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The healthcare analytics market size is forecast to increase by USD 66.54 billion at a CAGR of 24.79% between 2023 and 2028. The market is experiencing significant growth due to several key trends. Firstly, the integration of Big Data with healthcare analytics is becoming increasingly prevalent, enabling healthcare providers to make data-driven decisions and improve patient outcomes. Secondly, the use of Internet-enabled mobile devices in healthcare is on the rise, providing healthcare professionals with access to patient data and analytics tools on the go. Lastly, data security and privacy concerns are driving the adoption of advanced analytics solutions to protect sensitive patient information. These trends are fueling the growth of the market, offering numerous opportunities for market participants. However, challenges such as data interoperability, data quality, and the high cost of analytics solutions remain significant barriers to market growth. Despite these challenges, the future of healthcare analytics looks promising, with continued innovation and advancements in technology expected to drive market expansion.
The market is experiencing significant growth due to the increasing adoption of digital solutions in the healthcare industry. Electronic Health Records (EHR) have become the backbone of healthcare data management, providing a vast amount of clinical data for analysis. This data is used to improve patient care through various analytics techniques, including descriptive, predictive, and prescriptive analytics. Descriptive analytics helps in understanding historical patient data, while predictive analytics enables the identification of potential health risks and treatment costs. Prescriptive analytics goes a step further by suggesting optimal therapeutic strategies and medication selection for individual patients. Financial analytics is another crucial aspect of healthcare analytics, focusing on reducing treatment costs and improving revenue cycle management.
Furthermore, health data analytics plays a vital role in disease management, patient compliance, and treatment consistency, leading to optimal outcomes. The National Institutes of Health (NIH) and Change Healthcare are some of the key organizations driving innovation in healthcare analytics through research and development. Artificial intelligence (AI) is a game-changer in healthcare analytics, enabling advanced clinical care, outreach, and disease management. Overall, healthcare analytics is transforming patient care by providing actionable insights from clinical data, leading to improved patient outcomes and reduced treatment costs.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The services segment is estimated to witness significant growth during the forecast period. The market encompasses consulting services, learning and training, development and integration, hardware maintenance and support, IT management, process management, and software support. Key growth areas include consulting and software support. The imperative to enhance patient care delivery systems and implement cost-effective models will fuel the demand for Information and Communication Technology (ICT) services in healthcare. Additionally, the migration from traditional on-premises to cloud-based software and IT infrastructure deployment is anticipated to boost the demand for IT education and training services. End-users of these services span from individual doctor offices to full-service hospitals and multi-location clinics. In the realm of healthcare, providers, payers, Accountable Care Organizations (ACOs), Health Information Exchanges (HIEs), and Third-Party Administrators (TPAs) are significant consumers.
Moreover, descriptive analytics, utilizing Electronic Health Records (EHR), provide insights into clinical data, patient care, and treatment costs. Predictive and prescriptive analytics, powered by artificial intelligence (AI) experts, offer actionable insights for patient compliance, medication selection, therapeutic strategies, optimal outcomes, clinical care, outreach, and disease management. Financial analytics, including financial applications, are essential for operations management and financial management within healthcare organizations. Life science companies and healthcare professionals also leverage healthcare data analytics for big data analytics, machine learning, and proactive disease management. The National Institutes of Health (NIH) and Change Healthcare are significant players in the Health Data Analytics domain.
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The services segment accounted for USD 5.82 billion in 2018 and showed a gradual increase during the forecast period.
North America is estimated to contribute 38% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The market in North America is witnessing significant growth due to the increasing demand for clinical management solutions in hospitals and clinics. Effective management of patient information, particularly for those suffering from chronic diseases, is a key driver for this market. The US and Canada are the major contributors to this market, with the US leading the way due to its early adoption of advanced technologies such as machine learning, predictive analytics, and quantum and cognitive computing. These technologies enable healthcare providers to securely access data and make informed decisions, leading to improved patient outcomes. Major companies in this market include SAS Institute, and Oracle, who are providing innovative solutions to meet the evolving needs of the healthcare industry in North America.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The growing integration of Big Data with healthcare analytics is the key driver of the market. In the healthcare sector, Big Data analytics plays a pivotal role in managing and optimizing patient care and treatment costs. The digitalization of business processes in healthcare has led to an exponential increase in the generation of clinical data. Electronic Health Records (EHRs), mandatory documentation, and wearable devices are some of the sources contributing to this data boom. Healthcare providers, payers, Accountable Care Organizations (ACOs), Health Information Exchanges (HIEs), and Third-Party Administrators (TPAs) are some of the key stakeholders leveraging this data for various applications. Descriptive analytics is used to gain insights from historical data, while predictive analytics helps in anticipating future trends and patient outcomes.
Moreover, financial analytics focuses on managing and optimizing healthcare costs, while clinical analytics is used for disease management and therapeutic strategies. Prescriptive analytics offers actionable insights for healthcare professionals to improve patient compliance and medication selection. Life science companies and healthcare providers are increasingly adopting digital solutions for big data analytics, including AI experts and machine learning algorithms. These advanced technologies enable proactive outreach, optimal outcomes, and operations and financial management in healthcare. The National Institutes of Health (NIH) and Change Healthcare are some of the leading organizations driving innovation in health data analytics.
Increasing use of Internet-enabled mobile devices in healthcare is the upcoming trend in the market. In the evolving landscape of healthcare, digital solutions have become indispensable tools for enhancing patient care and managing treatment costs. Electronic Health Records (EHR) have become the backbone of modern healthcare, facilitating the collection, storage, and sharing of clinical data among providers, payers, Accountable Care Organizations (ACOs), Health Information Exchanges (HIEs), Third-Party Administrators (TPAs), and other stakeholders. Descriptive analytics, a type of business intelligence, is extensively used in healthcare for understanding historical data and identifying trends. It provides valuable insights into patient compliance, medication selection, and therapeutic strategies, leading to optimal outcomes. Predictive analytics and prescriptive analytics, advanced forms of data analysis, are increasingly being adopted for disease management and proactive care.
Furthermore, life science companies, healthcare providers, and financial applications leverage artificial intelligence (AI), machine learning, and big data analytics to gain actionable insights. These technologies enable healthcare professionals to make informed decisions, improve operations management, and optimize financial management. Patient care is further enhanced through personalized treatment plans, disease management programs, and outreach initiatives. The National Institutes of Health (NIH) and industry leaders like Change Healthcare and Health Data Analytics are at the forefront of this digital transformation. AI experts are instrumental in developing predictive models and prescriptive recommendations, enabling healthcare organizations to deliver high-quality care while reducing costs.
Increasing data security and privacy concerns is a key challenge affecting the market growth. In the healthcare sector, cloud-based analytics solutions have gained significant traction due to their cost-effectiveness and accessibility. Healthcare organizations, including providers, payers, Accountable Care Organizations (ACOs), Health Information Exchanges (HIEs), and Third-Party Administrators (TPAs), are increasingly adopting cloud solutions for managing clinical and financial data. These digital solutions enable descriptive analytics, which provides insights into historical data, and predictive analytics, which forecasts future trends based on current data. Additionally, prescriptive analytics offers actionable insights for optimal patient care, treatment costs, and medication selection, leading to improved therapeutic strategies and clinical care. Cloud-based healthcare analytics also facilitate disease management through artificial intelligence (AI), machine learning, and big data analytics, enhancing patient compliance and outreach.
Furthermore, cloud solutions enable seamless integration with Electronic Health Records (EHR), financial applications, and life science companies, streamlining operations management and financial management. The National Institutes of Health (NIH) and companies like Change Healthcare and Health Data Analytics are employing AI experts to leverage the power of cloud-based healthcare analytics for enhancing patient outcomes and reducing treatment costs.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ALLSCRIPTS HEALTHCARE SOLUTIONS INC. - The company offers healthcare analytics such as Electronic Health Records or EHR, financial management, patient engagement, and Veradigm analytics.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market is experiencing significant growth due to the increasing adoption of Electronic Health Records (EHR) and the availability of large amounts of clinical data. Descriptive analytics is used to gain insights from historical data, while predictive analytics helps in identifying trends and patterns, enabling providers and payers to make informed decisions. Financial analytics focuses on cost management and revenue cycle management, while clinical analytics uses patient data for disease management and treatment cost optimization. Healthcare providers and payers, including Accountable Care Organizations (ACOs), Health Information Exchanges (HIEs), and Third-Party Administrators (TPAs), are investing in digital solutions for healthcare data analytics.
Furthermore, life science companies and AI experts are collaborating to develop advanced solutions for prescriptive analytics, enabling proactive patient care through medication selection, therapeutic strategies, and optimal outcomes. Big data analytics, machine learning, and operations management are key technologies driving the market. Healthcare professionals benefit from actionable insights for patient compliance, outreach, and disease management. The National Institutes of Health (NIH) and Change Healthcare are some of the organizations contributing to the healthcare data analytics landscape.
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Market Scope |
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Report Coverage |
Details |
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Page number |
181 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 24.79% |
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Market growth 2024-2028 |
USD 66.54 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
20.86 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 38% |
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Key countries |
US, China, Japan, UK, and Germany |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
ALLSCRIPTS HEALTHCARE SOLUTIONS INC., Avgi Solutions Inc., Cerner Corp., CitiusTech Healthcare Technology Pvt. Ltd., Cotiviti Inc., ExlService Holdings Inc., Gainwell Technologies LLC, General Electric Co., Health Catalyst Inc., Inovalon, International Business Machines Corp., IQVIA Holdings Inc., Komodo Health Inc., McKesson Corp., Medeanalytics Inc., Oracle Corp., RELX Plc, SAS Institute Inc., UnitedHealth Group Inc., and Wipro Ltd. |
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Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
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Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Component
7 Market Segmentation by Deployment
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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