Healthcare Analytics Industry to Hit USD 133.1 billion by 2029 with 24.3% CAGR | MarketsandMarkets™
DELRAY BEACH, Fla., Jan. 21, 2025 /PRNewswire/ -- Despite the economic uncertainties, healthcare analytics companies have demonstrated strong resilience throughout 2024. The global healthcare analytics industry market size is estimated to grow from USD 44.8 billion in 2024 to USD 133.1 billion by 2029, at a Y-o-Y increase of 24.3%. Continued enhancements in analytics platform, mergers, and acquisitions (M&A), partnerships, commercialization of new product lines, and strategic collaborations are contributing to the sustained growth of the market.
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The Global Healthcare Analytics Outlook for 2025 provides a comprehensive overview of the critical trends that shaped the sector in 2024. It offers a comparative analysis of growth rates and valuations across key segments in healthcare analytics for 2024, highlights significant trends to monitor in 2024, and features industry best practices and success stories. As healthcare providers navigate challenges such as workforce shortages, adoption of digital automation solutions, generative AI, and increased M&A, consolidation, and partnerships, healthcare analytics must stay ahead of emerging trends that will define success in 2024. The report concludes with key recommendations and growth opportunities for 2025.
Some of the key developments witnessed by the Healthcare Analytics industry in 2024:
- Accelerating AI Integration Across Healthcare for Improved Efficiency and Care.
- In May 2024, BrightInsight & Google Cloud have expanded their partnership to integrate Google's Gemini models and Vertex AI into BrightInsight's Disease Management Solution, enhancing patient apps, accelerating R&D, and providing actionable insights from patient data for better outcomes. - Surge in Standardization Efforts for Healthcare Data Formats and Interoperability. Standardization and interoperability are key to breaking points in healthcare data.
- For example, in May 2024, World Economic Forum & Capgemini launching a global Digital Healthcare Transformation Community to foster health data collaboration, promote interoperability, and support universal health coverage through data sharing initiatives. - Increased Integration of Genomic Data with Analytics Platforms for Better Insights.
- In May 2024, SOPHiA GENETICS is collaborating with Microsoft and NVIDIA to develop a streamlined, scalable whole genome sequencing (WGS) analytical solution. Hosted on Microsoft Azure and powered by NVIDIA Parabricks, this new application aims to provide fully analyzed whole genome insights within the same day. The solution enhances clinical research, drug discovery, and diagnosis, benefiting patients with cancer and rare genetic disorders.
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The prominent Healthcare analytics players include Optum, Inc. (US), Oracle (US), Merative (US), SAS Institute Inc. (US), Veradigm LLC (US), McKesson Corporation (US), Wipro (India), CVS Health (US), IQVIA (US), CitiusTech Inc. (US), Inovalon (US), MedeAnalytics, Inc. (US), Cotiviti, Inc. (US), ExlService Holdings, Inc. (US), Health Catalyst (US), Apixio, Inc. (US), Komodo Health, Inc. (US), Aetion, Inc. (US), HealthEC, LLC (US), among others.
In 2024, industry leaders strived to maintain their competitive leadership positions with product launches, technological advancements, and strategic deals. In 2025, key players will continue investments in research and development (R&D) and focus on AI-based unique offerings.
The Healthcare Future Growth Anchored in Analytic solutions.
The growth of the healthcare analytics market is being driven by the increasing demand for data-driven decision-making to improve patient outcomes, enhance operational efficiency, and reduce costs. Other factors include the increasing adoption of EHRs, the integration of advanced technologies such as AI, machine learning, and predictive analytics, and the shift toward value-based care models. Increasing healthcare cost and the necessity to manage huge amounts of data, such as patient records, clinical data, and claims information, are driving organizations to use analytics for better insights. Apart from this, regulatory mandates about data transparency and population health management are promoting analytics solutions. Innovations in real-time analytics, interoperability, and personalized care add further strength to the growth of the market. Further, the increasing prevalence of chronic diseases and the aged population point to the significance of analytics in healthcare planning and resource optimization.
Some of the other key trends that the healthcare analytics industry is likely to witness in 2025:
The integration of AI is transforming healthcare analytics by enabling advanced data-driven insights, streamlining processes, and enhancing patient care. Below are most anticipated growth areas to look out for in 2025:
- Real-Time Predictive Insights Will Revolutionize Decision-Making Across Healthcare: In March 2024, Komodo Health launched MapView, a no-code analytics tool within its MapLab platform, to accelerate patient cohort analysis and provide real-time insights, improving efficiency for life sciences professionals. By enhancing accessibility and efficiency, MapView empowers life sciences professionals to make data-driven decisions more effectively, setting a new standard for innovation in healthcare analytics.
- AI Will Transform Personalized Care and Operational Efficiency: In May 2024, Wipro and CBR at IISc are collaborating to develop AI-powered technology aimed at precision health. The goal is to create a personal care engine using AI, ML, and big data analytics to manage cardiovascular disease and neurodegenerative disorders, supporting long-term health and wellbeing. The solution will be tested via a digital app-based trial.
- Behavioral Health Data Integration Will Become Central to Holistic Patient Care: In July 2024, Holmusk and Veradigm announced a milestone in their strategic collaboration. By using Veradigm Network EHR data, Holmusk enriched millions of patient profiles with analyzable, structured data. The data provides insights into disorder progression and patient journeys, enabling better assessment of treatment effectiveness and disorder management in mental health through the NeuroBlu Data platform.
- Wearable Technology Analytics Will Drive Preventive and Personalized Healthcare: Evidation launched MigraineSmart, a health engagement program on the Evidation app for tracking and understanding migraine symptoms. It includes symptom tracking, personalized insights, rewards for engagement, and opt-in research opportunities, helping individuals better manage their migraines while generating data for researchers.
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