Market Overview:
The global Healthcare Analytics Market size was valued at USD 31.56 billion in 2022, and is projected to reach USD 87.57 billion by 2032 at a CAGR of 28.5% from 2022 to 2032. Definition: The healthcare analytics market refers to the use of data analysis tools and techniques to improve healthcare outcomes, reduce costs, and optimize operations. This includes the analysis of electronic health records (EHRs), medical claims data, clinical data, and other healthcare data sources to identify patterns, trends, and insights that can inform decision-making. The healthcare analytics market size is expected to grow rapidly in the coming years, driven by several key trends and opportunities, including:
· Increasing demand for healthcare data analytics: With the growing complexity of healthcare systems and the increasing volume of healthcare data, healthcare organizations are increasingly turning to data analytics to improve efficiency, reduce costs, and improve patient outcomes.
· Advancements in technology: Advances in technology, including artificial intelligence, machine learning, and natural language processing, are enabling more sophisticated and accurate healthcare analytics.
· Growing adoption of electronic health records: The widespread adoption of electronic health records (EHRs) is providing a wealth of data that can be leveraged for analytics, enabling healthcare providers to better understand patient needs and preferences.
· Increasing focus on population health management: The shift towards value-based care and population health management is driving demand for healthcare analytics, as healthcare providers seek to better understand patient populations and identify areas for improvement.
· Rising healthcare costs: The increasing cost of healthcare is driving demand for analytics solutions that can help healthcare providers identify cost savings opportunities and reduce waste.
Overall, the healthcare analytics market share is expected to continue growing in the coming years, as healthcare providers seek to leverage data analytics to improve patient outcomes, reduce costs, and optimize operations.
Growing demand for data-driven insights to improve patient outcomes is propelling Healthcare Analytics Market growth.
With the rising complexity of healthcare systems and the growing volume of healthcare data, healthcare organizations are increasingly turning to data analytics to gain insights that can inform decision-making and improve outcomes. Analytics tools and techniques can help healthcare providers identify patterns and trends in patient data, such as identifying patients at risk for certain conditions or identifying potential areas for improvement in clinical workflows. By leveraging data analytics, healthcare providers can make more informed decisions, which can lead to better patient outcomes and improved efficiency. In addition, the shift towards value-based care and population health management is driving demand for healthcare analytics solutions. By analyzing patient populations, healthcare providers can identify areas for improvement and implement targeted interventions that can improve outcomes while reducing costs. Overall, the demand for data-driven insights and the shift towards value-based care are driving the growth of the healthcare analytics market share. As healthcare organizations increasingly seek to leverage data analytics to improve outcomes and reduce costs, Healthcare Analytics Market is expected to continue growing in the coming years.
Segmentation:
· Based on the component, the healthcare analytics market can be segmented into software, hardware, and services.
· Based on deployment mode, Healthcare Analytics Market can be segmented into on-premise, web-based, and cloud-based.
· Based on application, the healthcare analytics market can be segmented into clinical analytics, financial analytics, operational analytics, and others.
· Based on end-user, Healthcare Analytics Market can be segmented into healthcare providers, healthcare payers, and others.
Geography:
North America dominates the healthcare analytics market due to the presence of a large number of healthcare providers and the high adoption of healthcare analytics solutions in the region. The US is the major contributor to the healthcare analytics market growth in North America, followed by Canada. However, the Asia-Pacific region is expected to witness the highest growth rate during the forecast period due to the increasing adoption of healthcare analytics solutions in developing countries such as India and China. Other regions such as Europe, Latin America, and Middle East & Africa also contribute significantly to the growth of the healthcare analytics market.
Impact of COVID-19 on the global Healthcare Analytics Market:
The COVID-19 pandemic has had a significant impact on the healthcare industry, including the healthcare analytics market. The pandemic has highlighted the importance of healthcare analytics in managing the crisis, predicting future outbreaks, and improving patient outcomes. The demand for healthcare analytics solutions has increased during the pandemic as healthcare providers are using these solutions to track the spread of the virus, identify high-risk patients, and manage hospital resources. The use of predictive analytics has also increased during the pandemic to forecast the number of cases and hospitalizations, which has helped healthcare providers to prepare for and respond to the crisis. However, the pandemic has also led to disruptions in the supply chain and decreased investments in the healthcare industry, which has impacted the healthcare analytics market. Healthcare Analytics Market growth rate has slowed down due to the postponement of non-essential healthcare services, delays in new product launches, and budget constraints faced by healthcare providers. Despite these challenges, the healthcare analytics market is expected to recover and grow in the coming years, driven by the increasing adoption of healthcare analytics solutions and the growing demand for data-driven insights to improve patient outcomes.
Impact of the Russia-Ukraine War on the global Healthcare Analytics Market:
The ongoing conflict between Russia and Ukraine has had a limited impact on the healthcare analytics market. However, the war has had some indirect effects on Healthcare Analytics Market due to the economic and political instability in the region. The war has resulted in the imposition of economic sanctions on Russia by Western countries, which has led to a decrease in foreign investments in the region. The economic sanctions have also affected the supply chain of healthcare analytics solutions, leading to disruptions in Healthcare Analytics Market.
Moreover, the conflict has led to an increase in the demand for healthcare services in the region, particularly in Ukraine, which has resulted in a greater need for healthcare analytics solutions to manage and optimize resources. However, the budget constraints faced by the healthcare sector due to the economic downturn have limited the adoption of healthcare analytics solutions in the region. Overall, while the impact of the Russia-Ukraine conflict on the healthcare analytics market is limited, the economic and political instability in the region has had some indirect effects on Healthcare Analytics Market.
Company Profiles:
· IBM Corporation
· Optum, Inc.
· Cerner Corporation
· Allscripts Healthcare Solutions, Inc.
· McKesson Corporation
· Oracle Corporation
· SAS Institute Inc.
· Philips Healthcare
· Health Catalyst
· MedeAnalytics, Inc.
· Inovalon Holdings, Inc.
· Cotiviti Holdings, Inc.
· Change Healthcare Inc.
· CitiusTech Inc.
· Leidos Holdings, Inc.
Key Points:We Market Research senior executive is assigned to each consulting engagement and works closely with the project team to deliver as per the clients expectations.
Market Research Process
We Market Research monitors 3 important attributes during the QA process- Cost, Schedule & Quality. We believe them as a critical benchmark in achieving a project’s success.
One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached Straits Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).
The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research
The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.
In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.
Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.
Business Solution
An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.
Conclusion
The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2028.
Only Three Thousand Nine Hundred Fifty US dollar
Only Four Thousand Nine Hundred Fifty US dollar
Only Five Thousand Nine Hundred Fifty US dollar