Healthcare Analytics Market:
Growth opportunities in the healthcare analytics market look promising over the next six years. This is mainly due to the growing adoption of sales & marketing applications and the rising prevalence of chronic diseases. Moreover, the shift from volume-based to value-based care is further driving the market growth.
Healthcare Analytics Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The factors driving the growth of the global healthcare analytics market include the increasing incidences of chronic diseases and the augmenting acquisition of marketing & sales applications. According to a report published by the World Bank, there has been a boost in chronic diseases, primarily in the developing countries, because of malnourishment, lack of physical activity, alcohol consumption, exposure to environmental pollution, and unhealthy diet pattern. The IDF analysis states that 56.3 million European adults were suffering from diabetes in 2013, counting to a total of 8.5% of the region’s adult population. The number is further expected to rise to 68.9 million by the end of 2035. Also, the widespread outbreak of coronavirus has accelerated the adoption of these solutions. The Coronavirus dashboard of WHO indicated about 116 million confirmed cases as of 8 March 2021, with over 2 million deaths from COVID-19 across the world. This growth in coronavirus cases has supported people and healthcare organizations to opt for healthcare analytics solutions.
The remarkable change from volume-based to value-based, which is one of the evolving healthcare analytics market trends, which further contributes to the market growth. The accessibility of various pay-for-performance (P4P), pay-for reporting (P4R), and risk & revenue-sharing programs with providers raise the healthcare risks & requirements of the employees. Also, as per the healthcare analytics market report, there has been an expansion in funding amount to healthcare technology organizations for the enlargement of mHealth apps and big data and IoT penetration in various solutions. For instance, IBM and Oracle, in 2020, initiated blockchain to combine the data related to COVID-19 from the World Health Organization and CDC. This factor is paving the way for market growth.
However, the requirement of skilled professionals to store and analyze raw data may hamper market growth. The inadequate knowledge, expertise, skillset, and experience required to work in data analytics will curb the healthcare analytics market share.
Regional Drivers
Based on the regional coverage, North America is anticipated to lead the market during the forecast period owing to the increasing regulatory needs and value-based reimbursements, coupled with the growing adoption of electronic health records (EHRs). The fuelling number of federal healthcare mandates to reduce healthcare costs & delivering quality care will raise the market share. Definitive Healthcare, in 2020, got into a partnership with ESRI to build a platform that permits monitoring and analysis of bed capacity in hospitals in the U.S. Thus, the intensifying adoption and use of healthcare analytics will propel the market demand.
Healthcare Analytics Market’s leading Manufacturers:
- McKesson Corporation
- IBM Corporation
- Citiustech Inc.
- Cerner Corporation
- Amazon Web Services
- Inovalon
- Health Catalyst
- COTIVITI, INC.
- Allscripts Healthcare, LLC
- Quantzig
Healthcare Analytics Market Segmentation:
Segmentation by Technology:
- Descriptive Analytics
- Predictive Analytics
- Prescriptive Analytics
Segmentation by Application:
- Clinical Data Analytics
- Financial Data Analytics
- Operational and Administrative Data Analytics
Segmentation by Deployment Mode:
- On-Premise
- Cloud
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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