Healthcare Analytics Market

The report "Healthcare Analytics Market by Type (Descriptive, Predictive, Cognitive), Application (Financial, RCM, Fraud, Clinical, Operational), Component (Services, Software), Deployment (on premise, Cloud), End-user (Hospitals, Payer) - Global Forecast to 2027", is projected to reach USD 85.9 billion by 2027 from USD 27.4 billion in 2022, at a CAGR of 25.7% during the forecast period.

Browse 278 market data Tables and 50 Figures spread through 323 Pages and in-depth TOC on "Healthcare Analytics Market by Type (Descriptive, Predictive, Cognitive), Application (Financial, RCM, Fraud, Clinical, Operational), Component (Services, Software), Deployment (on premise, Cloud), End-user (Hospitals, Payer) - Global Forecast to 2027"
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The healthcare analytics market is mainly driven by factors such as development of integrated healthcare analytics, need to comply with regulatory requirements, rising prevalence of chronic diseases, and growing focus on real-world evidence. However, dearth of skilled professionals and reluctance to adopt healthcare analytics solutions in emerging countries are challenging the growth of this market.

“Descriptive analytics type segment is expected to account for the largest share of the healthcare analytics market in 2022”

Based on type, the market is segmented into cognitive analytics, descriptive analytics, predictive analytics, and prescriptive analytics. In 2022, the descriptive analytics segment is expected to hold the largest share of this market. Descriptive analytics help healthcare payers and providers to observe and manage their business practices. It categorizes, characterizes, consolidates, and classifies the past data to convert it into useful insights. Most organizations choose descriptive/retrospective analytics since it can be implemented with the standard aggregate functions built into most databases.

” On-premise segment is estimated to account for the largest share of the healthcare analytics market”

Based on the deployment model, the market is segmented into on-premise and on-demand. The on-premise segment is estimated to account for the largest share of the healthcare analytics market in 2022. Factors such as growing number of healthcare providers are choosing for cloud-based due to its advantages, such as cost-effectiveness and ease of use.

“Financial analytics segment is expected to account for the largest share of the healthcare analytics market in 2022”

Based on application, the healthcare analytics market is segmented into financial analytics, clinical analytics, operational & administrative analytics, and population health analytics. In 2022, the financial analytics is estimated to account for the largest share of the healthcare analytics market. Factors such as growing adoption of electronic healthcare records, rising focus on personalized medicine-based analytics and the need to improve patient outcomes are driving the market growth.

“Services segment to grow at the highest CAGR in the healthcare analytics market during the forecast period, by component”

Based on component, the healthcare analytics market is segmented into services, software and hardware. In 2022, the services segment is expected to account for the largest market share of the healthcare analytics market. This segment is also expected to grow at the highest CAGR during the forecast period, primarily due to the frequent need for services such as software upgrades and maintenance.

“Payers segment  estimated to account for the largest share of the healthcare analytics market during the forecast period, by end user”

Based on end users, the healthcare analytics market is segmented into providers (hospitals, physician practices, IDN, post acute care organisations and, ambulatory settings), payers (private insurance companies, government agencies, and employers & private exchangers), and ASCOs, HIEs, & TPAs. In 2022, the payers segment is estimated to account for the largest share of the healthcare analytics market. The growing need to curb fraudulent claims, optimize provider networks, and reduce operational costs is the key factor driving the growth of this segment.

“North America is expected to hold the largest share of the healthcare analytics market in 2022”

Based on region healthcare analytics market is segmented into six region namely, North America, Europe, Asia, Pacific countries, Latin America, and the Middle East and Africa. North America is expected to hold the largest share of this market, followed by Europe in 2022.The large share is attributed to the implementation of federal health mandates that boost the adoption of HCIT solutions, significant amount of venture capital investments, increasing pressure to decrease healthcare costs, technological advancements, and huge number of product and service availability in this region.

Prominent players in this market include IBM (US), SAS Institute Inc. (US), Optum, Inc. (US), Cerner Corporation (US), Allscripts Healthcare, LLC (US), Cotiviti, Inc. (US), CitiusTech Inc (US), Health Catalyst (US), CVS Health (US), Inovalon (US), McKesson Corporation (US), MedeAnalytics, Inc. (US), Oracle (US), ExlService Holdings, Inc. (US), Gainwell (US), Wipro (US), Flatiron (US), Apixio (US), Enlitic, Inc. (US), Komodo Health, Inc. (US), HealthEC, LLC,  Sema4 OpCo, Inc. (US), Evidation Health, Inc. (US), Insilico Medicine (US), Exscientia (UK), Aetion, Inc.(US), and Premier (US).

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