Market Research Report
Global Healthcare Analytics Market by Type (Descriptive, Prescriptive, Cognitive), Component (Services, Hardware), Application (Financial, RCM, Fraud, Clinical), Deployment (On-premise, Cloud), End-user (Providers, Payer) - Global Forecast to 2027
|Global Healthcare Analytics Market by Type (Descriptive, Prescriptive, Cognitive), Component (Services, Hardware), Application (Financial, RCM, Fraud, Clinical), Deployment (On-premise, Cloud), End-user (Providers, Payer) - Global Forecast to 2027|
Published: October 9, 2021
SPER Market Research Pvt. Ltd.
Content info: 213 Pages
Delivery time: 1-2 business days
The global Healthcare analytics market is expected to grow at a CAGR of ~26% from 2021 to reach USD 85.8 billion by 2027. The growth is primarily attributed to government initiatives, growing investments, increasing EHR adoption, emphasis on reducing healthcare expenditure, and evolution of big data in healthcare. However, lack of skilled personnel and high cost of analytics can pose a significant challenge. Growing focus on value-based care, increasing focus on AR/VR analytics, and rising adoption of analytics in emerging countries offer significant opportunities.
By type, healthcare analytics market is segmented into descriptive, predictive, prescriptive and cognitive analytics. Descriptive analytics segment accounted for the largest share of healthcare analytics market. The largest share of this segment is mainly due to its use in the effective application of predictive/prescriptive analytics.
On the basis of application, healthcare analytics market is segmented into financial analytics, clinical analytics, operational & administrative analytics and population health analytics. Healthcare analytics segment held largest share in 2020. The largest share of this segment is mainly attributed to emphasis on cost-cutting and to increase profitability.
Healthcare analytics market is segmented into on-premise and on-demand models on the basis of deployment model. On-premise model accounted for largest market share in 2020. The large share of this segment can be ascribed by convenient customization available in this model.
Based on the end user segregation, payers accounted for largest market share in 2020. Rising healthcare expenditure, increasing need for membership expansion, optimization of provider networks and increasing competition are key factors driving the growth of this market segment.
In 2020, North America accounted for the largest share of healthcare analytics market. The largest share of this regional segment is mainly due to rising EHR adoption, government initiatives, emphasis on curbing the healthcare cost and improving regulatory framework. On the other hand, APAC is expected to grow at a highest rate. Highest CAGR of this market is primarily due to growing adoption and rising investments in these countries.
Key players operating in this market are: