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Healthcare Analytics Market to Surpass USD 200.44 Billion by 2031 Driven by Tech Advancements and Cost Control Needs

The global healthcare analytics market is projected to witness phenomenal growth in the coming years. This surge can be attributed to a multitude of factors, including rapid advancements in technology, a growing emphasis on efficiency in the healthcare sector, and the ever-increasing need to control healthcare costs.

The Healthcare Analytics Market, valued at USD 43.05 billion in 2023, is anticipated to reach a staggering USD 200.44 billion by 2031. This translates to a compound annual growth rate (CAGR) of 21.2% throughout the forecast period from 2024 to 2031.

Healthcare Analytics Market
Healthcare Analytics Market

List of Healthcare Analytics Companies Profiled in Report:

  • McKesson Corporation
  • Optum, Inc.
  • IBM
  • Oracle
  • SAS Institute, Inc.
  • Verisk Analytics, Inc.
  • Elsevier
  • Medeanalytics, Inc.
  • Truven Health Analytics, Inc.
  • Allscripts Healthcare Solutions, Inc
  • Cerner Corporation

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Healthcare Analytics Platforms Flourish as Technology Advancements and Government Initiatives Drive Innovation

Fueled by rapid technological progress and significant healthcare industry investments in IT, the healthcare analytics market is experiencing tremendous growth. A case in point is the January 2021 collaboration between Optum and Change Healthcare, which provides advanced healthcare platforms and data analytics solutions.

These analytical platforms deployed by healthcare institutions worldwide are revolutionizing patient care. They not only enhance patient management and retention but also boost staff productivity and ease caregiver burdens. Additionally, healthcare analytics applications extend beyond patient care. They manage grants, patient records, appointments, and insurance claims, ultimately improving overall business operations and patient outreach.

Furthermore, initiatives like the Health Data Analytics Initiative by the Grainger College of Engineering connect researchers to develop better solutions through AI and analytics.  Government funding and initiatives also play a crucial role. These initiatives encourage healthcare institutions to adopt analytical platforms for managing clinical data, analyzing trends, and developing optimal healthcare solutions. Policymakers even leverage these platforms to analyze data and create better healthcare policies. The U.S. government’s HealthData.gov portal exemplifies this, offering healthcare data accessible to developers for improved healthcare delivery.

The Healthcare Analytics Market Shows Continuous Advancements

  • In August 2022, Syntellis Performance Solutions acquired Stratasan, a leading healthcare market intelligence and data analytics company. This acquisition strengthens Syntellis’ portfolio by offering healthcare organizations a broader range of data and intelligence solutions for improved financial, operational, and strategic growth planning.
  • Oracle Corporation acquired Cerner Corporation on June 22, 2022. This merger combines Cerner’s expertise in clinical functionalities with Oracle’s strengths in analytics, automation, and enterprise platforms.

The COVID-19 Pandemic Significantly Impacted Healthcare Systems Globally

Lockdowns triggered a rise in healthcare IT adoption and remote health monitoring. This, in turn, increased demand for predictive and prescriptive analytics software. These tools were crucial for estimating COVID-19 cases, deaths, and resource needs (hospital beds, ICU beds, PPE) to optimize hospital operations.

New software emerged to combat COVID-19, such as the National Minority Quality Forum’s COVID-19 Index. This predictive tool helps physicians plan for future outbreaks and analyze individual or community health data. The pandemic, therefore, had a positive short-term impact on the healthcare analytics market. However, growth is expected to stabilize post-pandemic.

However, the core drivers of market growth remain: big data integration in healthcare, the need for increased efficiency, and cost control. Analyzing massive amounts of data is complex, and healthcare analytics helps navigate this complexity to reduce unnecessary costs. Additionally, the rise of population health management (PHM) – utilizing data to manage population health – fuels market growth.

Healthcare Analytics Industry Segmentation as Follows:

By Type

  • Descriptive Analysis
  • Predictive Analysis
  • Prescriptive Analysis

By Component type

  • Software
  • Hardware
  • Services

By Delivery Mode Type

  • On-premises
  • Web-hosted
  • Cloud-based

By Application Type

  • Clinical
  • Financial
  • Operational and Administrative

By End-use

  • Healthcare Payers
  • Healthcare Providers
  • Life Science Companies

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Predictive Analytics Segment is Expected to Witness High Growth Over the Forecast Period

Predictive analytics utilizes historical and current data to forecast future outcomes. This empowers healthcare organizations to anticipate potential problems like resource shortages and poor patient outcomes, allowing for proactive measures.

For instance, “in June 2020, researchers at Cleveland Clinic developed a predictive model to forecast patient volume, bed capacity, ventilator availability, and other metrics”. This model provides valuable information for optimizing care for COVID-19 and other patients. The increasing adoption of cloud platforms, which offer advantages in terms of cost and accessibility, is expected to further propel the growth of the predictive analytics segment.

Cloud-Based Deployment Holds the Significant Share

The cloud-based deployment segment is expected to dominate the market due to several advantages over on-premise solutions. These advantages include flexibility, disaster recovery capabilities, loss prevention, sustainability, and the ability to manage and analyze vast amounts of data from various sources.

Prescriptive Analytics Gains Traction

The prescriptive analytics market is driven by the growing need for real-time access to structured and unstructured data for better decision-making. Additionally, the rising rate of cybercrimes necessitates improved crime detection and prevention methods, further fueling market growth.

North America Dominates, Others Follow Suit

North America is expected to maintain its dominant position in the healthcare analytics market due to several factors:

Technological Advancements: North American countries are at the forefront of technological innovation, leading to a strong emphasis on adopting cutting-edge healthcare analytics solutions.

High Awareness: Patients and healthcare professionals in North America generally have a high awareness of the benefits of healthcare analytics, leading to greater demand for such solutions.

Rising Healthcare Expenditure: The high healthcare expenditure in North America creates a strong incentive

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North America Dominates

The high healthcare expenditure in North America creates a strong incentive for healthcare providers to adopt cost-saving solutions like healthcare analytics.

For instance, according to the Organization for Economic Co-operation and Development (OECD), US healthcare spending in 2021 was 17.8% of the country’s total GDP. This high expenditure fuels the demand for healthcare analytics solutions that can help manage costs effectively.

Additionally, government initiatives in North America are also propelling the market growth. For example, “the Centers for Medicare and Medicaid Services (CMS) emphasizes the use of healthcare analytics to improve patient outcomes and reduce costs”.

While North America is expected to remain the leader, other regions are also experiencing significant growth in the healthcare analytics market.

Key Takeaways for Your Healthcare Analytics Market Study

  • Gain insights into the projected growth rate and future market size of the global healthcare analytics market.
  • Understand the growth potential of different segments within the market, such as deployment mode, analytics type, application, and end-user.
  • Identify the factors propelling the market forward and the challenges that need to be addressed for sustained growth.
  • Get a clear picture of the regional dynamics of the healthcare analytics market, with a focus on North America, Asia Pacific, and Europe.
  • Gain insights into the strategies of key players in the market and emerging trends that could disrupt the landscape.

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