Healthcare Analytics Industry Overview
The global healthcare analytics market size is expected to reach USD 167 billion expanding at a CAGR of 21.5% from 2022 to 2030, according to a new report by Grand View Research, Inc. The increase in capital investments by the healthcare industry in the IT sector for better management and cost-effective patient care are key growth factors for the healthcare analytics market.
Descriptive analytics holds the biggest revenue share, its use in studying historical data has been successfully and widely adopted during the pandemic for studies on patient populations, the current method of analysis has been studying historical data to devise actionable insights for professionals to act on. Predictive analytics accounted for the fastest growth owing to the ability to provide future prospects for growth and for delivering better results.
Healthcare Analytics Market Segmentation
Grand View Research, Inc. has segmented the healthcare analytics market report based on component, type, application, delivery mode, end-use, and region.
Based on the Component Insights, the market is segmented into Software, Services and Hardware.
- The largest component in the healthcare analytics was the services segment with a market share of 37.1% as of 2021. The healthcare industry has been investing substantial amount of capital in the IT industry for the development of platforms, digitization of data for analytics.
- The fastest-growing component type was also services, due to the increase in the patient load on the health industry, increase in disease prevalence etc.
Based on the Type Insights, the market is segmented into Descriptive Analysis, Predictive Analysis and Prescriptive Analysis.
- The descriptive analysis type had the largest market share of 37.1% in 2021. Descriptive analytics has been widely used during the pandemic to study historical data and patient histories to study the spread of virus, which has been a key factor driving growth in this segment
- Predictive analysis was the fastest-growing analytics type due to the fact that it uses data sets created by using descriptive analytics by analyzing data for actionable future insights. More and more companies are adopting analytics for better growth prospects have been key propellants for growth of this segment.
Based on the Application Insights, the market is segmented into Clinical, Financial and Operational & Administrative.
- The largest market share of 35.7% was held by financial applications in 2021. The healthcare institutions and organizations are continually striving to minimize cost of treatment, yet delivering better care to patients, this has been the reason for growth of this segment.
Based on the Delivery Mode Insights, the market is segmented into On-premises, Web-hosted and Cloud-based.
- The largest market share of 49.3% was held by on-premises delivery mode in 2021. Majority of institutions are currently installing software and tools to store data at their own premises due to ease of access and security, resulting in the large market share of this type of delivery.
- The fastest growing delivery mode has been cloud based due to ease of storage, less capital investment, and increased flexibility and efficiency, these factors also add up to continuous growth in this delivery mode.
Based on the End User Insights, the market is segmented into Life science Companies, Healthcare Payers and Healthcare Providers.
- In 2021, the largest market share of 48% was held by life science companies. Currently, the largest users of analytical tools and platforms are the life-science companies for reducing costs of their products, increasing profit margins, and producing better products, which are driving faster adoption and growth in the segment.
- The fastest growth was registered by the healthcare providers, this is due to the fact that during the pandemic and even after that, the burden of delivering cost-effective care, better patient management has been tremendous on the hospitals and healthcare professionals, this has resulted in the growth of this end user segment.
Healthcare Analytics Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile
Key players in the industry are constantly innovating and bringing up new technologies to better understand data derived from patient information, understand the spread and containment of the disease, etc. to deliver better care solutions to healthcare providers and institutions. The use of big data analytics and AI has also given rise to new platforms being made to better understand and analyze data.
Some prominent players in the global Healthcare Analytics market include
- McKesson Corporation
- Optum, Inc.
- IBM
- Oracle
- SAS Institute, Inc.
- IQVIA
- Verisk Analytics, Inc.
- Elsevier
- Medeanalytics, Inc
- Truven Health Analytics, Inc
- Allscripts Healthcare Solutions, Inc.
- Cerner Corporation
Order a free sample PDF of the Healthcare Analytics Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: sales@grandviewresearch.com
Web: https://www.grandviewresearch.com
