Global Healthcare Analytics Market, By Component (Hardware, Software, Service), By Service (Software Service & Business Analytics Service), By Deployment Mode (On-premise v/s Cloud), By Type (Predictive Analytics, Prescriptive Analytics, Descriptive Analytics), By Application (Financial Analysis, Operational & Administrative Analysis, Clinical Analysis, Population Health Analysis), By End User (Healthcare Payers, Healthcare Providers, Third-Party Administrators (TPA), Others), By Region, Competition, Forecast & Opportunities, 2025
Global healthcare analytics market is projected to grow at a robust CAGR of 24% during 2021 - 2025. The global healthcare analytics market is driven by the increasing prevalence of diseases, especially chronic diseases such as cancer, diabetes, renal diseases, among others. This has drastically increased the number of patients and thereby significantly augmented the related data. Hence, there is an increasing need to handle and effectively manage such large volumes of data, which is driving the market growth across the globe. Additionally, the use of analytical tools in healthcare industry improves overall patient care and experience. Furthermore, increasing expenditure by the key vendors operating in the industry is anticipated to positively impact the growth of market over the next few years. Also, growing need to improve the quality of healthcare facilities at an affordable cost is expected to spur the market over the next few years. Moreover, the use of analytical tools helps in closing the performance gaps in healthcare delivery systems, thereby enhancing the overall output.
The global healthcare analytics market is segmented based on component, deployment mode, type, application, end user and region. Based on component, the market can be categorized into hardware, software and service. Among these, the software segment is expected to register the highest growth over the next few years owing to the increasing requirement for business analytics services and introduction of technologically advanced healthcare analytics software in the market. Based on deployment mode, the market can be bifurcated into on-premise and cloud. Among these, the on-premise segment held the largest market share in 2019 and is expected to hold its dominance during the forecast period as well on account of easy nature of on-premise models. Based on type, the market can be categorized into predictive analytics, prescriptive analytics, and descriptive analytics. Out of these, the prescriptive analytics segment is expected to register the highest CAGR through 2025. This can be ascribed to its inherent ability to predict possible outcomes and its implications on crucial business metrics.
Based on end user, the market can be fragmented into healthcare payers, healthcare providers, third-party administrators, and others. Out of these, the healthcare payers segment accounted for the highest market share in 2019 and is expected to dominate the market over the next few years. This can be accredited to the use of healthcare analytics in various healthcare institutions to cut down on administrative costs, reduce fraudulent and incorrect payments, among others. Additionally, the use of analytics helps physicians identify the areas for patient care improvement and promote evidence-based practices within the healthcare system. Among all the regions, Asia-Pacific is expected to witness fastest growth in the healthcare analytics market during the forecast years, owing to the improving healthcare IT infrastructure in the region. Additionally, growing adoption of electronic medical health records and personalized medicine in the region is further anticipated to spur the market until 2025.
Allscripts Healthcare Solutions Inc., Cerner Corporation, Citius Tech, Inc., Cotiviti (Verscend Technologies Inc.), Health Catalyst, IBM Corporation, Innovalon, McKesson Corporation, MedeAnalytics, Inc., Optum Inc., Oracle Corporation, SAS Institute Inc., SCIO Health Analytics, Viteros Health, Ikon Tech IQVIA, The General Electric Company, Medtronic Plc., Verisk Analytics, Inc. and others are some of the leading players operating in global healthcare analytics market. The companies are developing advanced technologies and launching new services in order to stay competitive in the market. Other competitive strategies include mergers & acquisitions.
Years considered for this report:
Historical Years: 2015-2018
Base Year: 2019
Estimated Year: 2020
Forecast Period: 2021–2025
Objective of the Study:
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