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

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

Healthcare Analytics Market Growth & Trends

The global healthcare analytics market size is expected to reach USD 167.0 billion in 2030 expanding at a CAGR of 21.1% from 2024 to 2030, according to a new report by Grand View Research, Inc. The increase in capital investments by the healthcare industry in IT sector for better management and cost-effective patient care are key growth factors for the market. In 2023, on-premises delivery model held the largest revenue share in the delivery mode segment. This has been due to ease of access of data being on the site, i.e., hospitals, etc. This has resulted in better patient monitoring, better management of records, etc., small institutions are manageable for on-premises delivery mode, another option for data storage is cloud-based.

Cloud-based deployment has been emerging delivery mode since it provides a larger space virtually to store data for a multitude of patients. This is cost-effective and is commercially more viable option for industries. Financial application was the top grosser in applications category. Most of the industries in healthcare sector are focusing on cutting costs, and maximizing their profit margins, but also are keen on delivering better care to customers. The costs incurred from insurance frauds have been on the rise, with the help of analytics tools, the aim is to find errors in insurance claims, thus reducing the cost of care.

Life-science companies hold the highest revenue share in the market. The companies are constantly looking to improve their products but doing so at a lower cost has been agenda. Analytics play a major role in understanding market dynamics & future business prospects and need of consumers for better product offerings and cost-cutting. Healthcare providers are increasingly adopting analytical platforms for studying and understanding clinical data being generated during the pandemic due to the overall increase in the prevalence of various diseases. The analytical platforms help them deliver better care and understand the dynamics of the spread of diseases and ways to control them.

North America has been a key region in healthcare analytics industry owing to developed healthcare industry. The need for data analytical solutions due to the multitude of patient data has been the largest in the region. Presence of key market players has also been a reason for the largest market share. Asia Pacific is anticipated to grow at the fastest growth rate, due to rapid development, increase in disease burden, and the influx of capital in the healthcare industry are all propelling growth in this region.

The COVID-19 pandemic has resulted in healthcare industry being over-burdened with patient load and an insurmountable amount of data generated from coronavirus studies alone, coupled with other diseases, this presents a huge opportunity for IT firms and start-ups to lap up the information at hand and drive innovation and better ways to deliver care to patients.

Healthcare Analytics Market Report Highlights

• Based on type, the descriptive analysis segment dominated the market with a revenue share of 35.4% in 2023, owing to its use in understanding historical datasets
• In 2023, the services segment held the largest market share, as most healthcare industries rely on IT companies for their services
• Based on delivery mode, on-premises was the most prominent segment in the market, due to ease of access and security
• Financial applications recorded the highest revenue share in 2023, since healthcare industry has been under the burden to reduce costs and deliver better patient care
• Life science companies dominated the market with a revenue share of 44.3% in 2023 due to the need for companies to develop better products, improve their profits and deliver cost-effective care to patients
• The North American region has been a pioneer in the healthcare data analytics industry owing to the presence of key players in the market

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