Healthcare Analytics Market Report and Forecast 2023-2031

The global market value in 2022 was USD 30.9 billion, driven by the increasing adoption of electronic health records across the globe. The global healthcare analytics market share is anticipated to and is anticipated to grow at a CAGR of 23.1% during the forecast period of 2023-2031 to achieve a value of USD 198.9 billion by 2031.

Healthcare Analytics: Introduction

Healthcare analytics refers to the systematic use of data and quantitative methods to gain insights, support decision-making, and improve the efficiency and effectiveness of healthcare delivery. With the growing availability of digital health data from various sources, such as electronic health records, medical imaging, wearables, and health monitoring devices, healthcare analytics has become an essential tool for healthcare providers, payers, and policymakers to enhance patient outcomes, optimize resource utilization, and reduce costs.

Healthcare Analytics Market Scenario

In recent years, the global healthcare analytics market has witnessed significant growth, driven by factors such as the increasing adoption of electronic health records, advancements in data analytics technologies, and the growing focus on value-based care and population health management. The integration of technologies such as artificial intelligence, machine learning, and big data analytics is revolutionizing the way healthcare data is collected, analyzed, and utilized to deliver personalized, evidence-based care.

The adoption of healthcare analytics has been increasing steadily due to factors such as the growing availability of digital health data, advancements in data analytics technologies, and the growing focus on value-based care and population health management. Healthcare providers, payers, and policymakers are increasingly leveraging healthcare analytics to enhance patient outcomes, optimize resource utilization, and reduce costs.

Healthcare Analytics Market Segmentations

Market Breakup by Type

• Prescriptive Analytics
• Predictive Analytics
• Descriptive Analytics

Market Breakup by Components

• Hardware
• Software
• Services

Market Breakup by Deployment Model

• On-Premises
• On- Demand

Market Breakup by Applications

• Financial Analysis
• Operational & Administrative Analysis
• Clinical Analysis
• Others

Market Breakup by End User

• Healthcare Payers
• Healthcare Providers
• ACOS
• HIES
• MCOS
• TPAS

Market by Region

North America

• United States of America
• Canada

Europe

• United Kingdom
• Germany
• France
• Italy
• Others

Asia Pacific

• China
• Japan
• India
• ASEAN
• Australia
• Others

Latin America

• Brazil
• Argentina
• Mexico
• Others

Middle East and Africa

• Saudi Arabia
• United Arab Emirates
• Nigeria
• South Africa
• Others

Key Trends in the Market

Some key trends of the market are as follows:

• Integration of AI and machine learning: The application of artificial intelligence (AI) and machine learning algorithms in healthcare analytics is revolutionizing the way healthcare data is collected, analyzed, and utilized to deliver personalized, evidence-based care
• Real-time analytics: The demand for real-time analytics is growing as healthcare organizations seek to improve their operational efficiency, patient care, and clinical decision-making processes
• Cloud-based analytics: The adoption of cloud-based analytics solutions is increasing due to their scalability, flexibility, and cost-effectiveness, which make them suitable for healthcare organizations of varying sizes and budgets

Regional Outlook
North America: The largest market for healthcare analytics, driven by factors such as the high adoption of electronic health records, advanced healthcare infrastructure, and a strong focus on healthcare cost containment and quality improvement.

Europe: The second-largest market, with increasing demand for healthcare analytics solutions and a growing emphasis on improving healthcare outcomes and reducing healthcare costs.

Asia Pacific: Expected to witness the highest growth rate due to factors such as a rapidly aging population, increasing prevalence of chronic diseases, and growing awareness about the benefits of healthcare analytics strategies.

Competitor Landscape

The key features of the market report include patent analysis, grants analysis, clinical trials analysis, funding and investment analysis, partnerships, and collaborations analysis by the leading key players. The major companies in the market are as follows:

• IBM
• Wipro Limited
• Allscripts Healthcare, LLC
• Cerner Corporation
• Health Catalyst
• Inovalon
• McKesson Corporation
• MEDEANALYTICS, INC
• Optum, Inc
• Oracle
• SAS Institute Inc
• ExlService Holdings, Inc
• CitiusTech Inc
• IQVIA
• GENERAL ELECTRIC