Global Healthcare Analytics Market - 2022-2029
Healthcare Analytics Market size was valued at US$ YY million in 2021 and is estimated to reach US$ YY million by 2029, growing at a CAGR of 11.7% during the forecast period (2022-2029).
Healthcare analytics scrutinizes existing and documented industry data to forecast trends, enhance outreach, and even sufficiently manage the spread of diseases. Healthcare analytics encompasses a wide spectrum of enterprises, offering to understand the macro and micro levels. It reveals ways to improve patient care quality, clinical data, diagnosis, and business management.
The major driving forces for the global healthcare analytics market are the growing need for healthcare data analysis, new product launches, the rising prevalence of chronic diseases, the increasing use of mobile technology and the internet, and the increasing demand for population health management.
The growing need for data analytics in healthcare and new product introductions is boosting the global healthcare analytics market growth.
The growing need for healthcare data management is fueling the global healthcare analytics market as far as data analytics and management concerning the healthcare industry is among the most challenging as there is a massive influx of detailed and complicated data, which makes it scary to handle in the absence of particular tools which in turn results in the disability to extract significant perception that can help in improving the healthcare service quality provided to the patients and improve the efficacy of the healthcare organization. Therefore, there is a great need for analytical tools to transform vast healthcare data into important information, which, in turn, improves the healthcare services offered to the patient and healthcare organization efficacy. As per a survey, more than 90% of healthcare organizations consented to the impact of data analytics in healthcare.
Furthermore, new data management solution development drives growth in the global healthcare analytics market. For instance, in August 2022, Apixio, a leading AI platform that powers value-based care, introduced Apicare ChartSpace, a health data management solution providing real-time data access to centralized medical charts, accelerated chart and audit file retrieval, also enabling the surfacing of probable action insights across value-based care programs.
The data security concerns and costs will hamper the global healthcare analytics market growth.
However, the analytical solutions' data security concerns and costs will hamper the growth of the global healthcare analytics market. For instance, with constant hacking and security violations, there are high data security risks, which will prove costly to healthcare companies and unethical to disclose patient data without prior authorization. Furthermore, data analytic tools and services will require licensing or subscription, creating a financial burden on the organization.
The pandemic positively impacted the global healthcare analytics market since big data tools have become increasingly important in healthcare decision-making. It helped healthcare providers, regulatory bodies like WHO, and NIH fight against the pandemic via predictive models to help allocate resources, predict surges, improve patient care and outcomes and employ preventive measures. As data influx was at a near-constant rate, analyzing that health data has enabled a more reasonable understanding of ways to respond to and treat patients. Thus, the pandemic has made us realize the importance of data analytics in healthcare and promoted the use of healthcare analytics, positively impacting the market.
Software solutions for healthcare analytics are expected to grow at the fastest CAGR during the forecast period (2022-2029).
Healthcare analytics software is expected to grow at the fastest CAGR during the forecast period (2022-2029) as software solutions do not require new infrastructure than existing for installation and can be easily accessed from anywhere on the device compared to the healthcare hardware analytic solution, which requires infrastructure for installation and can not be accessed from anywhere else. The construction of new infrastructure increases financial spending. Furthermore, introducing software analytics with AI has ensured the dominance of software healthcare analytical solutions over the global healthcare analytics market. For instance, in January 2020, MORE Health, a global healthcare company, introduced a new Artificial Intelligence (AI) feature on MORE Health's Physician Collaboration Platform, benefiting both the physician and patient sides of the platform. Therefore, from the mentioned data, software solutions for healthcare analytics are predicted to dominate the global market during the forecast period.
North America holds the largest share of the global healthcare analytics market.
The North American region retains a large share of global healthcare analytics and is estimated to continue to retain it in the forecast period (2022-2029). Most of the key market players are based in the United States and have a large stake in the global healthcare analytics market through different market tactics such as collaborations, product launches, acquisitions, partnerships and many others. For instance, in October 2022, Enlitic, a leading healthcare IT company, partnered with MULTI Inc., a healthcare technology provider of authentic parts, equipment, and services. The partnership is aimed to bring the Enlitic Curie platform to healthcare providers across the U.S., helping the radiology departments drive operational improvements. Also, in December 2020, Centene, a leading multi-national healthcare enterprise, acquired Apixio, a healthcare analytics company offering Artificial Intelligence (AI) technology solutions to make sense of unstructured clinical data for its millions of members. Apixio operates independently underneath Centene's Health Care Enterprises group. Therefore, as per the data above, it is estimated that North America will dominate the global healthcare analytics market throughout the forecast period.
The key players operating in the global healthcare analytics market are IBM, OptumHealth, Oracle, Verisk Analytics, Centene, MedeAnalytics, McKesson, Enlitic, Allscripts Healthcare Solutions, and Cerner. The key players are adopting various strategies such as product launches, mergers & acquisitions, partnerships, and collaborations, contributing to the growth of the healthcare analytics market globally. For instance, in March 2021, McKesson Corporation introduced ScriptPAS, a pharmacy management platform for oncology practices.
McKesson Corporation is a Texas, United States-based company founded in 1833. American company business deals with distributing pharmaceuticals and providing health information technology, medical supplies, and care management tools. McKesson Corporation delivers the third of all pharmaceuticals used in North America.
McKesson Corporation’s product portfolio for healthcare analytics has McKesson Business Analytics℠: Which provides actionable insights and detailed reporting necessary to help manage the business through identifying savings opportunities, correcting inefficiencies, increasing ordering compliance and building resilience in the supply chain.
The global healthcare analytics market report would provide access to approximately 40+ market data tables, 45+ figures, and in the range of 200 (approximate) pages.
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