Healthcare Analytics Market to Reach $96.90 Bn, Globally, by 2030 at 15.3% CAGR: Allied Market Research

Increase in adoption of big data in healthcare organizations and rise in government initiatives to escalate the adoption of electronic health records (EHRs) among healthcare organizations fuel the growth of the global healthcare analytics market.

PORTLAND, Ore., Sept. 6, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Healthcare Analytics Market by Application (Financial Analysis, Operational & Administrative Analysis and Clinical Analysis), Component (Hardware, Software and Services), Deployment Model (On-Premise and On-Demand), End User (Healthcare Payers, Healthcare Providers and Others), and Type (Descriptive Analytics, Predictive Analytics, and Prescriptive Analytics): Global Opportunity Analysis and Industry Forecast, 2021–2030." According to the report published by Allied Market Research, the global healthcare analytics market was estimated at $23.51 billion in 2020 and is expected to hit $96.90 billion by 2030, registering a CAGR of 15.3% from 2021 to 2030.

Drivers, restraints, and opportunities-

Increase in adoption of big data in healthcare organizations, rise in government initiatives to escalate the adoption of electronic health records (EHRs) among healthcare organizations, and growing pressure in the healthcare sector to curb unnecessary expenditure fuel the growth of the global healthcare analytics market. On the other hand, lack of skilled labors and high implementation costs restrain the growth to some extent. However, use of cloud-based analytics across various healthcare providers is anticipated to pave the way for lucrative opportunities for the key players in the industry.

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Impact of COVID-19 on Healthcare Analytics Market-

• The outbreak of the pandemic led to increase in demand for upgraded analytics solutions among healthcare organizations to support the establishments during critical situation in the pandemic. This, in turn, has driven the global healthcare analytics market.
• This trend is most likely to continue till the pandemic is completely not over.

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The financial analysis segment to retain the lion's share-

Based on application, the financial analysis segment contributed to the largest share in 2020, holding more than two-fifths of the global healthcare analytics market. Rise in need to acclimatize in the ever-changing and unpredictable healthcare landscape drives the growth of the segment. The clinical analysis segment, on the other hand, would grow at the fastest CAGR of 18.5% throughout the forecast period.  Growing demand from patients to track their health data and share it with their respective healthcare professionals for additional remedies and advices fuels the segment growth.

The service segment to dominate by 2030-

Based on component, the service segment accounted for nearly half of the global healthcare analytics market in 2020, and is projected to lead the trail by the end of 2030. Rise in demand for cloud-based healthcare analytics services during the global health crisis across the globe is expected to provide potential growth opportunities for the segment. However, the software segment would manifest the fastest CAGR of 16.6% during the forecast period. This is because majority of health care providers choose data warehouse to maintain proper operations of their organizations.

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North America, held the major share in 2020-

Based on region, North America held the major share in 2020, garnering more than half of the global healthcare analytics market, due to increasing adoption of analytics solutions in the healthcare industry and presence of major players in the region. The market across Asia-Pacific would cite the fastest CAGR of 19.4% from 2021 to 2030. Growing government healthcare regulations to reduce the rising healthcare costs and increasing regulatory requirements propel the need for healthcare analytics in the region. This factor drives the market growth in this province.

Key players in the industry-

• Cerner Corporation
• SAS Institute
• Health Catalyst
• Allscript Healthcare Solution
• HMS(Vitreoshealth)
• IBM Corporation
• MedeAnalytics Inc.
• Oracle Corporation
• Optum Inc.
• McKesson Corporation

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