Healthcare Analytics Market Definition
Industry Perspective:
The global healthcare analytics market size was worth USD 30.06 million in 2022 and is estimated to grow to USD 143.05 million by 2030, with a compound annual growth rate (CAGR) of approximately 21.53% over the forecast period. The report analyzes the healthcare analytics market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the healthcare analytics market.
Healthcare Analytics Market: Overview
The act of gathering, examining, and deriving meaning from healthcare data is known as healthcare analytics. This data is then utilized to provide insights that can be applied to enhance operational effectiveness, lower costs, and improve patient outcomes. Patient information, financial data, clinical data, and operational data can all be analyzed using healthcare analytics. The healthcare analytics business is a lucrative one that is expanding quickly. As healthcare organizations increasingly appreciate the value of data-driven decision-making, it is anticipated that the usage of healthcare analytics will increase in the upcoming years.
COVID-19 Impact:
The pandemic temporarily increased the demand for healthcare analytics solutions as healthcare organizations sought to comprehend and manage the epidemic better. For instance, healthcare analytics were utilized to monitor the virus’s transmission, identify high-risk groups, and forecast resource requirements. The development and assessment of fresh medications and vaccinations also utilized healthcare analytics. A considerable amount of new data was produced as a result of the pandemic’s acceleration of the use of telehealth and remote monitoring technology. This data has been analyzed and interpreted using healthcare analytics tools to improve the delivery of remote care. The COVID-19 pandemic is anticipated to fuel the healthcare analytics market’s expansion in the long run. The relevance of data-driven decision-making in the healthcare industry has been brought to light by the epidemic. Healthcare providers are becoming more and more aware of the benefits of healthcare analytics for enhancing patient care, cutting costs, and boosting productivity.
nForming Healthcare Analytics Market Smart Book
The nForming Healthcare Analytics Market Smart Books offer a comprehensive compilation of data pertaining to historical revenue, user volume, patient data, prices, and other relevant information for each segment. This includes, products & services, type of indication, age group and detailed analysis of service providers with coverage at both regional and country levels. The data spans the past three years and provides projections up until 2030. The smart book also provides extensive information on the leading suppliers and their corresponding market shares in the Healthcare Analytics Market. The Healthcare Analytics market comprises a range of qualitative factors, including significant growth drivers, opportunities, and challenges.
Healthcare Analytics Market Recent Developments
The healthcare analytics industry is seeing a variety of developments. Among the major developments areas are;
Recent Developments
- May 2023: IBM unveiled Watson Health, a brand-new business unit specializing in the creation and distribution of healthcare analytics products. Healthcare organizations may improve clinical decision-making, cut costs, and improve patient outcomes with the help of a variety of Watson Health solutions that leverage AI and ML.
- March 2022: The Edison HealthLink platform, developed by GE Healthcare, is a cloud-based platform that enables healthcare organizations to gather and analyze data from various sources. The adoption of Edison HealthLink can enhance clinical judgment, lower expenses, and enhance patient outcomes.
Read more opportunities of healthcare analytics market in the Smart Book.
Healthcare Analytics Market Drivers
Government initiatives to promote healthcare analytics to drive market growth
Governments all around the world are becoming more and more aware of how critical healthcare analytics are to raising the efficacy, efficiency, and caliber of healthcare delivery. In order to encourage the adoption of healthcare analytics technologies and practices, they are starting a number of projects. Governments are spending money on R&D to improve the state-of-the-art in healthcare analytics technology and procedures. For example, financing programmes that promote healthcare analytics research include those offered by the National Institutes of Health (NIH) in the United States. Further, governments are encouraging the adoption of healthcare analytics technologies and procedures by providing financial incentives to healthcare providers. In the United States, for instance, the Centres for Medicare & Medicaid Services (CMS) provides financial incentives to hospitals that employ healthcare analytics to raise patient care quality and lower costs. In the years to come, we may anticipate seeing even more government activities in this field as healthcare analytics continues to develop and its advantages are well understood.
Healthcare Analytics Market: Restraints
High software costs and complexity hinder market growth.
Particularly for enterprise-grade options, healthcare analytics software can be highly expensive. This occurs as a result of the software’s complexity and the obligation to adhere to stringent regulatory regulations. Depending on the organization’s size and complexity, the price of software licenses can range from tens of thousands to millions of dollars. The costs of deployment, training, and maintenance are in addition to the price of the programme itself. Smaller healthcare organizations may find it challenging to justify the expense of investing in healthcare analytics due to the fact that these expenditures can quickly mount. Healthcare analytics is a complicated area that calls for specialized training and expertise. Adoption may be hampered by this, particularly in smaller organizations that might lack the funding to hire a professional data science staff.
Read all major drivers and trends of healthcare analytics market in the Smart Book.
Healthcare Analytics Market Regional Landscape
North America dominated the Healthcare Analytics market in 2022
The market’s expansion is attributable to the rising use of healthcare analytics solutions by healthcare providers, payers, and pharmaceutical firms to enhance the effectiveness and quality of healthcare services. Another significant element fueling the market’s expansion is healthcare data’s growing complexity and volume. Healthcare analytics solutions assist organizations in making sense of this data and gaining important insights that may be applied to enhance patient care, lower costs, and create novel therapies and treatments.
Read more competitive developments in the Healthcare Analytics Market Smart Book.
Healthcare Analytics Market Key Companies
- IBM
- SAS Institute
- Optum
- Cerner Corporation
- Allscripts Healthcare
- Cotiviti
- CitiusTech
- Health Catalyst
- VS Health
- Inovalon
- McKesson Corporation
- MedeAnalytics
- Oracle.
Healthcare Analytics Market Segmentation:
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