Dublin, Feb. 09, 2023 (GLOBE NEWSWIRE) -- The "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" report has been added to ResearchAndMarkets.com's offering.
The global healthcare analytics market 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.
Descriptive analytics type segment holds the largest share of the healthcare analytics market in 2021
On the basis of type, the market is segmented into cognitive analytics, descriptive analytics, predictive analytics, and prescriptive analytics. In 2021, the descriptive analytics segment hold the largest share of the healthcare analytics market. The large share of this segment is primarily attributed because descriptive analytics help healthcare payers and providers to enhance and manage their business practices.
Clinical analytics segment is expected to grow at the highest rate during the forecast period
On the basis of application, the healthcare analytics market is segmented into financial analytics, clinical analytics, operational & administrative analytics, and population health analytics. In 2021, the financial analytics segment hold the largest share of the healthcare analytics market, while the clinical analytics segment is projected to grow at the highest CAGR during the forecast period. The high growth of this segment is attributed to the increasing pressure to curb healthcare costs, and federal mandates such as the implementation of ICD-10 code sets.
Services segment to hold the largest share of the healthcare analytics market
On the basis of component, the healthcare analytics market is segmented into services, hardware, and software. In 2021, the services segment accounted for the largest market share of healthcare analytics market. Factors such as end users of healthcare analytics depend on service providers for consulting, data storage, implementing services, and regular solution upgrades.
On-premise segment is expected to account for the largest share of the healthcare analytics market
On the basis of deployment model, the market is segmented into on-premise and on-demand. In 2022, on-premise segment is estimated to account for the largest share of the healthcare analytics market. The large share of this segment is primarily attributed because on-premise deployment allows end users to make use of solutions from multiple vendors, which allows customizations as per end-user requirements.
Payers segments hold the largest share of the healthcare analytics in 2021, by end user
On the basis of 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 2021, the payers segment holds the largest share of the healthcare analytics market. Factors such as the increasing need to curb fraudulent claims and minimize the operational price is the key factor driving the growth of this segment.
North America to be the largest and the fastest-growing regional market
North America, which includes the US and Canada, holds the largest market share for healthcare analytics market in 2021. Factors such as most of the leading players in the healthcare analytics market have their headquarters in North America, technological advancements, and high product and service availability in this region.
Report Metrics:
| Report Attribute | Details |
| No. of Pages | 323 |
| Forecast Period | 2022 - 2027 |
| Estimated Market Value (USD) in 2022 | $27.4 Billion |
| Forecasted Market Value (USD) by 2027 | $85.9 Billion |
| Compound Annual Growth Rate | 25.7% |
| Regions Covered | Global |
Market Dynamics
Drivers
- Government Initiatives to Increase Ehr Adoption
- Growing Venture Capital Investments in Healthcare Analytics Start-Ups
- Growing Pressure to Curb Healthcare Spending and Improve Patient Outcomes
- Heterogeneity and Complexity of Big Data in Healthcare
- Growing Focus on Real-World Evidence
Restraints
- High Cost of Analytics Solutions in Healthcare Organizations
- Rising Data Breach Concerns
Opportunities
- Increasing Focus on Value-Based Medicines
- Use of Analytics in Precision and Personalized Medicines
- Cloud-Based Analytics
- Increasing Number of Patient Registries
- Emergence of Social Media and Its Impact on Healthcare Industry
- Augmented Analytics to Supplement Human Intelligence
- Growing Adoption of Internet of Healthcare Things (Ioht)
Challenges
- Concerns Regarding Inaccurate and Inconsistent Data
- Reluctance to Adopt Healthcare Analytics Solutions in Developing Countries
- Data Integration for Coordinated Care
- Operational Gaps Between Payers and Providers
- Dearth of Skilled Personnel
Companies Mentioned
- Aetion, Inc.
- Allscripts Healthcare, LLC
- Apixio
- Cerner Corporation
- Citiustech Inc.
- Cotiviti, Inc.
- Cvs Health
- Enlitic, Inc.
- Evidation Health, Inc.
- Exlservice Holdings, Inc.
- Exscientia
- Flatiron
- Gainwell.
- Health Catalyst
- Healthec, LLC
- IBM
- Inovalon
- Insilico Medicine
- Komodo Health, Inc.
- Mckesson Corporation
- Medeanalytics, Inc.
- Optum, Inc.
- Oracle
- Premier
- Sas Institute Inc.
- Sema4 Opco, Inc.
- Wipro
For more information about this report visit https://www.researchandmarkets.com/r/wa9vhq
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