In terms of revenue, the Global Healthcare Analytics Market was valued at US$ 11.87 Mn in 2020 and is expected to reach US$ 29.99 Mn by 2030, growing at a CAGR of 27.84%over the forecast period. A key factor driving the healthcare analytics market is the pressing demand among healthcare organizations and institutions for achieving the tri-factor goal of reducing healthcare costs, improving patient outcomes and increasing revenue. Globally, the exponential increase of patient data in health-care systems provides a strong basis for health-care analytics demand. The ever-increasing demand for improving health care decision-making from data-backed insights around the globe is boosting health care analytics uptake. For instance, Oracle Corporation, a technology company, offers analytical solutions for the healthcare sector that enables healthcare providers to gain data transparency and help to obtain insights to improve, care quality, patient safety, and overall enterprise performance
The primary market players include Verisk Health, Intel Corporation, Microsoft, SAS Inc., Oracle Corporation, Truven Health Analytics, McKesson Corporation, TABLEAU SOFTWARE, Optum, Inc., Oracle, MedAssets, Inc., Mede Analytics, Inc., IBM, Health Catalyst, and Cognizant.
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On the basis of type, the healthcare analytics market is segmented into predictive analytics, prescriptive analytics, and descriptive analytics. Predictive analytics helps healthcare providers to examine clinical data and predict the future with the help of machine learning, data mining, and predictive modelling.
Delivery Model Outlook:
The delivery model segment, in the healthcare analytics market, is segmented into on-premise and on-demand models. The healthcare analytics providers are focusing on improving patient outcomes and their experience through advanced analytics by offering on-premise and on-demand services.
On the basis of application, the healthcare analytics market is segmented into clinical analytics, financial analytics, operational and administrative analytics, and population health analytics. Clinical analytics solutions help health systems and hospitals to reduce healthcare costs and improve patient outcomes
North America showcases the biggest share in the health analytics industry globally. Owing to the highly developed healthcare infrastructure in the United States, the U.S. healthcare analytics industry has the largest market share in the North America region and is witnessing a positive trend in the healthcare analytics sector. The region’s considerable growth avenues can be attributed to the presence of several globally prominent players in the region.
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