Global Healthcare Analytics Market By Type (Descriptive, Predictive, and Cognitive), By Application (Financial, RCM, Fraud, Clinical, and Operational), Component (Services, Software), By Deployment (On-Premise, Cloud), By End User (Hospitals, Payer), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032

Report Overview

Global Healthcare Analytics Market accounted for USD 36.4 Billion in 2023 and is expected to grow to around USD 249.3 Billion in 2032. Between 2023 and 2032, this market is estimated to register the highest CAGR of 24.6%.

The global healthcare market, on an overall basis, has been facing the problems like lack of patient care, high costs of treatment, low patient retention, and less patient engagement. Thus, standard healthcare analytics are unsatisfied in each aspect of the market to provide better patient care and a good opportunity. These factors propel the growth of the global healthcare analytics market.

Key Takeaways

• Market Size: Healthcare Analytics Market accounted for USD 36.4 Billion in 2023 and is expected to grow to around USD 249.3 Billion in 2032. Between 2023 and 2032.
• Market Growth: The market growth is estimated to register the highest CAGR of 24.6%.
• Type Analysis: Descriptive analytics held the highest market share in the type segment in 2022.
• Application Analysis: Financial analytics is the fastest-growing segment in application analysis between 2023 and 2032.
• Component Analysis: The services segment in component analysis is anticipated to grow the fastest during the forecast period 2023-2032.
• Deployment Analysis: The on-premises deployment mode held the major market share in 2022.
• End-User Analysis: The hospital segment is predicted to record the fastest growth rate in the end-user segment.
• Regional Analysis: North America dominated the global healthcare analytics market with a 40% revenue share.
• The Asia-Pacific region is anticipated to grow at the maximum CAGR during the forecast period 2023-2032.

By Type Analysis

The descriptive analytics Segment Accounted for the Highest Market Share.

The global healthcare analytics market is segmented based on a type, such as descriptive, predictive, and cognitive. In 2022, the descriptive analytics segment accounted for the highest share. Descriptive analytics has been extensively used throughout the Covid 19 pandemic to study historical data and past patient studies to analyze the extent of the virus. These are the key factors increasing the growth in this segment. Descriptive analytics has been verified to be a respected tool for understanding what happened by opening historical information into illegal perceptions.

Hospitals are also using it to observe the presentation of claims by identifying errors in the rights. Therefore, the Descriptive analysis is used to increase market growth potential. The second segment, predictive analysis, is expected to grow fast. Due to this, it’s used to form data sets using descriptive analytics by studying data for illegal future perceptions. A high number of companies are accepting analytics for better market growth. Therefore, it has become a need to have this technology to calculate future market trends.

By Application Analysis

The Segment of financial analytics is Expected to Grow the Fastest During the Forecast Period 2023-2032

The global healthcare analytics market is segmented by application analysis into financial, RCM, fraud, clinical, and operational. The segment of financial analytics is expected to grow the fastest during the forecast period 2023-2032. Global healthcare institutes and various organizations are actively searching to control the cost of treatment by supplying patients with better care, which is the main reason for the growth of the financial analytics segment. However, the financial characteristic of management still held the largest revenue share, so the companies achieved better by decreasing costs and avoiding fraud.

Healthcare institutions obtain costs through insurance reimbursement, which can also be fake. To reduce such risks and rates, healthcare organizations arrange analytical tools for projecting and descriptive analysis to send good care to patients, reduce overall operations costs, and reduce claims fraud. Therefore, the need to achieve financially healthy has been a key growth factor for accepting this application type.

By Component Analysis

The services segment is expected to increase during the forecast.

The global healthcare analytics market is segmented per components such as services and software. The segment services are expected to grow the fastest during the forecast period 2023-2032.  The rise in the number of patients count on the health market, rise in disease prevalence, and other related conditions resulted in a huge extent of clinical data prepared, the formidable force on the market to give good care, expected results, and cost-convenient treatments to patients is further drive this market growth.

In addition, the need for acceptance of analytical techniques and tools for better patient analysis and delivering standard treatments are significant factors for the growth of the service segment.

By Deployment Analysis

The on-premises deployment mode segment held the major market share in 2022.

Various institutions are recently adapting software and tools to maintain data at their sites due to accessible entrance and safety, resulting in this deployment type’s large market revenue share. Recent systems in tiny organizations are real, but scaling up can be problematic and clumsy to handle data if the organization is handling a vast dataset, which means a significant cost investment in packing and security of data.

On the other hand, the cloud-based is expected to register a fast growth rate due to the convenience of storage, less investment, flexibility, and more efficiency, which helps the growth of the cloud deployment mode. Cloud-based storage can also be on-premises, but the output problem comes even when open cloud storage solutions are a significant factor for growth.

By End-User Analysis

The hospital segment dominates the global healthcare analytics market.

The hospital segment is anticipated to record the fastest growth rate due to the Covid 19 pandemic and the problem of delivering cost-reliable care. Good patient management has significantly been handled in hospitals and by healthcare professionals, which directly propels the hospital segment.

The urge to achieve patient records, carry disease surveillance, and supply cost-effective care to patients have been significant factors for the large acceptance of healthcare analytics and is predicted to propel the growth of the global healthcare analytics market.

Key Market Segments

By Type

• Descriptive
• Predictive
• Cognitive

By Application

• Financial
• RCM
• Fraud
• Clinical
• Operational

 By Component

• Services
• Software

By Deployment

• On-Premise
• Cloud

By End User

• Hospitals
• Payer

Drivers

Increase in acceptance of extensive data in various healthcare organizations.

The rise in acceptance of extensive data in global healthcare organizations for emerging various risks related to many chronic diseases increases the growth of the global healthcare analytics market. Additionally, the rising adoption of telehealth medicine formulations and various companies to lower operational costs and increase service standards drives the market’s growth.

Additionally, extensive data helps maintain patients’ critical data that can help develop the clinical outputs of specific organizations. It lowers the labor price and increases the overall productivity of the entire organization, propelling the growth of the global healthcare analytics market. Rising investment in management tools, various electronic health records, and standard practice solutions by the number of healthcare solutions increases the growth of the global healthcare analytics market.

Rising government involvement in growing the acceptance of electronic health records (EHRs) within global healthcare organizations

Rising acceptance of EHRs within different organizations for raising the standard of different documentation and to analyze and add preventive measurements in the specific healthcare organizations propel the market’s growth. Additionally, the governments of different developing nations are demanding EHRs for different healthcare organizations to maintain the standard quality of patient treatment, increasing the revenue of the global healthcare analytics market.

According to the report provided in 2020 by AHA’s Information Technology, around 82% of global healthcare organizations mainly use electronic health records to identify patients’ health risks and to give patients the required treatment. Additionally, EHRs help the patient analyze their healthcare expenditure and gain profound knowledge about various diseases, increasing the demand for EHRs among the patient. The rising number of such developments globally is propelling the growth of the global healthcare analytics market.

Restraints

Increases the price of analytics solutions

Global Healthcare analytics solutions are costly, and the huge rate of application and conservation can be an essential block for numerous organizations. Furthermore, the deficiency of technical capability in healthcare administrations can make buying and organizing given solutions difficult, as they need particular skills and information to be used right. This can maximize the acceptance of analytics solutions and limit the development of the global healthcare analytics market.

Opportunity

Use of analytics in accurate and individualized medicines

Using analytics in accurate and individualized medicines creates an enormous market chance for the global healthcare analytics market. Exact medicine is a developing field that centers on the specific patient, considering their features such as genetics, regime, atmosphere, and past. Precision medicine can modify treatments for specific patients and deliver them more active and harmless treatments. These principles to upgraded outcomes for patients and rate savings for healthcare suppliers.

Global healthcare analytics is used to know the specific patient’s records to advise precision medicine. They leveraged enormous data from medical accounts, EMRs, and other causes. Healthcare analytics can offer understanding into patient populaces, identify arrangements and drifts, and help update results. This offers more actual and safer patient management and can lessen healthcare suppliers’ costs. With the increasing demand for correct and personal medicine, the global healthcare analytics market chance for healthcare analytics is expected to rise.

Regional Analysis

North America Dominates the Global Healthcare Analytics Market During the Forecast Period

North America dominates the global healthcare analytics market with 40% of the revenue share during the forecast period. The largest share held by the North American region in the global market is anticipated to the rising incidence of complex ailments and its advanced healthcare infrastructure.

However, the Asia-Pacific region market is also anticipated to grow at the maximum CAGR during the forecast period (2023-2032). The overall growth in Asia Pacific is due to the high rate of chronic diseases and substantial healthcare costs.

Key Regions

• North America
  • The US
  • Canada
  • Mexico
• Western Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Portugal
  • Ireland
  • Austria
  • Switzerland
  • Benelux
  • Nordic
  • Rest of Western Europe
• Eastern Europe
  • Russia
  • Poland
  • The Czech Republic
  • Greece
  • Rest of Eastern Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Australia & New Zealand
  • Indonesia
  • Malaysia
  • Philippines
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC
• Latin America
  • Brazil
  • Colombia
  • Chile
  • Argentina
  • Costa Rica
  • Rest of Latin America
• Middle East & Africa
  • Algeria
  • Egypt
  • Israel
  • Kuwait
  • Nigeria
  • Saudi Arabia
  • South Africa
  • Turkey
  • United Arab Emirates
  • Rest of MEA

Key Players Analysis

Key players in the market are consistently gaining novel innovations to a better knowledge of data collected from patient information, understand diseases and various conditions, and provide quality care solutions to healthcare suppliers and various organizations.

In addition, extensive data analytics and artificial intelligence have also made innovative platforms for good understanding and calculating recent market data. Listed below are some of the most projected global healthcare analytics market key players.

Market Key Players

• McKesson Corporation
• IQVIA
• IBM
• Optum, Inc.
• Cerner Corporation
• Oracle
• Truven Health Analytics, Inc.
• SAS Institute, Inc
• Verisk Analytics, Inc.
• Elsevie
• Medeanalytics, Inc.
• Allscripts Healthcare Solutions, Inc.
• Other key players

Recent Developments

• McKesson Corporation (June 2024): McKesson Corporation acquired Rx Savings Solutions, a provider of prescription price transparency solutions. This acquisition aims to enhance McKesson’s existing pharmacy solutions portfolio, enabling better cost-saving options for patients and improving medication adherence through data-driven insights.
• IQVIA (July 2024): IQVIA launched its new IQVIA Healthcare-grade AI, an advanced analytics platform designed to provide healthcare organizations with actionable insights. The platform integrates real-world data and machine learning algorithms to enhance decision-making in clinical development and patient care.
• IBM (May 2024): IBM introduced the Watson Health Data Aggregator, a new product designed to unify healthcare data from multiple sources. This product aims to improve data interoperability and analytics capabilities, supporting healthcare providers in delivering personalized patient care and optimizing operational efficiencies.
• Optum, Inc. (April 2024): Optum, Inc. merged with Change Healthcare, combining their capabilities to create a comprehensive healthcare data analytics and technology company. This merger is expected to drive innovation in healthcare delivery, improve patient outcomes, and reduce costs through enhanced data analytics and technology integration.
• Cerner Corporation (March 2024): Cerner Corporation announced the launch of its Cerner Predictive Analytics Suite. This new product leverages artificial intelligence and machine learning to provide predictive insights for healthcare providers, helping them to anticipate patient needs, improve care delivery, and optimize resource allocation.
• Oracle (February 2024): Oracle completed the acquisition of Health Management Systems, Inc. (HMS), a leader in healthcare data and analytics solutions. This acquisition enhances Oracle’s cloud-based healthcare analytics offerings, enabling healthcare organizations to harness big data for better decision-making and improved patient care.

Report Scope