Healthcare Analytics Market Size, Share & Trends Report

Healthcare Analytics Market Size, Share & Trends Analysis Report By Type (Descriptive Analysis, Predictive Analysis), By Component (Software, Hardware), By Delivery Mode, By Application, By End-use, By Region, And Segment Forecasts, 2024 - 2030

  • Report ID: 978-1-68038-937-1
  • Number of Pages: 150
  • Format: Electronic (PDF)
  • Historical Range: 2018 - 2022
  • Industry: Healthcare

Research Methodology

A three-pronged approach was followed for deducing the healthcare analytics market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for healthcare analytics market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of healthcare analytics market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Healthcare Analytics Market Categorization:

The healthcare analytics market was categorized into four segments, namely type (Descriptive Analysis, Predictive Analysis, Prescriptive Analysis), component (Software, Hardware, Services), delivery mode (On-premises, Web-hosted, Cloud-based), application (Clinical, Financial, Operational and Administrative), end-use (Healthcare Payers, Healthcare Providers, Life Science Companies), and regions (North America, Europe, Asia Pacific, Latin America, Middle East & Africa).

Segment Market Methodology:

The healthcare analytics market was segmented into type, component, delivery mode, application, end-useand regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The healthcare analytics market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into seventeen countries, namely, the U.S.; Canada; the UK; Germany; Spain; France; Italy; Japan; China; India; South Korea; Brazil; Mexico; South Africa; Saudi Arabia; UAE; and Kuwait 

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Healthcare analytics market companies & financials:

The healthcare analytics market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • IBM Corp. - IBM is a global technology and consulting corporation that operates in the following business segments: Software, Global Business Services (GBS), Global Technology Services (GTC), Systems & Technology Group (STG), and Global Financing. Over the past decade, IBM has slowly diversified into more profitable and higher-value markets, such as data analytics, cloud computing, business intelligence, business continuity, virtualization, and security. In the healthcare segment, IBM offers solutions, such as sustainable healthcare systems. In addition, the company forms collaborations to improve care & outcomes as well as to increase patient access to healthcare. IBM Watson, an AI-enabled platform for business delivers industry-based solutions for real-world problems. IBM has been redefining the information technology space through its presence in over 170 countries.

  • McKesson Corp. - McKesson Corp. is a multinational Healthcare Information Technology (HIT) company that majorly focuses on supply chain management of hospitals, community oncology & specialty care, and retail pharmacy. The company operates through three business segments: U.S. pharmaceutical & specialty solutions, European pharmaceutical solutions, and medical-surgical solutions. The company’s distribution solution segment provides automated dispensing systems, integrated pharmacy management systems, and related services to outpatient, retail, central fill, mail order, and specialty pharmacies. One of their distribution solutions, namely North America distribution & service business, is the largest pharmaceutical distributor in the U.S. with around 4,000 customers. It has various business units including McKesson Canada, McKesson Rx Technology Solutions, U.S Pharmaceutical Distribution, and McKesson Specialty Health.

  • SAS Institute, Inc. - SAS Institute is an information technology company that primarily develops & markets business analytics software and tools. The company spends around 26.5% of its revenue on R&D, which is considered the highest among software companies. It offers analytic solutions for a wide range of industries including automotive, consumer goods, defense, government, healthcare, insurance, hotels, life sciences, and others. Enterprise solutions offered by the company are in the areas of advanced analytics, business intelligence, cloud analytics, data management, fraud & security management, risk management, and supply chain management. The company also offers products for universities and other educational institutions.

  • Optum, Inc. - Optum Health is a healthcare analytics company that operates in four different divisions: Optum Rx, Optum Insight, Optum Technology, and Optum Health. Optum Health is engaged in providing solutions for healthcare management. It is involved in care management by providing programs, such as physical health programs. It is actively involved in providing solutions for complex medical conditions, such as kidney diseases, transplants, and others. The company also offers financial services and behavioral & consumer solutions, such as personalized health portals. It functions as a subsidiary of United Health Group.

  • Oracle - Oracle is an American multinational company that primarily specializes in corporate IT, cloud engineering systems, and enterprise software products. The company is engaged in the development and marketing of business software and hardware systems. The company’s products include business intelligence software, database, middleware, server & storage systems, and enterprise & database management. It is also involved in providing solutions for communication, such as CRM, JDE, and ERP. It is present in 150 countries. Oracle Cloud infrastructure delivers higher performance, security, and cost savings by allowing businesses easy cloud accessibility. Oracle through its software solutions caters to communications, construction, engineering, financial services, food & beverages, healthcare, and life science industries.

  • Verisk Analytics, Inc. - Verisk Analytics, Inc. is a data analytics provider delivering solutions for finance, insurance, energy, and other specialized markets. The company offers in-depth market knowledge, unique data sets, and seamless integration into customer’s workflows. The company has business operations across 115 offices in 33 countries. Some of its business segments are AIR Worldwide, Verisk 3E, ISO, Verisk Maplecroft, Verisk Financial, Xactware, and Wood Mackenzie. In April 2016, it divested its healthcare service business to Veritas Capital for USD 820 million. The two companies combined their capabilities and resources to deliver high-quality data services, analytics, and technologies.

  • Elsevier - Elsevier is an information and analytics company that provides digital and web-based solutions to healthcare organizations. It is part of RELX Group plc, a multinational information and analytics company that operates across four segments: scientific, technical, & medical; legal, risk, & business analytics; and exhibitions. Its solutions are used by researchers, government agencies, educational universities, healthcare facilities, and healthcare professionals. The company operates in North America, Europe, Latin America, Asia Pacific, and MEA.

  • MedeAnalytics, Inc. - MedeAnalytics, Inc. provides evidence-based insights on data collected by healthcare facilities to help solve problems and provide cost-effective healthcare facilities. The company delivers intelligence that helps healthcare providers identify opportunities and detect their areas of risk to improve their financial health. The company provides cloud-based analytical solutions that facilitate in-depth patient analysis. Key focus areas of the company are clinical performance, patient access, financial performance, and health reforms.

  • Truven Health Analytics, Inc. - Truven Health Analytics, Inc. is a healthcare information technology company that focuses on transforming quality of care, providing better outcomes, and delivering better experiences for patients & healthcare providers. It serves four primary markets: payers, providers, life sciences organizations, and government agencies. In April 2016, IBM Watson Health acquired Truven Health Analytics for USD 2.6 billion. Post the acquisition, the two companies combined their resources.

  • Allscripts Healthcare Solutions, Inc. - Allscripts Healthcare Solutions, Inc. provides information technology and services for healthcare organizations. It serves physicians, hospitals, healthcare systems, governments, life sciences companies, pharmacies, retail pharmacies, insurance companies, employer wellness clinics, and post-acute organizations. The company operates in areas, such as advanced clinical, operational, and financial solutions. The company's financial and clinical solutions segment includes integrated clinical software solutions and applications. The company provides connectivity, homecare automation, analytics electronic health records, financial management, population health management, consumer solutions, and related services. Population health management solutions offered by the company include coordinated care and health management solutions that enable hospitals and other healthcare organizations to connect and provide care across the entire community. The company has a presence in regions, such as North America, Europe, Asia, Australia, and the Middle East.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Healthcare Analytics Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2023, historic information from 2018 to 2022, and forecast from 2024 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Healthcare Analytics Market Report Assumptions:

  • The report provides market value for the base year 2023 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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