Healthcare/Medical Analytics Market - Forecast(2024 - 2030)
Healthcare/Medical Analytics Market Overview
Report Coverage
The report: “Healthcare/Medical Analytics Market Forecast (2022-2027)”, by Industry ARC, covers an in-depth analysis of the following segments of the Healthcare/Medical Analytics Market.
By Type: Descriptive Analytics, Predictive Analytics, Cognitive Analytics, and Prescriptive Analytics.
By Component: Hardware, Services, and Software.
By Delivery Model: On-Premise, Cloud-Based, and Web Hosted.
By Application: Clinical Analytics, Financial Analytics, Operational, and Administrative Analytics, and Population Health Analytics.
By End User: Hospitals, Healthcare providers, Healthcare payers, Government Agencies, and Others.
By Geography: North America (U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Australia & New Zealand, and Rest of Asia-Pacific), South America (Brazil, Argentina, and Rest of South America) and Rest of World (the Middle East and Africa).
Key Takeaways
- Geographically, the North American Healthcare/Medical Analytics market accounted for the largest share in 2021 owing to the presence of a highly developed healthcare infrastructure in the US and Canada.
- The rise in the implementation of Electronic Health Records (EHRs) in medical facilities is driving the market for Healthcare Analytics. However, the growing concern regarding data security is challenging demand generation.
- Detailed analysis on the Strength, Weaknesses, and Opportunities of the prominent players operating in the market will be provided in the Healthcare/Medical Analytics Market Report.
Healthcare/Medical Analytics Market Share, By Type, 2021(%)
Healthcare/Medical Analytics Market Segment Analysis-By Type
Based on Type, The Healthcare/Medical Analytics Market can be segmented into Descriptive Analytics, Predictive Analytics, Cognitive Analytics, and Prescriptive Analytics. The Descriptive Analysis segment is anticipated to have the largest share of the market in 2021 and is poised to dominate the market during the forecast period 2022-2027. Descriptive analytics is used to provide insights into the progression of an event that has already occurred. They are used for increasing the efficiency of various processes and administrative activities. The lower cost of acquiring descriptive datasets when compared to predictive and prospective datasets is further contributing to the growth of the segment. However, the Predictive Analytics segment is projected to grow the fastest at a CAGR of 16.9% owing to the rising use of advanced analytical methods to enhance decision making by accurately predicting future market dynamics and outcomes.
Healthcare/Medical Analytics Market Segment Analysis-By Delivery Mode
The Healthcare/Medical Analytics Market based on Delivery Mode can be further segmented into On-Premise, Cloud-Based, and Web Hosted. The On-Premise segment accounted for the largest share of the market in 2021. On-Premise software requires the medical facilities to have a license of the software. As this licensed copy stays within the facility, it can provide much higher data protection than Cloud-based and Web-hosted delivery modes. This is essential as the patient data being stored is highly sensitive and protected by law. However, the Cloud-based delivery mode segment is also anticipated to witness significant growth at a CAGR of 17.2% during the forecast period owing to their significantly lower costs. On-Premise solution requires in-house server hardware and dedicated server rooms, software licenses, integration capabilities, and IT employees in order to function properly. However, in Cloud-based, a third-party host will provide the services.
Healthcare/Medical Analytics Segment Analysis-By Geography
The Healthcare/Medical Analytics Market based on Geography can be segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. The North American segment is projected to dominate the Healthcare/Medical Analytics market during the forecast period 2022-2027 with a market share of 34% owing to the presence of a highly developed healthcare infrastructure, the rising rate of chronic diseases, high awareness levels, and the high integration of IT in the healthcare sector in the region. Moreover, the presence of key industry players such as IBM Corporation, Optum, Cerner, SAS Institute, McKesson Corporation, Oracle Corporation, and SCIO Health Analytics in the region ensures lower costs, higher innovation, and more choices for the end-user industries. The Asia Pacific region is predicted to register the fastest growth owing to the growth in public healthcare funding in major emerging economies like China and India.
Healthcare/Medical Analytics Market Drivers
Increase in Use of EHRs is Projected to Drive Market Growth.
Increase in Global Healthcare Expenditure is Projected to Drive Market Growth.
Healthcare/Medical Analytics Market Challenges
The Risk of Cyberattacks is Anticipated to Hamper Market Growth.
High Initial Investment Costs is Projected to Limit Growth Opportunities
Healthcare/Medical Analytics Market Industry Outlook:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Healthcare/Medical Analytics Market. The top 10 companies of the industry include:
- IBM
- Optum
- Cerner
- SAS Institute
- Allscripts
- McKesson Corporation
- Oracle
- Health Catalyst
- CitiusTech
- Wipro
Partnerships/Product Launches:
- In October 2020, Prognos Health announced the launch of their new integrated platform to transform healthcare analytics called prognosFACTOR. The platform unifies data across the healthcare landscape, allowing pharmaceutical companies, providers, and payers to pinpoint insights for fast and effective decision-making.
- In May 2020, Apixio announced the release of HCC Complete to its portfolio of risk adjustment solutions. HCC Complete uses AI to support a comprehensive chart review experience for Medicare Advantage (MA) and Affordable Care Act (ACA) organizations. Moreover, the system identifies potential missed and unsupported, previously reported acute and chronic conditions used for risk adjustment.
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