Healthcare Analytics Market is Expected to Reach US$ 118.23 billion by 2027
Data analytics and technology innovation are projected to guide the healthcare industry's future. When the number of healthcare facilities grew, so did the number of patients, resulting in the releasing of a massive array of data. Healthcare analytics is the aggregation of generated data accompanied by interpretation to obtain information that aids decision making. Healthcare data is expected to grow at a faster pace than manufacturing and financial services, according to IDC, with a CAGR of 36 percent through 2025. The ever-increasing diagnostic evidence obtained from patients' medical history and devices must be organised in order to conduct research. As a result, demand for healthcare analytics is increasing.
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Furthermore, some of the core reasons contributing to the growing market of the healthcare analytics market are the advantages of healthcare analytics, such as shortened patient wait times, increased efficiency by providing data-based quality care, and so on. Furthermore, with the introduction of emerging technology such as artificial intelligence (AI), big data, and machine learning (ML), the healthcare sector around the world is undergoing rapid change. Because of the usage of smart medical devices to minimise medical mistakes, there is a need for prevention and precautionary measures for medical records and medical equipment, which is driving market development. Furthermore, the use of portable medical equipment for home tracking, healthcare wearables, Electronic Health Records (EHRs), and other similar devices is resulting in the release of a massive amount of data. As a result, the market for healthcare analytics is expected to rise.
The COVID-19 pandemic has had a negative effect on manufacturing on a broader scale, but the healthcare technology market has been steadily growing. When compared to previous years, the investments in digital wellbeing were significantly higher. Investors poured US$ 4.2 billion into digital wellbeing around the world in the second quarter, indicating that high success has persisted. In addition, overall health innovation spending in the first half of 2020 hit US$ 9.1 billion, up 19 percent from the US$ 7.7 billion spent in the same timeframe in 2019.
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Insights Presented in the Report
“Amongst type, Predictive Analytics segment holds the major share”
The market is divided into Descriptive Analytics, Predictive Analytics, Prescriptive Analytics, and Cognitive Analytics, depending on the form. The predictive analytics sector had a market share of 25.8% in 2019 and is projected to rise moderately over the forecast period, owing to the rising prevalence of healthcare fraud and the use of mobile devices and medical equipment. Furthermore, as AI and machine learning become more widely used, cognitive analytics can expand.
“Amongst component segment, services sub-segment dominated the market in 2019”
Hardware, applications, and services are subdivided into the part section. Due to rising demand for support services such as deployment, ongoing IT support, system integration, training, and maintenance services, as well as business analytics services to improve operating performance, the services segment dominated the market in 2019 with a share of 54.9 percent. This dominance is projected to continue throughout the forecast period. However, due to the transition from on-premise to cloud deployment, the tech segment is expected to expand the most.
“Amongst the Deployment segment, on-cloud segment is expected to grow at the highest CAGR during the analyzed period”
The industry is divided into two categories based on the distribution model: on-cloud and on-premises. Because of the low cost associated with it, the on-premises segment led the industry in 2019 with a share of 63.6 percent and is predicted to continue its lead over the projected period. However, with the increasing amount of data produced and the advantages of on-demand distribution, the cloud category is expected to rise the most.
“Amongst Applications, Financial Analytics dominated the market in 2019”
Medical analytics, financial analytics, organisational and administrative analytics, and population health analytics are the different types of analytics available. Financial analytics led the industry in 2019, accounting for about 36.4 percent of total sales. Financial analytics aids in improving claim response, business cycle tracking, strategic decision-making, risk adjustment, and risk assessment. Clinical analytics, on the other hand, is projected to expand at a significant rate due to the need to reduce medical errors and identify issues that stymie progress.
“Amongst end-users, Healthcare Payers dominated the market in 2019”
The healthcare analytics market is divided into four segments based on end-users: healthcare providers, healthcare payers, academic organisations, and the biotechnology industry. Healthcare payers led the industry in 2019, accounting for 36.0 percent of market sales. Healthcare services, on the other hand, are expected to grow at a significant rate over the projected period.
“North America indicates one of the largest markets of healthcare Analytics market”
A systematic research was performed for various regions around the globe, including North America (US, Canada, and Rest of North America), Europe (Germany, UK, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), and Rest of World, in order to get a greater understanding of the business dynamics of the healthcare analytics market. Due to the introduction of emerging technology in the healthcare sector and federal government mandates for the adoption of EHR, North America led the industry and reported revenue of US$ 9.28 billion in 2019.
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