The healthcare analytics market is projected to reach USD 75.1 billion by 2026 from an estimated USD 21.1 billion in 2021, at a CAGR of 28.9% during the forecasted period.Healthcare analytics is the efficient use of data and related business insights developed through statistical, quantitative, predictive, comparative, cognitive, and other emerging applied analytical models. Healthcare analytics tools help reveal and understand historical data patterns, predict future outcomes, and provide actionable insights to drive fact-based decision-making for improved clinical, financial, and operational performance of healthcare organizations. The use of analytics helps healthcare systems reduce healthcare costs and improve the quality of care. However, high cost related to healthcare analytics software and services and a dearth of skilled professionals are likely to challenge market growth in the coming years.
Cognitive analytics to be the fastest-growing segment in the type market Based on type, the market is segmented into cognitive analytics, descriptive analytics, predictive analytics, and prescriptive analytics.Cognitive analytics uses artificial intelligence (AI) technologies such as machine learning, deep learning, natural language processing (NLP), and reasoning or logic systems to provide analysis.
It automates the decision-making process and provides insights and suggestions to enhance human decisions. The descriptive analytics segment is expected to account for the largest share of 52.3% of the healthcare analytics market in 2021. Descriptive analytics help healthcare payers and providers to better monitor and manage their business practices. It categorizes, characterizes, consolidates, and classifies the past data to convert it into useful information. Most organizations prefer descriptive/retrospective analytics since it can be implemented with the standard aggregate functions built into most databases.
Services segment to hold the largest share of the component market Based on component, the healthcare analytics market is segmented into services, hardware, and software. The services segment accounted for the largest market share of 51.9% in 2020. The large share of this segment can be attributed to their indispensable nature and repetitive requirement. This is because end users of healthcare analytics rely heavily on service providers for consulting, data storage, implementing services, training, maintenance, and regular solution upgrades.
The US to dominate thehealthcare analytics market in North America North America dominated the healthcare analytics market, with a share of 61.0% in 2020, followed by Europe and the Asia Pacific. The large share of North America in the global healthcare analytics market can be attributed to the implementation of federal health mandates that encourage the adoption of HCIT solutions, increasing focus on PHM, a significant amount of VC investments, growing pressure to reduce healthcare costs, technological advancements, and high product and service availability in this region. Moreover, most of the leading players in the healthcare analytics market have their headquarters in North America.
Breakdown of supply-side primary interviews: • By Company Type: Tier 1 – 37%, Tier 2 – 22%, and Tier 3 – 41% • By Designation:Director-level – 25%, C-level – 20%, and Others – 55% • By Region: North America - 40%, Europe – 27%, APAC –20%, Rest of the World –13% Some of the prominent players operating in the healthcare analytics market areIBM (US), Optum (US), Cerner (US), SAS Institute (US), Allscripts (US), McKesson (US), MedeAnalytics (US), Inovalon (US), Oracle (US), Health Catalyst (US), SCIO Health Analytics (US), Cotiviti (formerly Verscend Technologies) (US), CitiusTech (US), Wipro (India), and VitreosHealth (US), Linguamatics (US), Flatiron (US), Roam Analytics (US), Komodo Health (US), CVS Health (US), among others.
Research Coverage This report studies the healthcare analytics market based on type, application, component, deployment model, end user, and region.The report also studies factors (such as drivers, restraints, opportunities, and challenges) affecting market growth.
It analyzes the opportunities and challenges in the market and provides details of the competitive landscape for market leaders. Furthermore, the report analyzes micro markets with respect to their individual growth trends and forecasts the revenue of the market segments with respect to two main geographies – source and destination.
Key Benefits of Buying the Report This report focuses on various levels of analysis—industry trends, market share of top players, and company profiles, which together form basic views and analyze the competitive landscape, and high-growth regions and their drivers, restraints, challenges, and opportunities. The report will help both established firms as well as new entrants/smaller firms to gauge the pulse of the market and garner greater market shares.
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