Abstract
Summary
Global Healthcare Analytics Market is valued at approximately USD 29.1 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 21.5% over the forecast period 2022-2029. Healthcare analytics enables healthcare professionals to identify opportunities to enhance workflow, patient engagement, care delivery, and clinical results. Real-time and historical data are combined in healthcare data analytics to find patterns, provide actionable insights, progress medicine, and stimulate long-term growth. Additionally, healthcare analytics systems require enormous amounts of acquired data to give enterprises useful insights. Factors such as a rising focus on improving patient outcomes and curbing healthcare spending, increasing capital investments in healthcare analytics start-ups, coupled with the increasing trend of real-world evidence are the key driving factors for the global market growth.
Additionally, the surge in the adoption of electronic health records (EHR) is further stipulating the market demand in the global market. As per the Statista analysis, in 2020, the EHR market was estimated to be worth around USD 29.16 billion worldwide, which is anticipated to rise to USD 47.25 billion by 2027. Thus, growing initiatives for electronic health records adoption, as well as increasing technological advancements is excelling the market expansion across the world. Furthermore, increasing penetration of analytics in precision and personalized medicines, as well as growing preference towards cloud-based analytics are presenting various lucrative opportunities over the forecasting years. However, the rising data breach concerns and the high cost of analytics solutions in healthcare organizations are hindering market growth over the forecast period of 2022-2029.
The key regions considered for the Global Healthcare Analytics Market study include Asia Pacific, North America, Europe, Latin America, and the Rest of the World. The Asia Pacific dominated the market in terms of revenue, owing to the greater accessibility of analytics solutions & services, along with the rising adoption of personalized medicine & value-based medicine. Whereas, Asia Pacific is also expected to grow at the highest growth rate over the forecasting period. Factors such as the growing geriatric population, rising burden of chronic ailments, as well as the reliance of consumers and healthcare providers on IT are burgeoning the market growth in the forecasting years.
Major market players included in this report are:
McKesson Corporation
Optum, Inc.
IBM Corporation
Oracle Corporation
SAS Institute, Inc.
Verisk Analytics, Inc.
Medeanalytics, Inc.
Truven Health Analytics, Inc.
Allscripts Healthcare Solutions, Inc.
Cerner Corporation
Recent Developments in the Market:
In July 2022, Francisco Partners announced that the company acquired healthcare data and analytics assets that were part of IBM’s Watson Health business. The products and data sets that Francisco Partners has acquired encompass a wide range of categories, including MarketScan, Clinical Development, Social Program Management, Micromedex, and imaging software services.
In October 2022, Oracle corporation entered into an agreement with WellSpan Health, which aims on enhance its reduce costs, operational insights, improve the team member experience, and support its future expansion.
Global Healthcare Analytics Market Report Scope:
Historical Data 2019-2020-2021
Base Year for Estimation 2021
Forecast period 2022-2029
Report Coverage Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered Component, Type, Delivery Mode, Application, End-user, Region
Regional Scope North America; Europe; Asia Pacific; Latin America; Rest of the World
Customization Scope Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Component:
Software
Services
Hardware
By Type:
Descriptive
Predictive
Prescriptive
By Delivery Mode:
Web Hosted
Cloud-based
On-premises
By Application:
Clinical
Financial
Operational & Administrative
By End-user:
Life Science Companies
Healthcare Payers
Healthcare Providers
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
RoLA
Rest of the World
Table of Contents
1 Executive Summary
1.1 Market Snapshot
1.2 Global & Segmental Market Estimates & Forecasts, 2019-2029 (USD Billion)
1.2.1 Healthcare Analytics Market, by Region, 2019-2029 (USD Billion)
1.2.2 Healthcare Analytics Market, by Component, 2019-2029 (USD Billion)
1.2.3 Healthcare Analytics Market, by Type, 2019-2029 (USD Billion)
1.2.4 Healthcare Analytics Market, by Delivery Mode, 2019-2029 (USD Billion)
1.2.5 Healthcare Analytics Market, by Application, 2019-2029 (USD Billion)
1.2.6 Healthcare Analytics Market, by End-user, 2019-2029 (USD Billion)
1.3 Key Trends
1.4 Estimation Methodology
1.5 Research Assumption
2 Global Healthcare Analytics Market Definition and Scope
2.1 Objective of the Study
2.2 Market Definition & Scope
2.2.1 Scope of the Study
2.2.2 Industry Evolution
2.3 Years Considered for the Study
2.4 Currency Conversion Rates
3 Global Healthcare Analytics Market Dynamics
3.1 Healthcare Analytics Market Impact Analysis (2019-2029)
3.1.1 Market Drivers
- 3.1.1.1 Increasing capital investments in healthcare analytics start-ups
- 3.1.1.2 Surge in the adoption of electronic health records (EHR)
3.1.2 Market Challenges
- 3.1.2.1 Rising data breach concerns
- 3.1.2.2 High cost of analytics solutions in healthcare organizations
3.1.3 Market Opportunities
- 3.1.3.1 Increasing penetration of analytics in precision and personalized medicines
- 3.1.3.2 Growing preference towards the cloud-based analytics
4 Global Healthcare Analytics Market Industry Analysis
4.1 Porter’s 5 Force Model
4.1.1 Bargaining Power of Suppliers
4.1.2 Bargaining Power of Buyers
4.1.3 Threat of New Entrants
4.1.4 Threat of Substitutes
4.1.5 Competitive Rivalry
4.2 Futuristic Approach to Porter’s 5 Force Model (2019-2029)
4.3 PEST Analysis
4.3.1 Political
4.3.2 Economical
4.3.3 Social
4.3.4 Technological
4.4 Top investment opportunity
4.5 Top winning strategies
4.6 Industry Experts Prospective
4.7 Analyst Recommendation & Conclusion
5 Risk Assessment: COVID-19 Impact
5.1 Assessment of the overall impact of COVID-19 on the industry
5.2 Pre COVID-19 and post COVID-19 Market scenario
6 Global Healthcare Analytics Market, by Component
6.1 Market Snapshot
6.2 Global Healthcare Analytics Market by Component, Performance - Potential Analysis
6.3 Global Healthcare Analytics Market Estimates & Forecasts by Component 2019-2029 (USD Billion)
6.4 Healthcare Analytics Market, Sub Segment Analysis
6.4.1 Software
6.4.2 Services
6.4.3 Hardware
7 Global Healthcare Analytics Market, by Type
7.1 Market Snapshot
7.2 Global Healthcare Analytics Market by Type, Performance - Potential Analysis
7.3 Global Healthcare Analytics Market Estimates & Forecasts by Type 2019-2029 (USD Billion)
7.4 Healthcare Analytics Market, Sub Segment Analysis
7.4.1 Descriptive
7.4.2 Predictive
7.4.3 Prescriptive
8 Global Healthcare Analytics Market, by Delivery Mode
8.1 Market Snapshot
8.2 Global Healthcare Analytics Market by Delivery Mode, Performance - Potential Analysis
8.3 Global Healthcare Analytics Market Estimates & Forecasts by Delivery Mode 2019-2029 (USD Billion)
8.4 Healthcare Analytics Market, Sub Segment Analysis
8.4.1 Web Hosted
8.4.2 Cloud-based
8.4.3 On-premises
9 Global Healthcare Analytics Market, by Application
9.1 Market Snapshot
9.2 Global Healthcare Analytics Market by Application, Performance - Potential Analysis
9.3 Global Healthcare Analytics Market Estimates & Forecasts by Application 2019-2029 (USD Billion)
9.4 Healthcare Analytics Market, Sub Segment Analysis
9.4.1 Clinical
9.4.2 Financial
9.4.3 Operational & Administrative
10 Global Healthcare Analytics Market, by End-user
10.1 Market Snapshot
10.2 Global Healthcare Analytics Market by End-user, Performance - Potential Analysis
10.3 Global Healthcare Analytics Market Estimates & Forecasts by End-user 2019-2029 (USD Billion)
10.4 Healthcare Analytics Market, Sub Segment Analysis
10.4.1 Life Science Companies
10.4.2 Healthcare Payers
10.4.3 Healthcare Providers
11 Global Healthcare Analytics Market, Regional Analysis
11.1 Healthcare Analytics Market, Regional Market Snapshot
11.2 North America Healthcare Analytics Market
11.2.1 U.S. Healthcare Analytics Market
- 11.2.1.1 Component breakdown estimates & forecasts, 2019-2029
- 11.2.1.2 Type breakdown estimates & forecasts, 2019-2029
- 11.2.1.3 Delivery Mode breakdown estimates & forecasts, 2019-2029
- 11.2.1.4 Application breakdown estimates & forecasts, 2019-2029
- 11.2.1.5 End-user breakdown estimates & forecasts, 2019-2029
11.2.2 Canada Healthcare Analytics Market
11.3 Europe Healthcare Analytics Market Snapshot
11.3.1 U.K. Healthcare Analytics Market
11.3.2 Germany Healthcare Analytics Market
11.3.3 France Healthcare Analytics Market
11.3.4 Spain Healthcare Analytics Market
11.3.5 Italy Healthcare Analytics Market
11.3.6 Rest of Europe Healthcare Analytics Market
11.4 Asia-Pacific Healthcare Analytics Market Snapshot
11.4.1 China Healthcare Analytics Market
11.4.2 India Healthcare Analytics Market
11.4.3 Japan Healthcare Analytics Market
11.4.4 Australia Healthcare Analytics Market
11.4.5 South Korea Healthcare Analytics Market
11.4.6 Rest of Asia Pacific Healthcare Analytics Market
11.5 Latin America Healthcare Analytics Market Snapshot
11.5.1 Brazil Healthcare Analytics Market
11.5.2 Mexico Healthcare Analytics Market
11.5.3 Rest of Latin America Healthcare Analytics Market
11.6 Rest of The World Healthcare Analytics Market
12 Competitive Intelligence
12.1 Top Market Strategies
12.2 Company Profiles
12.2.1 McKesson Corporation
- 12.2.1.1 Key Information
- 12.2.1.2 Overview
- 12.2.1.3 Financial (Subject to Data Availability)
- 12.2.1.4 Product Summary
- 12.2.1.5 Recent Developments
12.2.2 Optum, Inc
12.2.3 IBM Corporation
12.2.4 Oracle Corporation
12.2.5 SAS Institute, Inc
12.2.6 Verisk Analytics, Inc
12.2.7 Medeanalytics, Inc
12.2.8 Truven Health Analytics, Inc
12.2.9 Allscripts Healthcare Solutions, Inc
12.2.10 Cerner Corporation
13 Research Process
13.1 Research Process
13.1.1 Data Mining
13.1.2 Analysis
13.1.3 Market Estimation
13.1.4 Validation
13.1.5 Publishing
13.2 Research Attributes
13.3 Research Assumption