According to a recent analytical analysis by Future Market Insights, the global healthcare analytics market is anticipated to reach US$29.1 billion in revenue by 2022. Between 2022 and 2032, the industry is anticipated to have significant growth with a projected growth rate of 29.2%.
Between 2022 and 2032, the software sector is anticipated to experience the most revenue increase, with a CAGR of about 33%. Thanks to the use of user-based analytics, which may foresee market trends via analysis of prescriptive and predictive solutions, the sector is expected to experience substantial revenue growth in the future.
In an effort to improve patient engagement in their care and gather data, social media platforms, and the internet are fast altering the healthcare industry.
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The industry that offers products and services for analyzing and interpreting healthcare data in order to enhance patient satisfaction, lower costs, and improve clinical results is known as the “Healthcare Analytics Market.” The process of gathering, arranging, and analyzing healthcare data in order to gain knowledge about patient care and operational effectiveness is known as healthcare analytics.
The demand for data-driven healthcare decision-making is rising, and the amount of healthcare data generated by electronic health records (EHRs), medical devices, and other sources is increasing. Healthcare providers can cut costs, enhance operational efficiency, and pinpoint patient care improvement opportunities with the use of analytics technologies.
Competitive Analysis
Players in the market are constantly developing improved analytical solutions as well as extending their product offerings. To help healthcare organizations implement data analysis solutions, combat the Covid-19 pandemic, and preserve competitive advantage in the market, the companies are focused on their alliances, technology collaborations, and product launch strategies.
Some of the recent developments of key Healthcare Analytics providers are as follows:
- In April 2021, Cerner announced the acquisition of Kantar Health. With this acquisition, Cerner plans to bind data to improve the safety and efficacy of clinical research in life sciences, pharmaceuticals, and healthcare. This acquisition is also expected to add to its service offering.
- In January 2021, Optum and Change Healthcare a healthcare technology provider announced their collaboration. Under this partnership, Change Healthcare would join Optum Insight in delivering software and data analytics, technology-based services, research, and revenue cycle management offerings to strengthen Optum’s healthcare analytics portfolio.
- The Healthcare Analytics Market is expected to continue to grow in the coming years, driven by the increasing adoption of EHRs and other digital health technologies, the growing demand for personalized medicine, and the need for greater efficiency in healthcare delivery.
- However, the market faces challenges such as the need for interoperability among different healthcare data systems and the need for skilled data analysts and data scientists to effectively interpret and analyze healthcare data. To address these challenges, companies are investing in advanced analytics and artificial intelligence technologies to improve data processing and interpretation, and collaborating with industry partners to promote data interoperability standards.
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Market Segments Covered in Healthcare Analytics Market Analysis
By Component:
- Software
- Services
- Hardware
By Delivery Mode:
- Web Hosted
- Cloud-Based
- On-Premise
By Type:
- Descriptive Analysis
- Predictive Analysis
- Prescriptive Analysis
By Application:
- Clinical
- Financial
- Operational & Administrative
By Region:
- North America
- Latin America
- Europe
- Asia-Pacific (APAC)
- Middle East and Africa (MEA)
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About Future Market Insights, Inc.
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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