility.

Key players in the market:

Some of the key players in Healthcare Analytics market include Evidation Health, Inc., Cerner Corporation, IBM Corporation, MedeAnalytics, Inc., GE Healthcare, McKesson Corporation, Komodo Health, Inc., Allscripts Healthcare Solution Inc, Optum, Inc., Athenahealth, Inc., Epic Systems Corporation

Key Developments:

In June 2023, IBM announced that it has entered into a definitive agreement with Vista Equity Partners to purchase Apptio Inc., a leader in financial and operational IT management and optimization software, for $4.6 billion. The acquisition of Apptio will accelerate the advancement of IBM's IT automation capabilities and enable enterprise leaders to deliver enhanced business value across technology investments.

In May 2023, Evidation and Myovant Sciences Ltd., a wholly owned subsidiary of Sumitovant Biopharma Ltd. announced results from a survey exploring the lived experiences of individuals with endometriosis and/or uterine fibroids. The survey results highlight the negative impacts of these conditions on employee and student experiences and quality-of-life, underscoring the need for conversations and accommodations that advance equity for these populations.

In February 2023, Oracle Corp. has signed a contract with Accenture to improve the training Department of Veterans Affairs clinicians receive on using the VA's Cerner Millennium-based electronic health record platform. Speaking with FedScoop, Oracle Executive Vice President Ken Glueck said Oracle-owned Cerner had determined it needed additional support from consultancy firm Accenture after identifying this as an area where program improvement is needed.

Types Covered:

• Descriptive Analytics
• Predictive Analytics
• Prescriptive Analytics
• Cognitive Analytics
• Other Types

Components Covered:

• Services
• Hardware
• Software
• Other Components

Deployment Models Covered:

• On-premise
• Web-hosted
• Cloud-based
• Other Deployment Models

Applications Covered:

• Clinical
• Financial
• Operational & Administrative
• Population Health
• Other Applications

End Users Covered:

• Healthcare Payers
• Healthcare Providers
• Pharmaceutical Industry
• Biotechnology Industry
• Life Science Companies
• Other End Users

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances