Healthcare Analytics Market Report

Market Insights

The Healthcare Analytics market is projected to grow from USD 23.6 billion in 2020 to USD 68.6 billion by 2026 at a CAGR of over 19.8% during the forecast period.

This market research report provides in-depth information on trends, dynamics, revenue opportunities, competitive landscape, and recent developments in the Healthcare Analytics market. The historic years considered for the study are 2016-2019, base year is 2020, estimated year is 2021, and forecast period is 2022-2026.

Figure: Healthcare Analytics Market Size, 2020-2026 (USD Billion)

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The effective use of data and related business insights derived from statistical, quantitative, predictive, comparative, cognitive, and other emerging applied analytical models is referred to as healthcare analytics. Healthcare analytics tools aid in the discovery and comprehension of historical data patterns, the prediction of future outcomes, and the provision of actionable insights to drive fact-based decision-making in healthcare organisations for improved clinical, financial, and operational performance. The use of analytics assists healthcare systems in lowering healthcare costs and improving care quality.

Key Players

The key players operating in the Healthcare Analytics market are-

• IBM (US)
• Optum (US)
• Cerner (US)
• SAS Institute (US)
• Allscripts (US)
• McKesson (US)
• MedeAnalytics (US)
• Inovalon (US)
• Oracle (US)
• Health Catalyst (US)
• SCIO Health Analytics (US)

Market Dynamics

The increasing adoption of analytical solutions in the industry, as well as the creation of databases and historical trends through descriptive analysis and the prediction of future market dynamics and outcomes through predictive and prescriptive analysis, are expected to drive growth. The healthcare industry is seeing a significant impact from social media and the internet in terms of driving awareness and sourcing data for patient engagement strategies. The growing need to improve patient outcomes while lowering costs through data analytics is driving the healthcare analytics market.

Segment’s Analysis

End User Trends

Based on end user, the Healthcare Analytics market has been classified into Healthcare Payers, Healthcare Providers, Other. Healthcare Payers accounted largest segment. This is due to the increasing use of analytical solutions by life science companies to improve product accuracy and efficacy.

Regional Trends

By region, the Healthcare Analytics market in North America accounted for the largest market share in 2020. North America's dominance in the healthcare analytics market can be attributed to the implementation of federal health mandates encouraging the adoption of HCIT solutions, an increased focus on PHM, significant VC investments, growing pressure to reduce healthcare costs, technological advancements, and high product and service availability in this region. Furthermore, the majority of the leading players in the healthcare analytics market are headquartered in North America.

COVID-19 Impact on Healthcare Analytics Market

The pandemic of COVID-19 has had a significant impact on the world's population and economy. As a result of the pandemic, the importance of big data in the healthcare industry has grown. Predictive and prescriptive analytics were used to create prediction models for the spread of subsequent waves of COVID-19 infection in various parts of the world. The increased adoption of EHR in developing and developed countries during the pandemic has influenced market growth in 2020. During the pandemic, operational analytics was useful in managing patient data and allocating COVID-19 beds in ICU units.

Critical Questions Answered in the Report

• What are the key trends in the Healthcare Analytics market?
• How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in next five years?
• What is the impact of COVID-19 on Healthcare Analytics market?
• What are the key strategies adopted by the major vendors to lead in the Healthcare Analytics market?
• What is the market share of the top vendors?

Target Audience

The target audience of Healthcare Analytics Market includes-

• Healthcare Analytics companies
• Healthcare Analytics distributors
• Hospitals
• Government organizations
• Diagnostic Labs