Increasing need for higher operational efficiency in the healthcare sector and rapid integration of big data analytics in healthcare are among the major factors expected to boost the global market revenue growth.
Increasing need for higher operational efficiency in the healthcare sector and rapid integration of big data analytics in healthcare are among the major factors expected to boost the global market revenue growth
According to Emergen Research, the global healthcare analytics market size was USD 17.72 billion in 2020 and is expected to reach USD 116.18 billion in 2028 and register a revenue CAGR of 27.9% during the forecast period, 2021-2028.
Market Dynamics:
Steady revenue growth of the global healthcare analytics market is attributed to factors such as growing need for increased operational efficiency in the healthcare sector, rapid integration of the Internet of Things (IoT) and big data analytics in healthcare, rising focus on mitigating medical overheads or extra expenses, and growing demand for healthcare analytics for better clinical, administrative, and operational analysis. Growing trend of e-health worldwide, introduction of new mHealth (mobile health) applications, increasing rate of hospital admissions, rising need to streamline and automate numerous internal processes, including clinical and financial processes, and increasing adoption of electronic health records (EHRs) are among the other major factors expected to drive market revenue growth over the forecast period.
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Healthcare analytics refers to the use of several new technologies and processes for the computational analysis of healthcare data & information. Healthcare analytics enables healthcare professionals to make more effective operational and clinical decisions. Key advantages associated with healthcare analytics are streamlined healthcare workflow, reduced patient wait times, effective scheduling & staffing management, and improved patient care. Market revenue growth is further driven by factors such as rise in healthcare R&D activities, growing demand for personalized medicine, and increased government investments in healthtech companies that are developing advanced healthcare analytics solutions.
COVID-19 Impact Analysis:
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Descriptive Analytics Segment Accounted for Largest Revenue Share in 2020:
Descriptive analytics segment dominated other segments in terms of revenue share in the global market in 2020. Growing need for descriptive analysis to gain insights into future and historical health datasets and trends, including consumer behavior, past business performance, and current market impact, is among the key factors driving this segment’s revenue growth.
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Healthcare Providers Segment to Account for Fastest Revenue CAGR:
The healthcare providers segment is expected to register the fastest revenue growth rate in the global market over the forecast period. Increasing adoption of healthcare analytical solutions by hospitals, clinics, and other healthcare facilities for improved population health management, chronic care management, operational efficiency, disease surveillance, workflow management, financial management, and minimized costs is a key factor contributing to revenue growth of this segment.
North America Accounted for Largest Revenue Share in 2020:
Among regional markets, the North America healthcare analytics market led in terms of revenue share in the global market in 2020. Growing trend of mHealth, introduction of new and advanced mHealth applications, rapid adoption of EHRs and EMRs in healthcare facilities, rising demand for improved clinical outcomes, rising focus on development of personalized medicine, and presence of key market players in the region, including Oracle Corporation, SAP SE, and Tenet Healthcare Corporation, significantly boost the regional market revenue growth.
Major Companies in the Global Healthcare Analytics Market Include:
- Health Catalyst Inc.
- Oracle Corporation
- MedeAnalytics, Inc.
- Athenahealth Inc.
- Evolent Health
- Tenet Healthcare Corporation
- Epic Systems Corporation
- TIBCO Software Inc.
- Verisk Analytics, Inc.
- SAP SE
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For the purpose of this report, Emergen Research has segmented the global healthcare analytics market based on component, deployment, solution, application, end-use, and region:
Component Outlook (Revenue, USD Billion; 2018-2028)
- Software
- Hardware
- Services
Deployment Outlook (Revenue, USD Billion; 2018-2028)
- Cloud-based
- On-premise
Solution Outlook (Revenue, USD Billion; 2018-2028)
- Predictive Analytics
- Descriptive Analytics
- Prescriptive Analytics
Application Outlook (Revenue, USD Billion; 2018-2028)
- Clinical Analysis
- Financial Analysis
- Administrative & Operational Analysis
End-use Outlook (Revenue, USD Billion; 2018-2028)
- Healthcare Providers
- Healthcare Payers
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Region Outlook (Revenue, USD Billion; 2018-2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Turkey
- Rest of Middle East & Africa
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