Healthcare Analytics Market by Type (Predictive, Prescriptive), Component (Hardware, Software, and Services), Delivery Mode (Cloud), Application (Clinical, RCM, Claims, Fraud, Risk, PHM), End user (Payer, Provider) and Geography- Global Forecast to 2027
The healthcare analytics market is expected to grow at a CAGR of 26% from 2020 to reach $84.2 billion by 2027.
The healthcare analytics market is expected to witness significant growth in the upcoming years due to growing demand for population health management, changing healthcare dynamics amidst COVID-19, need for redesigned EHR with advanced analytics capabilities, focus on e-health collaborations, investments by venture capitalists, increasing pressure to provide quality care and control healthcare costs, and rise in adoption of big data in healthcare industry.
The overall healthcare analytics market is primarily segmented by type (descriptive analytics, predictive analytics, and prescriptive analytics), component (services, software, and hardware), mode of delivery (on-premise, web-based, and cloud-based analytics models), application (financial analytics, clinical analytics, operational analytics & administrative analytics, and population health analytics), end-user (payer, provider, and accountable care organizations (ACOs)) and by geography.
Based on type, the descriptive analytics segment is estimated to command the largest share of the overall healthcare analytics market in 2020. Descriptive analytics forms the base for the effective application of predictive or prescription analytics.
Based on component, the services segment is estimated to command the largest share of the overall healthcare analytics market in 2020. This is attributed to growing demand for cloud-based analytics, recurring need for support services, and lack of IT skills in healthcare industry.
Based on mode of delivery, the on-premise analytics segment is estimated to hold the largest share of the overall healthcare analytics market in 2020. This is mainly due to concerns related to patient data confidentiality and security on remotely managed servers.
Based on application, the financial analytics segment is estimated to hold the largest share of the overall healthcare analytics market in 2020. This is mainly attributed to the growing adoption of analytics by the healthcare providers to reduce hospital re-admissions, curtail growing healthcare costs, and be eligible for value-based reimbursements.
Based on end-user, the payer analytics segment is estimated to command the largest share of the overall healthcare analytics market in 2020. This is mainly attributed to stringent government norms and high focus on fraud prevention, launch of payer analytics specific solutions that optimize productivity and reduce costs, and growing traction for analytics among employer groups.
An in-depth analysis of the geographic scenario of the market provides detailed qualitative and quantitative insights about the five regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. In 2020, North America region is estimated to hold the largest share of the global healthcare analytics market in 2020 and is expected to maintain its dominance throughout the forecast period. This region is also expected to grow at the highest growth during the forecast period. The large share of this region is mainly attributed to the significant adoption of analytics in the U.S. post the implementation of Affordable Care Act (ACA) and impact of on-going COVID-19 pandemic, easy availability of analytics solutions in this region, prominent venture capital investments in the U.S., and significant government focus on population health management and value-based care.
Some of the key players operating in the global healthcare analytics market are Allscripts Healthcare Solutions, Inc. (U.S.), Cerner Corporation (U.S.), Epic Systems Corporation (U.S.), Health Catalyst (U.S.), IBM Corporation (U.S.), Inovalon (U.S.), McKesson Corporation (U.S.), MedeAnalytics, Inc. (U.S.), Microsoft Corporation (U.S.), UnitedHealthcare Group (U.S.), Oracle Corporation (U.S.), SAP SE (Germany), SAS Institute Inc. (U.S.), SCIOInspire, Corp. (U.S.), Tableau Software, Inc. (U.S.), TIBCO Software, Inc. (U.S.), Verscend Technologies, Inc. (U.S.), and VitreosHealth (U.S.), among others.
Scope of the Report:
Healthcare Analytics market, by Type
Healthcare Analytics Market, by Component
Business Analytics Services
Healthcare Analytics Market, by Mode of Delivery
Healthcare Analytics Market, by Application
Revenue Cycle Management
Payment Integrity & Fraud, Waste & Abuse (FWA)
Risk Adjustment & Risk Assessment
Operational analytics & administrative analytics
Population health analytics
Healthcare Market, by End User
Public Payers & Government Agencies
Hospitals, IDNs, and Physician Practices
Post-Acute Care Organizations
Ambulatory Care Settings
Accountable care organizations (ACOs)
Healthcare Analytics Market, by Geography
Rest of Europe (RoE)
Rest of Asia-Pacific (RoAPAC)
Rest of World (RoW)
Middle East & Africa
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