Healthcare Analytics Market Worth $84.2 Billion by 2027, Growing at a CAGR of 26% from 2020- Pre and Post COVID-19 Market Opportunity Analysis and Industry Forecasts by Meticulous Research®
LONDON, Aug. 25, 2020 /PRNewswire/ -- The world is looking at an unprecedented and challenging future, as COVID-19 impacts more and more people. On one hand the healthcare systems globally have been struggling to manage the COVID-19 patient population and the researchers are racing to find a solution to this problem; on the other hand, the economic impacts are felt across other sectors. The slowdown in the end-market demand is exerting tremendous pressure on the healthcare operations which has led to adoption of technologies that can help in easing the pressures.
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The overall healthcare analytics market is expected to grow at a CAGR of 26% from 2020 to reach $84.2 billion by 2027. The growth in the healthcare analytics market is majorly propelled by growing demand for population health management, changing healthcare dynamics amidst COVID-19, need for redesigned EHR with advanced analytics capabilities, focus on e-health collaborations, investments by venture capitalists, increasing pressure to provide quality care and control healthcare costs, and rise in adoption of big data in healthcare industry.
Analytics to Support Resourcing, Operational and Financial Decision Making Amidst COVID-19
Some of the major changes being witnessed by healthcare industry are rise in adoption of solutions including patient engagement, population health management, remote patient monitoring, artificial intelligence (AI), telemedicine, and advanced analytics, among others. For instance, the COVID-19 pandemic has emphasized the criticality of population health management and need for accurate, up-to-date patient information to guide decision-making. Data analytics forms a crux of most of these solutions which has resulted in growing investment by healthcare providers and payers in adoption of solutions based on advanced analytics capabilities. For instance, in June 2020, Verily and CVS Health launched an app called Healthy at Work that incorporates local, onsite and mail testing services into a centralized digital analytics dashboard. The app records daily symptoms or disease exposure as shared by employee on the app. Based on the inputs, the app advises the employees whether or not to come to work.
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Population Health and Analytics, a Win-Win Combination for Targeted Health Intervention for COVID-19
Population Health Management (PHM) relies on data to identify the populations and the needs for care, to measure the care provided to these populations, and to help deliver the right care to the right people. As per British Medical Journal, a population health strategy, which primarily targets the elderly, can be applicable for COVID-19 health analysis. As a result, industry players have been offering PHM solutions specifically targeted at COVID-19. For instance, In June 2020, Arcadia (a population health management firm) launched a population health toolkit for COVID-19. The tool supports business continuity decisions for its Accountable Care Organization (ACO) customer. PHM involves use of various solutions such as data integration, visualization, and analytics. Thus, growing focus on PHM to combat COVID-19 directly triggers demand for analytics capabilities.
COVID-19 Exposed the EMR Limitations Triggering Need for Improved Data Accuracy and Analytics Capabilities
The governments across the globe are focusing on implementing solutions that aid delivery of quality care and EHR/EMR adoption has been a significant part of the initiative. While EHRs have been efficient in keeping records of patient data, the usability of data has been one of the key limitations. The COVID-19 pandemic further exposed these limitations including user interface issues, usability issues, low quality of data, limited data to support drug discovery and research goals, interoperability issues, among others. This has created a need for EHR redesign that can effectively deal with pandemics. Focus areas for overhauled EHR include in-built library of care plans that are based on patient circumstance and preferences, algorithms to deliver personalize care programs, decision support and workflows for rapid and seamless care delivery, interoperability of data, advanced analytics capabilities for patients, providers, and population.
eHealth Collaborations Driven by COVID-19 to Leverage Analytics Solutions
The eHealth collaborations are organizations or government initiatives focused on helping clinical practices to implement business transformation changes and programs including implementation of next-gen technologies and solutions (including healthcare analytics). Industry players have been collaborating or investing in such organizations. For instance, in April 2020, IMAT Solutions (U.S.) announced collaboration with Reliance eHealth Collaborative (U.S.) to develop wide range of use cases for COVID-19 response based on data management, analytics, and reporting solutions by IMAT.
Predictive and Prescriptive Analytics, the Solution Providers for COVID-19
COVID-19 pandemic has created a wave of predictive analytics tools which is expected to be a major driving force for predictive analytics market in near future. Some of the recent use cases include determination of operational requirements of care providers dealing with COVID-19, predicting possibility of recovery in COVID-19 patients, among others. For instance, in April 2020, Cleveland Clinic (U.S.) in partnership with SAS created a COVID-19 predictive analytics models that help forecast patient volume, bed capacity, ventilator availability, and other metrics. Similarly, in May 2020, researchers at New York University announced an exprimental AI tool that makes use of predictive analytics to predict which mildly ill patients with COVID-19 were likely become severely ill. In addition, prescriptive analytics tools have the potential to assist in highlighting strengths, weaknesses and opportunities in treatment methods and prescribe better business practices which has propelled prescriptive solutions keeping COVID-19 in mind. In June 2020, Pivot Point Consulting (U.S. based healthcare IT consulting firm) collaborated with Jvion (provider of clinical-AI prescriptive analytics) to develop back to work solutions applicable for COVID-19 situation using Jvion's clinical-AI CORE that identifies patients with greatest risk.
The COVID-19 Analytics Dashboards – An Opportunity to Highlight Analytics Offering
To help the providers, payers, and other stakeholders to remain up to date on information related to COVID-19 and accelerate decision-making, the industry players have launched a number of analytics dashboards as well as services. For instance, in April 2020, MedeAnalytics rolled out interactive COVID-19 analytics dashboards for its clients aimed at better understanding and management of financial and operational resources. Similarly, in April 2020, Tableau launched COVID-19 Data Hub, a resource for accessing and analyzing the latest data on the novel coronavirus obtained from data sources including Johns Hopkins University, the Centers for Disease Control and Prevention (CDC), and the World Health Organization (WHO).
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Industry Collaborations to Support COVID-19 Situation Using Analytics Capabilities
The solution providers are also collaborating to combine their offerings and expertise that can aid the healthcare industry in dealing with the pandemic. In April 2020, SAP in collaboration with EY and Qualtrics announced its plan to provide resources to governments around the world dealing with COVID-19 pandemic. Similarly, in May 2020, UnitedHealth in collaboration with Microsoft launched ProtectWell protocol and app that supports return-to-workplace planning (based on CDC guidelines) and COVID-19 symptom screening. The solution combines UnitedHealth Group's clinical and data analytics capabilities with Microsoft's technologies including Microsoft Azure.
U.S., the Most Affected Nation With COVID-19 to Provide Significant Demand for Analytics
The U.S. is the most affected nation in terms of COVID-19 cases and death. The pandemic has triggered number of analytics projects, launch of new analytics-based offerings, and collaborations specific to the U.S. market. For instance, in June 2020, Parkland Center for Clinical Innovation (PCCI) developed a big data analytics dashboard to accurately identify communities at high risk for COVID-19 infection in the U.S. The dashboard has a Vulnerability Index to determine communities at risk by analyzing comorbidity rates, age, lack of access to food, medicines, among others. Considering the growth opportunities in this market, a number of venture capitalists are increasingly investing in the U.S. healthcare analytics market. For instance, in June 2020, Fincasa Ventures (UAE) invested USD 50 million into MediSponsor, a U.S. based firm offering integrated healthcare cloud CRM solution and visual analytics technology. The funding was aimed at helping the firm in market expansion.
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Scope of the Report:
Healthcare Analytics market, by Type
Healthcare Analytics Market, by Component
Healthcare Analytics Market, by Mode of Delivery
Healthcare Analytics Market, by Application
Healthcare Market, by End User
Healthcare Analytics Market, by Geography
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