Meticulous Research®– a leading global market research company published a research report titled, “Healthcare Analytics Market by Type (Predictive, Prescriptive), Component (Hardware, Software, and Services), Delivery Mode (Cloud), Application (Clinical, RCM, Claims, Fraud, Risk, PHM), End user (Payer, Provider) and Geography- Global Forecast to 2027”.
According to this latest publication from Meticulous Research®, the healthcare analytics market is expected to grow at a CAGR of 26% from 2020 to reach $84.2 billion by 2027. The substantial growth in the global healthcare analytics market is mainly attributed to the growing demand from population health management (PHM), need for redesigned EHRs with advanced analytics capabilities, growth in eHealth collaborative, growing investments by venture capitalists, increasing pressure to provide quality care and control healthcare costs, rising big data in healthcare, trend towards value-based care, improving HCIT infrastructure, and launch of COVID-19 specific analytics solutions. However, lack of data scientists/analytics skills, high price of analytics, data integration and security challenges may hinder the healthcare analytics market growth to some extent.
The global healthcare analytics market study presents historical market data in terms of value (2018, 2019), estimated current data (2020), and forecasts for 2027- by type (descriptive analytics, predictive analytics, and prescriptive analytics), component (services, software, and hardware), mode of delivery (on-premise, web-based, and cloud-based analytics models), application (financial analytics, clinical analytics, operational analytics & administrative analytics, and population health analytics), end-user (payer, provider, and accountable care organizations (ACOs)) and geography. The study also evaluates industry competitors and analyzes the market at a country level.
Based on type, the descriptive analytics segment is estimated to command the largest share of the overall healthcare analytics market in 2020. Descriptive analytics forms the base for the effective application of predictive or prescription analytics.
Based on component, the services segment is estimated to command the largest share of the overall healthcare analytics market in 2020. This is primarily attributed to growing demand for cloud-based analytics, recurring need for support services, and lack of IT skills in healthcare industry.
Based on mode of delivery, the on-premise analytics segment is estimated to command the largest share of the overall healthcare analytics market in 2020. This is mainly due to concerns related to patient data confidentiality and security on remotely managed servers.
Based on application, the financial analytics segment is estimated to command the largest share of the overall healthcare analytics market in 2020. This is mainly attributed to the growing adoption of analytics by the healthcare providers to reduce hospital re-admissions, curtail growing healthcare costs, and be eligible for value-based reimbursements.
Based on end-user, the payer analytics segment is estimated to command the largest share of the overall healthcare analytics market in 2020. This is mainly attributed to the stringent government norms and high focus on fraud prevention, launch of payer analytics specific solutions that optimize productivity and reduce costs, and growing traction for analytics among employer groups.
Geographically, North America commanded the largest share of the global healthcare analytics market in 2020 and is expected to maintain its dominance throughout the forecast period. This region is also expected to grow at the highest growth during the forecast period. The large share of this region is mainly attributed to the significant adoption of analytics in the U.S. post the implementation of Affordable Care Act (ACA) and impact of on-going COVID-19 pandemic, easy availability of analytics solutions in this region, prominent venture capital investments in the U.S., and significant government focus on population health management and value-based care.
Some of the key players operating in global healthcare analytics market are Allscripts Healthcare Solutions, Inc. (U.S.), Cerner Corporation (U.S.), Epic Systems Corporation (U.S.), Health Catalyst (U.S.), IBM Corporation (U.S.), Inovalon (U.S.), McKesson Corporation (U.S.), MedeAnalytics, Inc. (U.S.), Microsoft Corporation (U.S.), UnitedHealthcare Group (U.S.), Oracle Corporation (U.S.), SAP SE (Germany), SAS Institute Inc. (U.S.), SCIOInspire, Corp. (U.S.), Tableau Software, Inc. (U.S.), TIBCO Software, Inc. (U.S.), Verscend Technologies, Inc. (U.S.), and VitreosHealth (U.S.), among others.
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