Healthcare Analytics Market Size Is Projected To Reach $46.1 Billion By 2027

The global healthcare analytics market size is expected to reach USD 46.1 billion by 2027 and is expected to expand at a CAGR of 7.5% over the forecast period, according to a new report by Grand View Research, Inc. Factors, such as the rising number of patient registries, increasing pressure to curb healthcare spending & improve patient outcomes, and extensive usage of big data, data-driven decision-making, & Electronic Health Record (EHRs), are bolstering the market growth. For instance, in August 2020, CitiusTech announced the launch of support for Out-Of-Area (OOA) record collection projects specific to Blue Health Plans through its SCORE+ platform. The launch is aimed at simplifying payer-provider collaboration across states, according to the mandate announced by the Blue Cross Blue Shield Association in December 2019.

The descriptive analytics type segment accounted for the highest revenue share in 2019 owing to the increased adoption of these solutions in analyzing historical data and supporting organizations in improving their performance. On the other hand, predictive analytics is anticipated to be the fastest-growing segment during the forecast period owing to the benefits offered by this solution for effective decision-making to optimize healthcare delivery and reduce costs by eliminating waste, fraud, and abuse. In 2019, the hardware segment accounted for the highest revenue share. On the other hand, the services segment is anticipated to register the fastest growth owing to the prevailing trend of outsourcing among various organizations due to lack of IT professionals, growing adoption of cloud, and increasing awareness regarding healthcare analytics.

Based on delivery mode, on-premises accounted for the largest revenue share in 2019. This is attributed to the level of security & control, and ease of customization offered by the on-premises delivery mode. On the other hand, the cloud-based delivery model is anticipated to be the fastest-growing segment during the forecast period owing to safe storage, extreme capacity flexibility, and the pay-as-you-go pricing facility offered by this model. The financial application segment accounted for the highest revenue share in 2019 owing to various initiatives, including FPS that aids in avoiding frauds & improper payments, and saving costs. Clinical applications are anticipated to be the fastest-growing segment from 2020 to 2027 due to the increasing development & deployment of these solutions for clinical applications to reduce medication errors and healthcare spending while increasing access to clinical data.

In 2019, the healthcare payers end-use segment led the global market. Payers are increasingly adopting these solutions to avoid blind spots and make the best business decisions for their organizations. However, the healthcare providers segment is anticipated to register the fastest CAGR during the forecast period owing to the surge in adoption among providers to offer the right treatment at an effective price, which, in turn, aids in avoiding unnecessary treatment costs. North America is estimated to be the largest regional market due to increasing demand for quality healthcare, improved infrastructure, growing focus on patient safety & care, and the rising awareness about EHRs. Asia Pacific will register the highest CAGR from 2020 to 2027 owing to the growing geriatric population, increasing incidences of chronic diseases, and rising number of government initiatives supporting the adoption of technology-driven tools in the region.

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Healthcare Analytics Market Report Highlights

• Healthcare analytics market size is anticipated to reach USD 46.1 billion by 2027, owing to a rise in product demand for improving efficiency
• The descriptive analytics type segment dominated the global market in 2019 owing to benefits offered by this solution in analyzing historical data to gain actionable insights
• The hardware component segment dominated the market in 2019 owing to increasing costs associated with the development and deployment of hardware components
• On-premises was the leading delivery mode segment in 2019 owing to enhanced security & control offered by the delivery mode

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Healthcare Analytics Market Segmentation

Grand View Research has segmented the global healthcare analytics market on the basis of type, component, delivery mode, application, end-use, and region:

Healthcare Analytics Type Outlook (Revenue, USD Million, 2014 - 2027)

• Descriptive
• Predictive
• Prescriptive

Healthcare Analytics Component Outlook (Revenue, USD Million, 2014 - 2027)

• Hardware
• Software
• Services

Healthcare Analytics Delivery Mode Outlook (Revenue, USD Million, 2014 - 2027)

• On-premises
• Web-based
• Cloud-based

Healthcare Analytics Application Outlook (Revenue, USD Million, 2014 - 2027)

• Clinical
• Financial
• Operational and Administrative

Healthcare Analytics End-use Outlook (Revenue, USD Million, 2014 - 2027)

• Healthcare Payers
• Healthcare Providers
• Lifescience Companies

Healthcare Analytics Regional Outlook (Revenue, USD Million, 2014 - 2027)

• North America
• U.S.
• Canada
• Europe
• U.K.
• Spain
• Germany
• France
• Italy
• Asia Pacific
• Japan
• China
• India
• South Korea
• Latin America
• Brazil
• Mexico
• Middle East & Africa
• South Africa
• Saudi Arabia
• UAE

List of Key Players of Healthcare Analytics Market

• IBM Corp.
• OptumHealth, Inc.
• Oracle Corp.
• Verisk Analytics, Inc.
• MEDai, Inc.
• MedeAnalytics, Inc.
• McKesson Corp.
• Truven Health Analytics, Inc.
• Allscripts Healthcare Solutions, Inc.
• Cerner Corporation
• SAS Institute, Inc.

About Grand View Research        

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

For more info visit @ https://www.grandviewresearch.com