Healthcare Analytics Market worth $85.9 billion by 2027 - Exclusive Report by MarketsandMarkets™

CHICAGO, Dec. 21, 2022 /PRNewswire/ -- Healthcare Analytics Market is projected to reach USD 85.9 billion by 2027 from USD 27.4 billion in 2022, at a CAGR of 25.7% during the forecast period according to a new report by MarketsandMarkets™. The healthcare analytics market is mainly driven by factors such as development of integrated healthcare analytics, need to comply with regulatory requirements, rising prevalence of chronic diseases, and growing focus on real-world evidence. However, dearth of skilled professionals and reluctance to adopt healthcare analytics solutions in emerging countries are challenging the growth of this market.

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Healthcare Analytics Market Scope:

"Descriptive analytics type segment is expected to account for the largest share of the healthcare analytics market in 2022"

Based on type, the market is segmented into cognitive analytics, descriptive analytics, predictive analytics, and prescriptive analytics. In 2022, the descriptive analytics segment is expected to hold the largest share of this market. Descriptive analytics help healthcare payers and providers to observe and manage their business practices. It categorizes, characterizes, consolidates, and classifies the past data to convert it into useful insights. Most organizations choose descriptive/retrospective analytics since it can be implemented with the standard aggregate functions built into most databases.

"On-premise segment is estimated to account for the largest share of the healthcare analytics market"

Based on the deployment model, the market is segmented into on-premises and on-demand. The on-premises segment is estimated to account for the largest share of the healthcare analytics market in 2022. Factors such as growing number of healthcare providers are choosing for cloud-based due to its advantages, such as cost-effectiveness and ease of use.

"Financial analytics segment is expected to account for the largest share of the healthcare analytics market in 2022"

Based on application, the healthcare analytics market is segmented into financial analytics, clinical analytics, operational & administrative analytics, and population health analytics. In 2022, the financial analytics is estimated to account for the largest share of the healthcare analytics market. Factors such as growing adoption of electronic healthcare records, rising focus on personalized medicine-based analytics and the need to improve patient outcomes are driving the market growth.

"Services segment to grow at the highest CAGR in the healthcare analytics market during the forecast period, by component"

Based on component, the healthcare analytics market is segmented into services, software and hardware. In 2022, the services segment is expected to account for the largest market share of the healthcare analytics market. This segment is also expected to grow at the highest CAGR during the forecast period, primarily due to the frequent need for services such as software upgrades and maintenance.

"Payer's segment estimated to account for the largest share of the healthcare analytics market during the forecast period, by end user"

Based on end users, the healthcare analytics market is segmented into providers (hospitals, physician practices, IDN, post-acute care organisations and, ambulatory settings), payers (private insurance companies, government agencies, and employers & private exchangers), and ASCOs, HIEs, & TPAs. In 2022, the payers segment is estimated to account for the largest share of the healthcare analytics market. The growing need to curb fraudulent claims, optimize provider networks, and reduce operational costs is the key factor driving the growth of this segment.

"North America is expected to hold the largest share of the healthcare analytics market in 2022"

Based on region healthcare analytics market is segmented into six regions namely, North America, Europe, Asia, Pacific countries, Latin America, and the Middle East and Africa. North America is expected to hold the largest share of this market, followed by Europe in 2022.The large share is attributed to the implementation of federal health mandates that boost the adoption of HCIT solutions, significant amount of venture capital investments, increasing pressure to decrease healthcare costs, technological advancements, and huge number of product and service availability in this region.

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Healthcare Analytics Market Dynamics:

Drivers:

1.  Government initiatives to increase EHR adoption
2.  Growing venture capital investments
3.  Growing pressure to curb healthcare spending and improve patient outcomes
4.  Big data in healthcare
5.  Growing focus on real-world evidence

Restraints:

1.  High cost of analytics solutions

Opportunities:

1.  Increasing focus on value-based medicine
2.  Use of analytics in precision and personalized medicine
3.  Cloud-based analytics
4.  Increasing number of patient registries
5.  Emergence of social media and its impact on the healthcare industry
6.  Augmented analytics
7.  Analytics of Healthcare Things

Challenges:

1.  Patient data confidentiality
2.  Concerns regarding inaccurate and inconsistent data
3.  Reluctance to adopt healthcare analytics solutions in emerging countries
4.  Data integration
5.  Operational gaps between payers and providers
6.  Dearth of skilled personnel

Key Market Players:

Prominent players in this market include IBM (US), SAS Institute Inc. (US), Optum, Inc. (US), Cerner Corporation (US), Allscripts Healthcare, LLC (US), Cotiviti, Inc. (US), CitiusTech Inc (US), Health Catalyst (US), CVS Health (US), Inovalon (US), McKesson Corporation (US), MedeAnalytics, Inc. (US), Oracle (US), ExlService Holdings, Inc. (US), Gainwell (US), Wipro (US), Flatiron (US), Apixio (US), Enlitic, Inc. (US), Komodo Health, Inc. (US), HealthEC, LLC,  Sema4 OpCo, Inc. (US), Evidation Health, Inc. (US), Insilico Medicine (US), Exscientia (UK), Aetion, Inc.(US), and Premier (US).

Recent Developments:

• In October 2022, Optum (US) acquired Change Healthcare (US). This acquisition will connect and simplify the core clinical; administrative and payment processes health care providers and payers depend on to serve patients.
• In October 2022, Oracle (US) entered into an agreement with WellSpan Health (US) to enhance operational insights, reduce costs, improve the team member experience, and support its future expansion
• In July 2022, Francisco Partners (US) completed the acquisition of healthcare data and analytics assets that were part of IBM's Watson Health business. The assets acquired by Francisco Partners consist of extensive and diverse data sets and products, including Health Insights, MarketScan, Clinical Development, Social Program Management, Micromedex, and imaging software offerings.
• In June 2021, Flatiron (US) Partnered with Foundation Medicine, Inc. to integrate its solutions with OncoEMR to offer integrated genomic profiling to customers.
• In July 2021, Enlitic (US) partnered with NMC Healthcare (UAE). This is a multi-faceted partnership with private healthcare companies to incorporate Enlitic's solutions in GCC countries.

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