Healthcare Analytics Market Scope & Overview
The Healthcare Analytics Market is forecasted to reach a value of USD 34.64 billion by 2022, with an expected compound annual growth rate (CAGR) of 21.4% from 2023 to 2030. By 2030, it is estimated that the market will expand to USD 163 billion, as stated in the SNS Insider report.
Healthcare analytics refers to the systematic analysis of healthcare data to derive insights and make informed decisions in the healthcare industry. It involves the collection, integration, and analysis of vast amounts of data from various sources such as electronic health records (EHRs), medical claims, clinical trials, wearable devices, and patient-generated data.
One of the key drivers behind the growth of the healthcare analytics market is the pressing need for improved patient care. Analytics solutions enable healthcare professionals to gain a comprehensive understanding of patient data, including medical history, treatment outcomes, and risk factors. By analyzing this information, healthcare providers can make more accurate diagnoses, develop personalized treatment plans, and monitor patient progress more effectively. As a result, patient outcomes are enhanced, leading to higher levels of satisfaction and improved quality of care.
Key Players Covered in Healthcare Analytics market report are: Allscripts healthcare, llc, health catalyst, Optum, inc., Hms(vitreoshealth), Cerner corporation, Sas institute inc., International business machines corporation, Oracle corporation, and Medeanalytics inc, and other players.
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Impact of Recession
A recession can have both positive and negative impacts on the healthcare analytics market. While budget constraints and delayed investments may pose challenges, the focus on efficiency, evidence-based decision-making, population health management, and government initiatives can create opportunities. Despite short-term fluctuations, the long-term outlook for the market remains promising, driven by the industry’s ongoing transformation and the recognition of analytics as a key driver of improved patient outcomes and cost savings.
In the dynamic landscape of healthcare analytics market, descriptive analysis and on-premise solutions emerge as dominant segments, each offering distinct advantages. Descriptive analysis enables healthcare organizations to uncover meaningful insights from historical data, facilitating evidence-based decision-making and improved patient care. On-premise solutions, on the other hand, ensure enhanced security, control, and customizability, addressing the specific needs and regulatory requirements of the healthcare sector.
Healthcare Analytics Market Segmentation as Follows:
By Component type
By Delivery Mode Type
By Application Type
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Regional Status & Analysis
North America’s leadership in the healthcare analytics market is a result of its state-of-the-art healthcare facilities, widespread adoption of analytics platforms, and technological advancements. The region’s proactive approach towards addressing the rising burden of chronic diseases and the aging population has driven the need for analytics tools in healthcare organizations. By leveraging these tools, North America is at the forefront of revolutionizing healthcare delivery, enhancing patient outcomes, and shaping the future of healthcare analytics on a global scale.
The market holds immense potential for future growth and development. The increasing adoption of EHRs, advancements in big data analytics and AI, the focus on population health management, and the need for cost containment and operational efficiency are key drivers contributing to the market’s positive prospects.
Frequently Asked Questions/ Key Reasons to Purchase this Report
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Table of Content – Analysis of Key Points
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession on Major Economies
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Healthcare Analytics Market Segmentation, By Type
9. Healthcare Analytics Market Segmentation, By Component type
10. Healthcare Analytics Market Segmentation, By Delivery Mode Type
11. Healthcare Analytics Market Segmentation, By Application Type
12. Healthcare Analytics Market Segmentation, By End-use
13. Regional Analysis
14 Company Profiles
15 Competitive Landscape
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