Healthcare Analytics Market to be Driven by the Rise of Big Data in the Healthcare Sector in the Forecast Period of 2023-2031
The new report by Expert Market Research titled, ‘Global Healthcare Analytics Market Size, Report and Forecast 2023-2031’, gives an in-depth analysis of the global healthcare analytics market, assessing the market based on its segments like type, component, deployment model, application, end user, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2023-2031)
- Historical Market Size (2020): 30.9 Billion
- Forecast CAGR (2023-2031): 23.1%
- Forecast Market Size (2031): 198.9Billion
The increased use of analytical solutions in the sector, such as the building of databases and historical trends using descriptive analysis, and the estimation of future market dynamics and outcomes using predictive and prescriptive analysis, is predicted to accelerate the expansion of healthcare analytics. The market for healthcare analytics is being driven by the increased demand to improve patient outcomes while lowering costs using data analytics. Advanced analytical solutions designed for specific requirements of healthcare companies and facilities delivering financial, clinical, operational, and administrative services are bolstering the growth. The surge in adoption rates of data mining techniques and big data analytics to analyse populations at high risk and devise strategies are driving the market growth. The demand for personalised medicine that caters to various human genome combinations is increasing, and the use of data-rich tools to improve patient care, such as eHealth records, mHealth, and Electronic Medical Records (EMRs), is expected to drive the demand for analytical solutions in the coming years.
Healthcare Analytics Market Definition and Major Segments
Healthcare analytics is the effective use of statistical, quantitative, predictive, comparative, cognitive, and other new applied analytical models to data and related business insights. Healthcare analytics technologies can assist disclose and comprehend historical data patterns, forecast future results, and deliver actionable insights to help healthcare organisations make better clinical, financial, and operational decisions.
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Based on type, the market is divided into:
- Descriptive
- Predictive
- Prescriptive
On the basis of component, the market is categorised into:
With respect to deployment model, the market is segmented into:
- On-Premises
- Web-Based
- Cloud-Based
Application wise, the market is classified into:
The market is split on the basis of end-user into:
- Healthcare Provider
- Pharmaceutical
- Biotechnology
- Academic Organisation
On the basis of region, the industry is divided into:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Healthcare Analytics Market Trends
Social media and the internet are having a huge impact on the healthcare business in terms of raising awareness and gathering data for patient engagement tactics. Government organisations and financing institutions are utilising predictive analytics solutions in various applications, such as risk assessment and reduce payment frauds. The pandemic resulted in a surge in market players’ usage of analytical solutions. The geriatric population is growing, as is the prevalence of chronic diseases, driving up demand for better patient experiences. In health data mining, artificial intelligence technologies immersed in data analytics solutions are being employed to assist tailored treatment plans, which is expected to drive the demand for analytical solutions. Besides, smart gadgets that capture massive amounts of data are predicted to become more popular; this raw data will then be processed to help businesses make better decisions, boosting the healthcare analytics market.
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Key Market Players
The major players in the market are Allscripts Healthcare, LLC, Cerner Corporation, Ontada LLC, Koninklijke Philips N.V., IBM Corporation, Optum, Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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