The report intends to uncover the growth patterns of the global healthcare analytics market and provide an insightful analysis of key developments and upcoming market trends over the course of the next few years.
Market Analysis in Brief
Lack of patient care, less patient engagement and retention, and spiralling treatment costs have presented the healthcare industry with innumerable challenges. To address these changes, healthcare analytics is being embedded into healthcare organizations, which upholds the growth prospects of the healthcare analytics market. It provides users with seamless benefits to manage every aspect of the industry, promoting operations across diverse silos and organizations. Breakthrough developments coupled with a significant flow of investments by the healthcare industry into IT development and digitization. This has added sharp spikes to the demand for healthcare analytics on the global level. Notably, the deployment of these analytical platforms assists in the better delivery of patient management and retention. Healthcare analytical platforms enhance the productivity of staff and ensure holistic patient management, minimizing the burden on caregivers.
Key Report Findings
Transformative Impact of EHRs
Over the recent past, the adoption of electronic health records (EHR) has risen at breakneck speed. Healthcare providers and organizations are leveraging data-driven solutions to enhance care delivery and bring down costs. Acknowledgement of positive results has enabled various developed and emerging economies to rapidly advance towards the adoption of EHR solutions. EHRs can store and manage huge volumes of data and providing access to a range of stakeholders, making them an indispensable tool for healthcare providers. This widens the scope of growth for the healthcare analytics market.
There has been an exponential rise in the data available for analysis, these solutions derive meaningful insights from the available data and facilitate apt decision-making. With more providers and organizations opting for healthcare analytics to gain insights into care quality, efficiency, and cost, the healthcare analytics market is likely to undergo a substantial growth surge.
Growing Adoption in Precision and Personalized Medicine
Precision and personalized medicine, driven by robust analytics, have revealed a noticeable market opportunity for the healthcare analytics domain. Being an emerging field, precision medicine considers an individual’s personal characteristics including lifestyle, genetics, history, and environment to deliver personalized care. Such tailored treatments facilitate better, safer, and more effective treatment, providing improved outcomes and significant cost savings for healthcare providers.
Leveraging healthcare analytics helps healthcare providers to assess individual patients’ data for precision and personalized medicine. Additionally, healthcare analytics offers insights into patient populations, identifies the patterns and trends, and promotes precision and personalized medical decisions. The growing demand for precision and personalized medicine is, consequently, creating business opportunities for the players in the healthcare analytics market space.
Higher Costs, and Lack of Expertise
The high cost of deployment and maintenance of healthcare analytics is significantly high. Many organizations fail to afford these applications. Furthermore, a shortage of technical expertise within healthcare organizations also pulls back organizations from purchasing and implementing these solutions. The need for specialized skill sets and technical prowess might limit the adoption of healthcare analytics, serving as a major restraint facing the healthcare analytics market.
Overview of Key Segments
Services Segment Holds Tremendous Growth Potential
The pressing challenges of lack of skills and resources to implement analytics have enabled life science and healthcare organizations to outsource these services to other analytical solutions companies. Against this backdrop, the services segment is expected to grow at a robust pace in the years to follow, earning the services segment a major revenue in the healthcare analytics market.
Software Segment Grows at a Significant Pace
In 2022, the software segment held the major share of the market, becoming the fastest-growing segment in the healthcare analytics market. Healthcare professionals are dealing with an increased workload. This has resulted in the accelerated adoption of analytical solutions. Such solutions help in swiftly managing patient records. Artificial Intelligence and analytical-based technologies are increasingly being incorporated into healthcare infrastructure.
Descriptive and Predictive Analysis Segments Major Revenue Contributors
Based on type, the descriptive analysis segment is expected to garner a major share of the market revenue. This is attributed to the surge in demand for descriptive analysis based on historical patterns. This helps in obtaining data-enriched insights to better understand the current scenario, enabling organizations to take more informed actions. Key market players are anticipating a future in data mining technologies for descriptive data warehouses.
Besides, the predictive analysis segment is expected to grow at a notable pace during the forecast period. Anticipating the amplification in the adoption of sophisticated analytical solutions, the healthcare analytics market players are actively devising new strategies to gain the most out of this development. Collaborative efforts in making plans and decision-making based on healthcare analytics market performance using predictive analysis.
Growth Opportunities Across Regions
Opportunities Abound in Asia Pacific
During the forecast period, Asia Pacific’s healthcare analytics market is likely to grow at the fastest rate, strongly backed by rampant development and greater spending capacity. The region is witnessing a substantial rise in population, in turn, creating more opportunities for the market. Furthermore, this region is thriving with cutting-edge developments in the domain.
Together, consumers and healthcare providers are increasingly relying on IT-based software, therefore, there has been an exponential rise in the adoption rates of the analytics sector. Meanwhile, other key market players are tapping into these markets by establishing their facilities in Asia Pacific regions and serving the regional populace.
Leading Participants in Healthcare Analytics Market
SAS Institute, Inc., McKesson Corporation, IBM, Oracle, Optum, Inc., IQVIA, Verisk Analytics, Inc., Elsevier, Medeanalytics, Inc., Truven Health Analytics, Inc., Allscripts Healthcare Solutions, Inc., and Cerner Corporation are the most prominent players in the global healthcare analytics market.
Regional Classification of the Global Healthcare Analytics Market is Described Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability
Key Elements Included In The Study: Global Healthcare Analytics Market
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