Global Healthcare Analytics Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2028

The Global Healthcare Analytics Market Report has been segmented on the basis of component, type, delivery, application, and region.

Healthcare Analytics Market: Overview

Healthcare Analytics Market was valued at $24 million in 2020 & is projected to reach $34 million by 2030. It is expected to grow at a 5% CAGR between 2021 and 2030.

Healthcare analytics is a branch of analysis that is focused on insights into services such as hospital management, treatment costs, patient records, diagnostics, etc.

The Healthcare Analytics Market report provides a robust overview of healthcare facility centers such as hospitals, clinics, and ambulatory surgical centers. Healthcare analytics is provided on two levels namely micro and macro.

Healthcare analytics collects data regarding pharmaceuticals, drugs, claims and cost data, patient behavior, research, and development in order to provide accurate information to the end-user.

Healthcare analytics provides data regarding workflow improvement and patient care, predictive modulations, and future patient interactions. It contains data discovery tools, direction or step-by-step process, access to the testing environment, and an enterprise data warehouse.

Healthcare Analytics Market: Dynamics

Increasing government initiatives to encourage the adoption of electronic health records in order to provide proper healthcare facilities and management is a major factor driving the growth of the global healthcare analytics market.

These initiatives also help to maintain patient records available and accessible whenever needed. In addition, it also helps to improve care coordination and provides better healthcare are also factors fueling the growth of the global market.

Increasing investment in the healthcare sector for providing healthcare services at affordable cost, coupled with growing digitalization in various countries is also expected to propel the growth of the target market over the forecast period.

Furthermore, growing applications of big data in healthcare analytics for data regarding population and prevention of epidemics or diseases are some of the factors, anticipated to boost the growth of the global healthcare analytics market in the near future.

However, the high cost associated with healthcare analytics systems is a factor that may hamper the growth of the global healthcare analytics market during the forecast period.

In addition, concerns regarding data security are another factor that could affect the growth of the global market.  Nevertheless, increasing demand for cloud-based healthcare analytics can create high revenue opportunities for players in the target market.

Healthcare Analytics Market: Segment Analysis

As per delivery, the on-demand segment is expected to account for a significant growth rate in terms of revenue in the near future owing to an increasing preference for affordable and easy-to-use on-demand healthcare analytics.

As per application, the clinical segment is expected to account for high growth in terms of revenue over the forecast period.

Increasing focus on registration of all the patients in order to track the data of each visit is anticipated to bolster the growth of the segment in the healthcare analytics market.

Healthcare Analytics Market: Regional Analysis

The market in North America is expected to account for a major share in terms of revenue over the forecast period.

Increasing adoption of data analytics in clinics and hospitals is a key factor driving growth in the target market in North America. Market in Europe is expected to account for the second-highest share in terms of revenue in the near future, followed by the Asia Pacific.

Global Healthcare Analytics Market Segmentation:

Segmentation by Component:

• Software
• Service

Segmentation by Type:

• Prescriptive
• Predictive
• Cognitive

Segmentation by Delivery:

• Cloud
• On-demand

Segmentation by Application:

• Supply Chain
• Clinical
• Waste
• Fraud
• PHM
• RCM

Segmentation by Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa