Healthcare Analytics Market Size, Share, Trends Analysis, 2032

Healthcare Analytics Industry Perspective:

The global healthcare analytics market size was worth around USD 26.96 billion in 2023 and is predicted to grow to around USD 133.99 billion by 2032 with a compound annual growth rate (CAGR) of roughly 19.50% between 2024 and 2032. The report analyzes the global healthcare analytics market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the healthcare analytics industry.

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Healthcare Analytics Market: Overview

Healthcare analytics encompass myriad techniques, skills, and methodologies for synthesizing as well as assessing healthcare information derived from various health sectors. Its key objective is to identify key patterns along with gaining insights for improving the healthcare results. Furthermore, healthcare analytics is likely to play a major role in the healthcare industry and thus boost patient health along with enhancing healthcare quality at reasonable costs.

Furthermore, healthcare analytics has facilitated operational proficiency in the healthcare sector along with enhancing drug delivery methods. It also helped the firm retain customers and brought a paradigm shift in the personalized medicine sector.

Healthcare analytics is a branch of analysis that deals with the insights of hospital management, diagnoses, patient records, everyday costs, and much more. This field of healthcare analytics covers a broad stretch of the healthcare business, both on macro and micro levels. Healthcare analytics is bringing all the analyses under one broad consideration and interpretation. Healthcare analytics integrates electronic health records, patient monitoring systems, revenue cycle management, hospital management, core administration, patient engagement, strategic planning, and precision medicine under a single umbrella.

For healthcare facilities and hospitals, healthcare analytics deliver a blend of financial as well as administrative data. Healthcare analytics consists of statistical, quantitative, prescriptive, cognitive, predictive, contextual analysis. The healthcare analytics solution has statistical tools and techniques that comply with various healthcare protocols. Healthcare analytics enhances medical outcomes and efficiency of medical and enterprise techniques and performance.

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Healthcare Analytics Market: Growth Factors

Escalating requirements for minimizing healthcare expenditure along with the need for enhancing the use of healthcare analytics for offering real-time services has boosted the market demand in the current years. In addition to this, the rise in the utility of data-sharing tools like professional networks, social media podiums, and blogs facilitating the sharing of health information will prompt business growth over the forecast timespan. In addition to this, extensive use of big data analytics with the massive requirement of minimizing healthcare spending along with maintaining internal procedure standardization will boost the market growth in the ensuing years.

Apart from this, massive demand for enhancing healthcare decisions supported through data-backed insights globally will prop up the business landscape over the assessment timeline. The swift digitization of the healthcare system in developing countries will catapult the expansion of the healthcare analytics industry in the foreseeable future.

Technological advancements in the field of analytics, cloud computing, and big data, rising adoption rate of analytics solutions in the field of clinical trials, healthcare sector’s rising adoption of analytics for patient engagement, administration, sales and marketing applications, the increasing need for improved data regularization, growing investments from venture stakeholders, and rising need for improved patient outcomes are driving the global healthcare analytics market.

Moreover, the increasing pressure to curtail the increasing healthcare costs and execution of the Affordable Care Act in the U.S. are also fuelling this market. The increasing approval of big data analytics in renovating healthcare globally is further aiding healthcare analytics. However, the increasing cases of patient data breaches, the lack of skilled professionals, and rising healthcare regulations may restrain the healthcare analytics market globally in the future.

Healthcare Analytics Market: Report Scope

Healthcare Analytics Market: Segmentation

The global healthcare analytics market is fragmented into type, component, deployment, application, and end-user. Based on the type, the healthcare analytics market is classified into cognitive, predictive, and prescriptive. The cognitive segment is expected to register the highest CAGR over the forecast time period. On the basis of the component, the healthcare analytics market is classified into hardware, software, and services. Based on deployment, the market is divided into cloud-based and on-premises. Based on application, the healthcare analytics market is divided into clinical analytics, financial analytics, operational analytics, and administrative analytics. Based on end-user, the healthcare analytics market is divided into payers, providers, and third-party administrators (TPA).

Healthcare Analytics Market: Regional Analysis

North American Market Revenue To Scale New Height Of Growth By 2032

The regional industry growth over the estimated timeline can be credited to a surge in the acceptance of electronic healthcare records and value-based compensation policies in countries like the U.S. Apart from this, the launching of new healthcare guidelines for minimizing medical expenditure and providing high-quality patient care services will create lucrative growth avenues for the industry over the assessment timeline.

Healthcare Analytics Market: Competitive Analysis

The global healthcare analytics market is dominated by players like:

• Allscripts Healthcare Solutions, Inc.
• Oracle Corp.
• Cerner Corp.
• Medical Information Technology Inc.
• McKesson Corp.
• Optum Inc.
• IBM Corporation
• Hewlett Packard Enterprise Company
• CareCloud Corporation
• QSI Management

This report segments the global healthcare analytics market as follows:

Global Healthcare Analytics Market: Type Analysis

• Cognitive
• Predictive
• Prescriptive

Global Healthcare Analytics Market: Component Analysis

• Hardware
• Software
• Services

Global Healthcare Analytics Market: Deployment Analysis

• On-Premises
• Cloud-Based

Global Healthcare Analytics Market: Application Analysis

• Clinical Analytics
• Financial Analytics
• Operational Analytics 
• Administrative Analytics

Global Healthcare Analytics Market: End-User Analysis

• Payers
• Providers
• Third-party Administrators (TPAs)

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa