Healthcare Analytics Market registered USD 23.6 billion in 2021, and estimate to touch USD 120.5 billion in 2029, growing at a significant CAGR of 22.6% from 2022-2029.
The factors driving the growth of Healthcare Analytics Market includes growing prevalence of chronic diseases around the world, increasing use of healthcare analytics software to understand the historical data and enhancing the operational efficiencies in the healthcare facilities, high cost of treatment and low patient retention rates in hospitals. According to the report published by World Health Organization, around 422 million people across the globe are living with diabetes, majority of the cases are reported in low-and middle-income countries and about 1.5 million people die every year due to diabetes, which is pushing the demand for healthcare analytics solutions across the globe. Moreover, growing adoption of advanced technologies such as Big Data, Artificial Intelligence (AI) and Cloud Computing, rise in government’s expenditure on the healthcare sector and increasing geriatric population, are some of the additional factors supplementing the Healthcare Analytics Market Growth. In addition, rise in the number of mobile healthcare applications, increasing investments by major corporations on research and development, rapid urbanization, and improvements in the living standards, are further propelling the Healthcare Analytics Market Share.
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However, the growth of Healthcare Analytics Market is hindered due to insufficient availability of skilled professionals.
The leading players operating in the market are CitiusTech Inc., Health Catalyst, IBM Corporation, Amazon Web Services, Allscripts Healthcare, LLC, Cerner Corporation, Quantzig, Inovalon, COTIVITI, INC., and McKesson Corporation, among others.
Based on Technology, the Predictive Analytics segment is predicted to expand at a significant CAGR during the forecast period
Increasing use of predictive analytics solutions for predicting future trends, is the major factor responsible for the segment’s growth.
Based on Deployment Mode, the Cloud segment is projected to grow at a remarkable CAGR over the forecast period
As per the Healthcare Analytics Market Report, Cloud based storage enhances efficiency and flexibility and offers large storage capacity, are some of the factors responsible for segment’s growth.
Based on Region, the North American region is anticipated to hold the highest market share during the forecast period
Growing adoption of electronic health records (EHRs), increasing spending by government on healthcare sector, rising geriatric population and high per capita incomes, are some of the important factors augmenting the Healthcare Analytics Market size in North America.
Key Developments
· In 2020, Amazon Web Services (AWS) launched Amazon HealthLake, which is a HIPAA-eligible service that aims to support interoperability standards and uses big data analytics in the healthcare sector.
· In 2020, Quantzig launched advanced clinical data analytics solutions, which will help healthcare, life science, and pharmaceutical companies to scrutinize different data sets.
Market Segmentation
Segmentation by Technology
· Descriptive Analytics
· Predictive Analytics
· Prescriptive Analytics
Segmentation by Application
· Clinical Data Analytics
· Financial Data Analytics
· Operational and Administrative Data Analytics
Segmentation by Deployment Mode
· On-Premise
· Cloud
Segmentation by Region
· Asia Pacific
o China
o Japan
o India
o Rest of APAC
· North America
o United States of America
o Canada
· Europe
o United Kingdom
o Germany
o France
o Spain
o Rest of Europe
· RoW
o Brazil
o South Africa
o Saudi Arabia
o UAE
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