Healthcare Analytics Market Size to Grow by USD 66.54 billion from 2024 to 2028, Market growth at 24.79% CAGR expected during the forecast period, Technavio

NEW YORK, March 14, 2024 /PRNewswire/ -- The global Healthcare Analytics Market is projected to reach a value of USD 66.54 billion with a compound annual growth rate (CAGR) of 24.79% between 2023 and 2028. 

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Vendor Analysis
Vendor Landscape - The global healthcare analytics market is fragmented, with the presence of several global as well as regional vendors. A few prominent vendors that offer healthcare analytics in the market are ALLSCRIPTS HEALTHCARE SOLUTIONS INC., Avgi Solutions Inc., Cerner Corp., CitiusTech Healthcare Technology Pvt. Ltd., Cotiviti Inc., ExlService Holdings Inc., Gainwell Technologies LLC, General Electric Co., Health Catalyst Inc., Inovalon, International Business Machines Corp., IQVIA Holdings Inc., Komodo Health Inc., McKesson Corp., Medeanalytics Inc., Oracle Corp., RELX Plc, SAS Institute Inc., UnitedHealth Group Inc., and Wipro Ltd. and others.

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• Global competitiveness and key competitor positions
• Market presence across multiple geographical footprints - Strong

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Vendor Offerings

• ALLSCRIPTS HEALTHCARE SOLUTIONS INC. - The company offers Electronic Health Records or EHR, financial management, patient engagement, and Veradigm analytics.
• Cerner Corp.- The company offers clinical, financial, operational, care continuum, and population health data through the HealtheAnalytics application.
• CitiusTech Healthcare Technology Pvt. Ltd. - The company offers analytics through scalability data management, AI, and ML specialists.

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Segment Overview
Technavio has segmented the market based on type, Component (Services, Software, and Hardware), Deployment (On-premise and Cloud-based), and Geography (North America, Europe, APAC, South America, and Middle East and Africa).

• The services segment, encompassing consulting, software support, and more, will hold significant market share in the forecast period. Valued at USD 5.82 billion in 2018, this segment caters to evolving lifestyle needs, especially in developed regions with robust telecommunication infrastructure. Healthcare providers increasingly invest in telehealth services for remote consultations and patient monitoring, enhancing accessibility and efficiency. These factors will drive market growth in the services segment during the forecast period.

Geography Overview
By geography, the global healthcare analytics market is segmented into North America, Europe, APAC, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global healthcare analytics market.

• North America, comprising the US and Canada, drives 38% of global market growth. Security, data accessibility, and effective patient information management fuel demand in the region. Major vendors include SAS Institute, Oracle, and Veeva Systems. The region's stringent regulatory standards ensure high compliance. Globally, countries like the UAE, Spain, South Africa, South Korea, and Saudi Arabia leverage information-driven insights for various healthcare applications, driving market growth. Integration of analytics solutions enhances delivery and addresses healthcare disparities. Automation and Industry 4.0 initiatives optimize operations, reduce costs, and enhance connectivity, propelling regional market growth.

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The growing integration of Big Data with intelligence is notably driving the global market size:

The integration of Big Data drives global market growth. It involves analyzing vast digitalized data sets, enabling personalized treatment strategies and improved community health outcomes. Big Data revolutionizes information management across industries, notably in healthcare, where it enhances treatment processes and predicts epidemics. With governments mandating documentation and wearable devices tracking patient conditions, the volume of health data increases, propelling market expansion.

• A growing number of acquisitions and partnerships is one of the major market trends. 
• The availability of open-source is a significant challenge hindering the market.

Driver, Trend & Challenges are the factor of market dynamics which states about consequences & sustainability of the businesses, find some insights from a

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What are the key data covered in this Healthcare Analytics Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the Healthcare Analytics Market between 2024 and 2028
• Precise estimation of the size of the Healthcare Analytics Market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the Healthcare Analytics Market industry across North America, Europe, APAC, South America, and Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of Healthcare Analytics Market vendors

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Analyst Review:

The Healthcare Analytics Market is experiencing significant growth driven by advancements in healthcare data analytics, which encompass clinical, predictive, prescriptive, and descriptive analytics. These analytics tools facilitate data-driven decision-making, leveraging electronic health records and health information exchange for comprehensive insights. Moreover, population health management and healthcare business intelligence are vital components enabling efficient data integration, visualization, and mining, supported by machine learning, artificial intelligence, and natural language processing technologies.

Effective healthcare analytics contribute to quality improvement, optimizing patient outcomes, and managing costs. These tools aid in risk management, fraud detection, and revenue cycle management, enhancing healthcare finance analytics and operations. Additionally, they enable supply chain analytics, healthcare utilization analysis, and patient engagement, particularly in chronic disease management and value-based care initiatives like Accountable Care Organizations.

Amidst healthcare policy and regulatory changes, healthcare analytics play a crucial role in ensuring compliance and supporting healthcare reform efforts. Telemedicine analytics and remote patient monitoring, coupled with digital health analytics and wearable device data, enhance healthcare delivery and monitoring. However, challenges persist regarding data privacy, security compliance, and data governance, necessitating adherence to data standards and interoperability.

The healthcare analytics market offers numerous opportunities for vendors and service providers, driven by emerging technologies and increasing demand for insights across various healthcare sectors. Understanding market segmentation, competitive analysis, and emerging trends is essential for capitalizing on market growth factors and navigating industry dynamics effectively. With comprehensive market research and insights, stakeholders can unlock the full potential of the healthcare analytics market and drive innovation in healthcare delivery.

Market overview:

The Healthcare Analytics Market is witnessing substantial growth driven by advancements in healthcare data analytics, encompassing clinical, predictive, prescriptive, and descriptive analytics. Healthcare informatics plays a pivotal role in leveraging electronic health records and facilitating data-driven decision-making. Population health management and healthcare business intelligence are key priorities for optimizing patient outcomes and cost efficiency. The integration of data mining, machine learning, and artificial intelligence enables real-time analytics, enhancing healthcare performance metrics and quality improvement initiatives. Moreover, effective risk management and fraud detection are bolstering revenue cycle management. As the industry moves towards value-based care and accountable care organizations, healthcare analytics plays a crucial role in regulatory compliance, healthcare reform, and telemedicine analytics. Emerging technologies drive market opportunities amidst challenges, positioning the healthcare analytics market for substantial growth and dynamic evolution.

Related Reports: 

The APAC Healthcare Analytics Market size is projected to increase by USD 20.84 billion, at a CAGR of 27.94% between 2023 and 2028.

The Life Sciences Analytics Market is projected to reach a value of USD 7.83 billion accelerating at a CAGR of 12.02% between 2023 and 2028.

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