The global healthcare analytics market is expected to be valued at USD 90.84 Billion in 2027 from USD 13.86 Billion in 2019, registering a CAGR of 27.9% through the forecast period. Healthcare analytics refers to the computational analysis of healthcare data and information using various technologies and processes. Using healthcare analytics properly enables you to make more effective and efficient operational and clinical decisions. It is predominantly used to assess, manage, and analyze patient data, usually compiled from electronic health records (EHRs). Healthcare analytics offers numerous advantages, such as reduced patient wait times, improved patient care quality, and effective scheduling and staffing management. Furthermore, it helps simplify tedious and time-consuming processes, such as making appointments, providing referrals, and processing insurance.
The global healthcare analytics market is expected to record significant growth over the estimated timeframe. The pivotal factors accountable for the growth of this market include the growing need for enhanced operational efficiency in the healthcare sector, rising focus on mitigating overheads or unwanted expenses, and the introduction of Big Data into the healthcare industry. Healthcare providers around the world are increasingly incorporating Big Data analytics into mHealth applications, which, in turn, is fueling the global healthcare analytics market growth. An increasing rate of hospital admissions, the rising adoption of analytics in healthcare for administrative and operational analyses, and the growing need to streamline various internal processes are the other crucial factors expected to propel the market growth. The healthcare sector extensively leverages analytics to offer real-time healthcare solutions and augment efficiency levels. Furthermore, the rising adoption of the Internet of Things (IoT), growing demand for personalized medicine, increasing healthcare R&D activities, and huge government funding for healthtech companies to develop advanced mHealth apps have given a further boost to the global healthcare analytics market growth.
Key Highlights of the Report:
- Based on component type, the hardware sub-segment is expected to dominate the global market in terms of revenue share over the projected period. The development of innovative hardware components, including computer components, is a key factor driving the growth of this segment.
- Based on solution type, the descriptive analytics sub-segment is expected to register the highest growth rate over the forecast period. Descriptive analytics aids in evaluating viable historical and future insights into healthcare, which is a critical factor promoting this segment’s growth.
- Based on end-use, the healthcare payer sub-segment occupies the largest share in the global healthcare analytics market and is projected to maintain its dominance throughout the forecast period. Various healthcare analytics solutions help healthcare payers determine improvement points in clinical practice and develop new treatment approaches.
- North America is poised to emerge as the leading regional market for healthcare analytics in the coming years. Surging adoption of EHRs, strict norms for reducing the augmenting healthcare expenditures, growing demand for improved clinical outcomes, and deepening focus on personalized medicine boost the market growth in this region.
- The key market competitors include Health Catalyst Inc., Oracle Corporation, MedeAnalytics, Inc., Athenahealth Inc., Evolent Health, Tenet Healthcare Corporation, Epic Systems Corporation, TIBCO Software Inc., Verisk Analytics, Inc., and SAP SE.
- In October 2020, TIBCO Software Inc. acquired Information Builders, Inc., a leading data analytics software company, to build on its expansive range of healthcare analytics and techniques.
- In March 2020, Tricog Health India Pvt. Ltd. raised around USD 10.5 million in funds from investors such as the University of Tokyo Edge Capital (Japan), Dream Incubator, Aflac Ventures LLC, and TeamFund (U.S). According to the healthcare analytics start-up, the funding was intended to help the company expand its remote patient monitoring services and strengthen its presence across Asia and Africa.
Emergen Research has segmented the global healthcare analytics market in terms of component type, deployment, solution type, application, end-use, and region
By Component Type (Revenue, USD Billion; 2017–2027)
By Deployment (Revenue, USD Billion; 2017–2027)
By Solution Type (Revenue, USD Billion; 2017–2027)
- Predictive Analytics
- Prescriptive Analytics
- Descriptive Analytics
By Application (Revenue, USD Billion; 2017–2027)
- Clinical Analysis
- Administrative and Operational Analysis
- Financial Analysis
By End-use (Revenue, USD Billion; 2017–2027)
- Healthcare Payer
- Healthcare Provider
By Region (Revenue, USD Billion; 2017–2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- Rest of Middle East & Africa
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