The healthcare data analytics market is forecasted to grow at a high rate owing to the growing venture capital investments
The Global Healthcare Data Analytics Market was valued at USD 13.6 Bn in 2020 and is expected to reach USD 44.9 Bn by 2027, with a growing CAGR of 18.6% during the forecast period (2021-2027).
The global healthcare data analytics market is anticipated to grow at a significant growth rate owing to a surge in the adoption of Electronic Health Records (EHRs) in the healthcare sector. The EHR system is adopted majorly to improve the quality and accuracy of documentation, to track the possible patterns in healthcare, and implementation of preventive measures. Governments from various developing and developed countries are regulating stringent laws to mandate EHR for healthcare organizations. For instance, a survey conducted by AHA’s Information Technology in 2019 suggests that approximately 68% of healthcare organizations have implemented EHR systems to identify high-risk patients and to provide proper treatment for the patients.
The EHR also helps to track the expenditure on healthcare facilities for a patient and to learn thoroughly about the disease. For instance, according to updation of Federal Rules in the year 2020 in the U.S., patients have an access to the data through the EHR system and are also able to keep track of the data through their mobile phones.
Upsurge in funds and expenditure in healthcare technology companies that developed big data analytics, Internet of Things (IoT) offerings, and mHealth apps are expected to boost the market size. For instance, in March 2020, IBM collaborated with Oracle to launch a blockchain to integrate COVID-19 data from the World Health Organization and CDC (Centers for Disease Control and Prevention). Technological advancements assisting data sharing and enhanced compliance to Health Insurance Portability and Accountability Act (HIPAA) are anticipated to accelerate business growth.
Global Healthcare Data Analytics Market by Region Outlook (Revenue, USD Billion, 2021-2027)
In terms of geography, the North American region held the dominating market share in the year 2020 and is expected to continue the dominance owing to presence of advanced technological infrastructure, and financial stability to adopt the data analytics systems for healthcare sector across the region. Most of the key market players such as IBM Corp., Health Catalyst, Optum, and Cerner are prominently present in the North American region. The companies are responsible for the new advancements, innovations and the involvement of capital in the data analytics systems in healthcare sector. Additionally, increasing number of startups are emerging in the market, thus propelling the market growth. For instance, in 2020, a new healthcare data analytics startup named ‘Truveta’ was founded in Seattle, United States. The company works in close collaboration with physicians, health care providers, health providers, and other professionals in healthcare sector.
The Global Healthcare Data Analytics Market Segmentation:
Global Healthcare Data Analytics Market by Type Outlook (Revenue, USD Billion, 2021-2027)
Global Healthcare Data Analytics Market by Component Outlook (Revenue, USD Billion, 2021-2027)
Global Healthcare Data Analytics Market by Deployment Mode Outlook (Revenue, USD Billion, 2021-2027)
Global Healthcare Data Analytics Market by Application Outlook (Revenue, USD Billion, 2021-2027)
Global Healthcare Data Analytics Market by End User Industry Outlook (Revenue, USD Billion, 2021-2027)
Company Profiles and Competitive Intelligence
The key players operating in the healthcare data analytics market are: