Healthcare Analytics Market Outlook: Size, Share, Trends & Growth Analysis (2024-2029)
The market report presents a thorough analysis segmented by Type (Descriptive Analysis, Predictive Analysis, Prescriptive Analysis, Cognitive Analysis); by Application (Clinical Analytics, Financial Analytics, Operation & Administration Analytics, Population Health Analytics); by Component (Services, Hardware, Software); by End User (Payers, Providers, ACOs, HIEs, MCOs, and TPAs); by Geography (North America, South America, Asia Pacific, Europe, The Middle East, Africa).
Market Dimensions & Growth Potential
- The healthcare analytics market is estimated to be at USD 46,534.01 Mn in 2024 and is anticipated to reach USD 108,446.01 Mn in 2029.
- The healthcare analytics market is registering a CAGR of 18.44% during the forecast period of 2024-2029.
- The global healthcare analytics market is experiencing rapid growth, driven by the increasing adoption of data-driven decision-making in healthcare. This growth is fueled by the rising demand for predictive analytics, electronic health records (EHRs), and personalized medicine.
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Competitive Landscape & Market Positioning in 2023
- The participants in the global healthcare analytics industry are always developing their strategies to preserve a competitive advantage.
- These companies primarily use acquisitions, R&D, partnerships, and technological launches.
- Several important entities in the healthcare analytics market include McKesson Corp.; Verisk Analytics, Inc.; MedeAnalytics, Inc.; Merative L.P.; Veradigm LLC; and others.
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Report Objectives & Insights
| Attributes | Values |
| Historical Period | 2018-2022 |
| Base Year | 2023 |
| Forecast Period | 2024-2029 |
| Market Size (2024) | USD 46,534.01 Mn |
| Market Size (2029) | USD 108,446.01 Mn |
| Growth Rate | 18.44% CAGR from 2024 to 2029 |
| Key Segments | Type (Descriptive Analysis, Predictive Analysis, Prescriptive Analysis, Cognitive Analysis); Application (Clinical Analytics, Financial Analytics, Operation & Administration Analytics, Population Health Analytics); Component (Services, Hardware, Software); End User (Payers, Providers, ACOs, HIEs, MCOs, and TPAs); Geography (North America, South America, Asia Pacific, Europe, The Middle East, Africa) |
| Key Vendors | McKesson Corp.; Verisk Analytics, Inc.; MedeAnalytics, Inc.; Merative L.P.; Veradigm LLC |
| Key Countries | The US; Canada; Mexico; China; India; Japan; South Korea; The UK; Germany; Italy; France; Spain; Turkey |
| Largest Market | North America |
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Market Trends & Future Outlook
- Shift Towards Predictive Analytics: There is a growing trend toward using predictive and prescriptive analytics to forecast patient outcomes and recommend treatment options. In May 2023, the Mayo Clinic implemented a predictive analytics tool that helps in the early detection of sepsis, resulting in improved patient outcomes and reduced mortality rates.
- Integration of AI and ML: The integration of artificial intelligence (AI) and machine learning (ML) in healthcare analytics is revolutionizing patient care. For example, in June 2023, IBM Watson Health launched an AI-powered platform that assists oncologists in diagnosing cancer, providing insights from a vast database of medical literature and patient data.
- Expansion of Telemedicine: The expansion of telemedicine has accelerated the adoption of healthcare analytics. For instance, in July 2023, Teladoc Health integrated analytics into its telehealth platform, enabling better tracking of patient health metrics and improving the quality of virtual care.
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Key Market Influencers & Growth Drivers
- Growing Adoption of EHRs: The widespread adoption of electronic health records (EHRs) is a significant driver of the healthcare analytics market. The Health Information Technology for Economic and Clinical Health (HITECH) Act in the United States has incentivized the adoption of EHRs, resulting in a vast amount of digital patient data available for analysis.
- Emphasis on Personalized Medicine: There is a growing emphasis on personalized medicine, which tailors treatment plans based on individual patient data, including genetic information. Companies like Tempus and 23andMe are leveraging analytics to provide personalized healthcare solutions, which have been shown to improve patient outcomes and treatment efficacy.
- Government Initiatives: Government initiatives and regulations are encouraging the use of data analytics in healthcare. The European Union’s General Data Protection Regulation (GDPR) has set standards for data privacy and security, driving investments in secure analytics solutions.
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Market Obstacles & Growth Barriers
- Data Privacy and Security: One of the major challenges in the healthcare analytics market is ensuring the privacy and security of patient data. The healthcare sector is a prime target for cyberattacks, with notable breaches such as the 2023 attack on the Health Service Executive (HSE) in Ireland, which compromised sensitive patient data.
- High Implementation Costs: The initial cost of implementing healthcare analytics solutions can be prohibitively high, particularly for small and mid-sized healthcare providers. These costs include not only the software and hardware but also training staff and integrating systems with existing EHRs and other medical technologies.
- Lack of Skilled Workforce: There is a shortage of skilled professionals who can effectively manage and interpret healthcare data analytics. The complexity of healthcare data requires expertise in both healthcare and data science, creating a demand for specialized roles that many organizations struggle to fill.
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Map Highlighting Key Region in 2023
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Table of Contents
| 1. Introduction |
|---|
| 1.1. Research Methodology |
| 1.2. Scope of the Study |
| 2. Market Overview / Executive Summary |
| 2.1. Global Healthcare Analytics Market (2018 – 2022) |
| 2.2. Global Healthcare Analytics Market (2023 – 2029) |
| 3. Market Segmentation |
| 3.1. Global Healthcare Analytics Market by Type |
| 3.1.1. Descriptive Analysis |
| 3.1.2. Predictive Analysis |
| 3.1.3. Prescriptive Analysis |
| 3.1.4. Cognitive Analysis |
| 3.2. Global Healthcare Analytics Market by Application |
| 3.2.1. Clinical Analytics |
| 3.2.2. Financial Analytics |
| 3.2.3. Operation & Administration Analytics |
| 3.2.4. Population Health Analytics |
| 3.3. Global Healthcare Analytics Market by Component |
| 3.3.1. Services |
| 3.3.2. Hardware |
| 3.3.3. Software |
| 3.4. Global Healthcare Analytics Market by End User |
| 3.4.1. Payers |
| 3.4.2. Providers |
| 3.4.3. ACOs, HIEs, MCOs, and TPAs |
| 4. Regional Segmentation |
| 4.1. North America |
| 4.1.1. The US |
| 4.1.2. Canada |
| 4.1.3. Mexico |
| 4.2. South America |
| 4.2.1. Brazil |
| 4.2.2. Argentina |
| 4.2.3. Colombia |
| 4.2.4. Chile |
| 4.2.5. Rest of South America |
| 4.3. Asia Pacific |
| 4.3.1. China |
| 4.3.2. India |
| 4.3.3. Japan |
| 4.3.4. South Korea |
| 4.3.5. Rest of Asia Pacific |
| 4.4. Europe |
| 4.4.1. The UK |
| 4.4.2. Germany |
| 4.4.3. Italy |
| 4.4.4. France |
| 4.4.5. Spain |
| 4.4.6. Rest of Europe |
| 4.5. The Middle East |
| 4.5.1. Turkey |
| 4.5.2. UAE |
| 4.5.3. Saudi Arabia |
| 4.5.4. Rest of the Middle East |
| 4.6. Africa |
| 4.6.1. Egypt |
| 4.6.2. South Africa |
| 4.6.3. Rest of Africa |
| 5. Value Chain Analysis of the Global Healthcare Analytics Market |
| 6. Porter Five Forces Analysis |
| 6.1. Threats of New Entrants |
| 6.2. Threats of Substitutes |
| 6.3. Bargaining Power of Buyers |
| 6.4. Bargaining Power of Suppliers |
| 6.5. Competition in the Industry |
| 7. Trends, Drivers and Challenges Analysis |
| 7.1. Market Trends |
| 7.1.1. Market Trend 1 |
| 7.1.2. Market Trend 2 |
| 7.1.3. Market Trend 3 |
| 7.2. Market Drivers |
| 7.2.1. Market Driver 1 |
| 7.2.2. Market Driver 2 |
| 7.2.3. Market Driver 3 |
| 7.3. Market Challenges |
| 7.3.1. Market Challenge 1 |
| 7.3.2. Market Challenge 2 |
| 7.3.3. Market Challenge 3 |
| 8. Opportunities Analysis |
| 8.1. Market Opportunity 1 |
| 8.2. Market Opportunity 2 |
| 8.3. Market Opportunity 3 |
| 9. Competitive Landscape |
| 9.1. McKesson Corp. |
| 9.2. Verisk Analytics, Inc. |
| 9.3. MedeAnalytics, Inc. |
| 9.4. Merative L.P. |
| 9.5. Veradigm LLC |
| 9.6. Company 6 |
| 9.7. Company 7 |
| 9.8. Company 8 |
| 9.9. Company 9 |
| 9.10. Company 10 |
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Healthcare Analytics Market – FAQs
What is the current size of the healthcare analytics market?
In 2024, the healthcare analytics market size is $46,534.01 Mn.
Who are the major vendors in the healthcare analytics market?
The major vendors in the healthcare analytics market are McKesson Corp.; Verisk Analytics, Inc.; MedeAnalytics, Inc.; Merative L.P.; Veradigm LLC.
Which segments are covered under the healthcare analytics market segments analysis?
The healthcare analytics market report offers in-depth insights into Type, Application, Component, End User, and Geography.