According to a recently published analysis report by Future Market Insights, the global market for healthcare analytics had sales of US$29.1 billion in 2021. The anticipated market growth from 2022 to 2032 is anticipated to be significantly higher than the growth in the past, at 29.2%.
The highest revenue-generating sector is anticipated to be software, which is anticipated to grow at a CAGR of over 33% between 2022 and 2032. The application of user-based analytics, with the ability to forecast market trends using analysis of prescriptive and predictive solutions, foretells rapid revenue growth in today’s industry.
Social media platforms and the internet are rapidly changing the healthcare sector in an effort to increase patient engagement in their care and collect data.
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The Healthcare Analytics Market refers to the industry that provides solutions and services for analyzing and interpreting healthcare data to improve clinical outcomes, reduce costs, and enhance patient satisfaction. Healthcare analytics is the process of collecting, organizing, and analyzing healthcare data to gain insights into patient care and operational performance.
The Healthcare Analytics Market is driven by the increasing demand for data-driven decision-making in healthcare and the growing volume of healthcare data generated from electronic health records (EHRs), medical devices, and other sources. Healthcare analytics solutions can help providers to identify areas for improvement in patient care, optimize operational performance, and reduce costs.
Competitive Analysis
Players in the market are constantly developing improved analytical solutions as well as extending their product offerings. To help healthcare organizations implement data analysis solutions, combat the Covid-19 pandemic, and preserve competitive advantage in the market, the companies are focused on their alliances, technology collaborations, and product launch strategies.
Some of the recent developments of key Healthcare Analytics providers are as follows:
- In April 2021, Cerner announced the acquisition of Kantar Health. With this acquisition, Cerner plans to bind data to improve the safety and efficacy of clinical research in life sciences, pharmaceuticals, and healthcare. This acquisition is also expected to add to its service offering.
- In January 2021, Optum and Change Healthcare a healthcare technology provider announced their collaboration. Under this partnership, Change Healthcare would join Optum Insight in delivering software and data analytics, technology-based services, research, and revenue cycle management offerings to strengthen Optum’s healthcare analytics portfolio.
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The Healthcare Analytics Market is expected to continue to grow in the coming years, driven by the increasing adoption of EHRs and other digital health technologies, the growing demand for personalized medicine, and the need for greater efficiency in healthcare delivery.
However, the market faces challenges such as the need for interoperability among different healthcare data systems and the need for skilled data analysts and data scientists to effectively interpret and analyze healthcare data. To address these challenges, companies are investing in advanced analytics and artificial intelligence technologies to improve data processing and interpretation, and collaborating with industry partners to promote data interoperability standards.
Market Segments Covered in Healthcare Analytics Market Analysis
By Component:
- Software
- Services
- Hardware
By Delivery Mode:
- Web Hosted
- Cloud-Based
- On-Premise
By Type:
- Descriptive Analysis
- Predictive Analysis
- Prescriptive Analysis
By Application:
- Clinical
- Financial
- Operational & Administrative
By Region:
- North America
- Latin America
- Europe
- Asia-Pacific (APAC)
- Middle East and Africa (MEA)
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Table of Content
1. Executive Summary | Healthcare Analytics Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Investment Feasibility Matrix
About Future Market Insights, Inc.
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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