Healthcare Analytics Market Size Worth USD 51.5 Billion by 2027 at 23% CAGR - Report by Market Research Future (MRFR)
Healthcare Analytics Market Insights and Industry Analysis by Type (Predictive, Cognitive), Component (Software, Services), Delivery Model (On-Premise), Application (Financial Analytics, Clinical Analytics), End User (Payers, Hospitals), and Region, Competitive Market Size, Share, Trends, and Forecast to 2027
New York, US, July 20, 2021 (GLOBE NEWSWIRE) -- Healthcare Analytics Market Overview
As per an extensive research report published by Market Research Future (MRFR), the “Healthcare Analytics Market Information by Type, Component, Delivery Model, Application, End User, and Region - Forecast till 2027”, the market is slated to reach USD 51.5 Billion by 2027 at a CAGR of 23%.
Market Scope:
Healthcare analytics is a crucial section of analysis that largely focuses on offering insights into costs, hospital management, diagnoses, patient records, and numerous other data. This field comprises every segment of healthcare, providing both micro as well as macro levels of data. The escalation in technological advances in the healthcare field, surging demand for lesser paperwork, enhanced treatment plans, surging availability of cost-effective technology, need for better patient care services, and existing procedures will ensure bright prospects for the global market.
Market USP exclusively encompassed:
Top Growth Boosters
Technological innovations, extensive use of analytics in sales & marketing applications, and the disconcerting rise in chronic diseases are some of the key reasons for steady market growth. mounting pressure on healthcare to reduce spending and maintain standardization of several internal processes, while also accommodating regulatory needs, could further enhance the market size for healthcare analytics. Additionally, the COVID-19 outbreak has fostered the use of these solutions by numerous healthcare organizations for addressing the challenges and complexities to achieve optimal outcomes. Simply put, rampant demand in the healthcare industry to improve patient outcomes and also cut down total healthcare spending should work wonders for the global market in the future.
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Furthermore, growing focus on value-based care instead of volume-based care has boosted the demand for analytics solutions among diverse end-users. IBM’s report named “2019 Payer Analytics Market Trends Report” reveals that payers are progressively using analytics to facilitate the move from Fee-for-Service/FFS to Value-based Care/VBC. Also, the availability of various pay-for-performance (P4P), risk- & revenue-sharing and pay-for reporting (P4R) programs has bolstered the investments by the payer organizations for uses that facilitate balancing quality and cost via better understanding of healthcare requirements as well as risks.
Healthcare Analytics Market Competitive Landscape:
The most significant contenders in the Global Healthcare Analytics Market include:
- Cerner
- Allscripts Healthcare Solutions
- SAS Institute Inc.
- IBM
- Wipro
- Inovalon
- Cotiviti
- Citiustech
- Health Catalyst
- Mckesson
- Optum
- Oracle
- SCIO Health Analytics
- Vitreoshealth
- Medeanalytics
Majority of the companies are striving to widen their geographical reach and launch newer, more advanced solutions via numerous strategies, such as product launches, collaborations, partnerships, and acquisition. To illustrate, in June 2021, Netsmart acquired SimpleLTC, a data analytics firm, from Briggs Healthcare. The acquisition of SimpleLTC solutions should help bolster the Netsmart CareFabric platform in fields related to predictive analytics, reimbursement optimization, quality measurement, and regulatory compliance, while optimizing efficient submission of data to Medicaid, Medicare, and health plans.
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Market Restraints:
High costs can weaken the demand for analytics among small- and medium healthcare companies with low budgets. This is a common case especially in developing countries, where budgets allocated for healthcare IT solutions are limited.
COVID 19 Analysis
The Covid-19 outbreak has posed a number of challenges on the healthcare industry, burdening it as the number of cases escalate. This in turn, has raised the demand for analytics in the global healthcare industry. Technological innovations post-pandemic have surged and have helped the healthcare industry come up with advanced solutions to address physical limitations of labor and capital. For instance, IBM and Moderna are making extensive use of cloud computing, blockchain solutions and artificial intelligence to facilitate COVID-19 vaccine management.
Market Segmentation
The major segments specified in the MRFR report for the healthcare analytics market include type, component, delivery model, application, and end user.
Different types of healthcare analytics are predictive analytics, descriptive analytics, cognitive analytics, and prescriptive analytics. Descriptive analytics offer a host of benefits such as assessing the member or patient population and detecting irregularities or errors in insurance claims to gauge their performance. These benefits are fostering the adoption rate of descriptive analytics solutions a rising number of organizations, resulting in substantial market growth.
With respect to component, the global market caters to hardware, services, and software.
Depending on delivery mode, the key segments are on-premise as well as on-demand.
The top applications of healthcare analytics include Financial Analytics (Revenue Cycle Management (RCM), Claims Processing, Risk Adjustment & Assessment, Payment Integrity & Fraud, Waste, and Abuse (FWA), Clinical Analytics (Clinical Decision Support (CDS Quality Improvement & Clinical Benchmarking), population health analytics, operational & administrative analytics, and more.
Major end users of healthcare analytics are Payers (Government Agencies, Employers and Private Exchanges, Private Insurance Companies), Providers (Post-Acute Care Organizations, Hospitals & Clinics, Ambulatory Settings), and more.
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Regional Analysis:
The American market could take the lead in the coming years, as the region accommodates an extensive pool of healthcare analytics developers along with frequent technological innovations. The rapid emergence of healthcare IT, rising use of EMR/EHR systems and strong government backing for healthcare would also enhance the market share in the region. Also, to bring down the number of medical errors, physicians and clinicians are increasingly using mhealth and big data tools, which has an incredible impact on the healthcare analytics market within the region.
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