The global healthcare analytics market size is expected to reach USD 129.7 billion by 2028 and is expected to expand at a CAGR of 23.8% over the forecast period, according to a new report by Grand View Research, Inc., The rising need to enhance patient outcomes simultaneously focusing on reducing expenses is supporting the growing need for analytical solutions in the industry. Moreover, analytical solutions developers and providers are introducing advanced analytical solutions, which is further boosting revenue growth.
The covid-19 pandemic has strained the global healthcare systems and is supporting the growing demand for analytical solutions. Furthermore, during the pandemic analytical solutions providers have made technological advancements allowing healthcare systems to overcome the physical restrictions of labor and capital, and venture new sources of growth. The industry uses these solutions in tracking facility capacity, evaluating and identifying high-risk patients.
The services segment dominated the market owing to the growing trend of healthcare and life science companies outsourcing these analytical services since they lack the capabilities and resources for the same. Descriptive analysis dominates the analytics industry due to the growing demand for quantifiable and descriptive analysis to holistically analyze historic business performances and trends. On the other hand, predictive analysis is anticipated to grow lucratively owing to the growing adoption rates of advanced analytical solutions in predicting future outcomes.
Financial systems using analytical solutions dominated the market with the growing trend of integrating analytical solutions in government and private healthcare settings to prevent frauds and maximize cost savings. Although on-premises deployment dominated the market due to ease of accessibility and minimum costs, cloud deployment is expected to grow tremendously with the growth of web-based and internet services enhancing accessibility. Life science companies extensively use analytical solutions in improving the accuracy and efficacy of their products and services. Healthcare providers are witnessing a rise in adoption rates of analytics with the growing use of analytical solutions in hospitals and clinics especially.
North America dominated the market in 2020 owing to the significant growth in adoption rates of advanced analytical solutions, increasing geriatric population coupled with rising prevalence of chronic diseases, growing economic development supporting the development of infrastructure and facilities. The Asia Pacific on the other hand is anticipated to grow at a lucrative growth rate over the forecast period owing to advancements in infrastructure, rapidly growing healthcare industry, rising government and private investments, and availability of highly skilled labor is supporting the growth of the market in the region.
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The market is expected to grow well over the forecast period due to the growing adoption rates of analytical solutions and the emergence of advanced analytical solutions designed for the healthcare industry
The services segment dominated the market in 2020 owing to the rising trend of outsourcing analytical solutions and services
The descriptive analysis segment dominated the market in 2020, owing to the growing demand for descriptive analysis to understand business performance based on historic data
The financial application segment dominated the market in 2020, owing to the increasing adoption of analytical solutions to curb frauds and assess risk
The on-premise delivery mode segment dominated the market in 2020 owing to easy access to these analytical solutions from remote locations
The life science companies segment dominated the market in 2020 owing to the growing demand for analytical solutions in the pharmaceutical, medical devices, and biotechnology sectors
North America dominated the market in 2020 owing to the emergence of advanced analytical solutions and advancements in infrastructure
Grand View Research, Inc. has segmented the global healthcare analytics market on the basis of component, type, application, delivery mode, end-user, and region:
Healthcare Analytics Component Outlook (Revenue, USD Million, 2014 - 2028)
Healthcare Analytics Type Outlook (Revenue, USD Million, 2014 - 2028)
Healthcare Analytics Application Outlook (Revenue, USD Million, 2014 - 2028)
Operational & Administrative
Healthcare Analytics Delivery Mode Outlook (Revenue, USD Million, 2014 - 2028)
Healthcare Analytics End-user Outlook (Revenue, USD Million, 2014 - 2028)
Life science Companies
Healthcare Analytics Regional Outlook (Revenue, USD Million, 2014 - 2028)
Middle East & Africa
List of Key Players of Healthcare Analytics Market
SAS Institute, Inc
Verisk Analytics, Inc
Truven Health Analytics, Inc
Allscripts Healthcare Solutions, Inc
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