Global Healthcare Analytics Market Report to 2027 - Featuring IBM, Oracle and Verisk Analytics Among Others - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Global Healthcare Analytics Market Size, Share & Industry Trends Analysis Report By Component, By Type, By End-user, By Deployment Model, By Application, By Regional Outlook and Forecast, 2021-2027" report has been added to ResearchAndMarkets.com's offering.

The Global Healthcare Analytics Market size is expected to reach $93.3 billion by 2027, rising at a market growth of 28.8% CAGR during the forecast period.

Healthcare analytics is the effective utilization of statistical, predictive, quantitative, comparative, cognitive, and other new applied analytical models to data and related business insights. In addition, healthcare analytics technologies can assist extract and comprehending historical data patterns, forecast future results, and deliver actionable insights to help healthcare companies make better clinical, financial, and operational decisions. Additionally, analytics aids healthcare organizations in lowering costs and improving the quality of care.

In recent years, there has been an increasing use of analytical solutions in the sector, such as the creation of databases and historical patterns using descriptive analysis, and the estimation of future market dynamics and outcomes utilizing predictive and prescriptive analysis. Moreover, social media and the internet are having a huge impact on healthcare business in terms of raising awareness and gathering data for patient engagement tactics. The market for healthcare analytics is being driven by the increased demand to improve patient outcomes while lowering costs through the use of data analytics.

The development of advanced analytical solutions tailored to the specific needs of healthcare organizations and facilities providing financial, operational, clinical, and administrative services is boosting the industry's growth. In addition, one of the key trends of the industry is the boom in the use of data mining techniques and big data analytics to study high-risk groups and design solutions. Predictive analytics solutions are being used by government agencies and financial institutions for a variety of purposes, including risk assessment and reducing payment fraud.

The demand for personalized medicine that caters to various human genome combinations is increasing, and the use of data-rich tools to improve patient care, such as eHealth records, mHealth, and Electronic Medical Records (EMRs). In addition, health data mining is using artificial intelligence solutions wrapped in data analytics solutions to enable tailored treatment plans, which is projected to create demand for analytical solutions.

Market Growth Factors:

EHR usage is increasing in both developing and developed countries

The government's support for technological advancements in the healthcare sector is strengthening the market for healthcare analytics. In addition, large sums of money are being invested in digital healthcare enterprises to develop a variety of products and solutions, including mhealth apps, IoT-based healthcare systems, electronic health records, and big data analytics. Because of the guaranteed ROI and significant benefits of this technology, both the government and venture capitalist firms are investing heavily in the healthcare industry. The use of electronic health records in many countries is still in its early stages. In addition, stakeholders and the government have taken numerous measures to encourage the adoption of EHR in India in order to make it a national standard.

Value-based treatments are becoming more popular

Value-based medicine, according to the American Journal of Managed Care, is the practice of medicine based on the objective value (increase in length of life and/or quality of life) imparted by healthcare interventions as measured by a set of defined metrics (commonly used to evaluate value and cost-effectiveness). Upcoming healthcare trends will be more quality-oriented, with an emphasis on improving service quality and developing creative methods to value-based medicine and care management. In addition, most hospitals are gradually understanding the inefficiencies of traditional patient care, quality assurance, and cost management systems. As a result, hospitals' investment increases for logistical management, HIE, and sickness prediction analyses is expected to include healthcare BI solutions as a top priority.

Marketing Restraining Factor:

Need for massive initial investment for analytical solutions

Despite the acknowledged benefits of analytics in healthcare organizations, due to the high massive installation and subscription/licensing fees of advanced analytics solutions, adoption is low among price-sensitive end-users. This is because only top-tier hospitals have the capability and resources to properly use big data to give actionable insights. Further, there is still a huge scarcity of qualified professionals who can properly manage these solutions, which might pose a challenge for the industry players. In addition, the implementation of advanced on-premise healthcare analytics solutions can be a significant amount, along with extra yearly subscription/licensing fees.

Scope of the Study

Market Segments Covered in the Report:

By Component

• Services
• Software
• Hardware

By Type

• Descriptive Analytics
• Predictive Analytics
• Prescriptive Analytics
• Cognitive Analytics

By End-user

• Life science Companies
• Healthcare Payers
• Healthcare Providers

By Deployment Model

• On-premise
• On-demand

By Application

• Financial Analytics
• Clinical Analytics
• Operation & Administrative Analytics
• Population Health

By Geography

• North America
• Europe
• Asia Pacific
• LAMEA

Companies Profiled

• IBM Corporation
• Oracle Corporation
• Verisk Analytics, Inc.
• IQVIA Holdings, Inc.
• AllScripts Healthcare Solutions, Inc.
• McKesson Corporation
• UnitedHealth Group, Inc. (Optum, Inc.)
• Health Catalyst, Inc.
• Cerner Corporation
• SAS Institute, Inc.

For more information about this report visit https://www.researchandmarkets.com/r/9v0g7x