Healthcare Data Analytics Market is Expected to Reach USD 44.9 Bn by 2027

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)

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

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)

• Predictive Analytics
• Descriptive Analytics
• Cognitive Analytics
• Prescriptive Analytics

Global Healthcare Data Analytics Market by Component Outlook (Revenue, USD Billion, 2021-2027)

• Software
• Hardware
• Service

Global Healthcare Data Analytics Market by Deployment Mode Outlook (Revenue, USD Billion, 2021-2027)

• Cloud-based Model
• On-premise Model

Global Healthcare Data Analytics Market by Application Outlook (Revenue, USD Billion, 2021-2027)

• Financial Analytics
• Population Health
• Clinical Analytics
• Operation and Administrative Analytics

Global Healthcare Data Analytics Market by End User Industry Outlook (Revenue, USD Billion, 2021-2027)

• Biotechnology Industry
• Healthcare Provider
• Pharmaceutical Industry
• Academic Organization

Key Findings:

• Based on the type, the predictive analytics segment held the largest market share in 2020
• Based on component, hardware segment accounted for the largest market share in 2020
• Based on deployment mode, the on-premise model segment held the largest market share in 2020
• Based on applications, the financial analytics segment held the dominating market share, followed by operation and administrative analytics
• Based on end user industry, the healthcare provider segment is growing at fastest rate during forecast period
• Based on regions, the North America region is anticipated to hold the largest market share in the year 2027 in the healthcare data analytics market analysis

Company Profiles and Competitive Intelligence

The key players operating in the healthcare data analytics market are:

1. Oracle Corp.
2. IBM Corporation
3. Wipro Limited
4. Mckesson Corporation
5. OptumHealth, Inc.
6. Allscripts Healthcare Solutions, Inc.
7. SCIO Health Analytics
8. Health Catalyst, Inc.
9. Vitreos Health Inc.
10. Cerner Corporation
11. Koninklijke Philips N.V.
12. Ikon Tech IQVIA
13. GENERAL ELECTRIC
14. Verisk Analytics, Inc.
15. SAS Institute, Inc.  
16. CitiusTech Inc.
17. Linguamatics
18. Inovalon, Inc.
19. Truven Health Analytics, Inc.
20. Cotiviti
21. CVS Health
22. Tenet Healthcare Corporation
23. MedeAnalytics, Inc.
24. 3M
25. Verscend Technologies Pvt. Ltd
26. Athenahealth
27. MEDai, Inc.
28. Roam Analytics
29. Flatiron
30. Komodo Health

Recent News:

• In February 2021, Skillsoft announced that the company is integrating its tools and training with the Microsoft Viva, launched by the Microsoft. The integration enables organizations and their employees to access 140+ practice labs, utilize science-backed scenario-based healthcare data analytics content, and leverage prescriptive learning paths to build excellence, among others. The integration eliminates the barrier to learning and empowers organizations to improve their job performance by enabling large scale reskilling and up-skilling.
• In October 2020, Royal Philips and LeQuest entered into a partnership to provide online interactive simulation-based training for the Philips Ultrasound Affiniti system. The online training enables medical staff to train themselves individually at their own convenience and also supports faster onboarding while increasing the confidence through realistic simulation practices