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 Definition:
Healthcare data analytics is an organized process of collecting and analyzing the current and historical data in healthcare and life science industry. The data analytics in healthcare industry is often utilized to predict possible trends, improve outreach, and manage the spread of disease in a better possible way.
The Global Healthcare Data Analytics Market Dynamics:
The global healthcare data analytics market is experiencing positive growth and is anticipated to continue the growth throughout the forecast period. The growth is attributed to the extensive utilization of big data owing to the need for decreasing healthcare expenditure, and the need for analysis of the healthcare data available for the enhancement of customer services provided.
In the pandemic, healthcare and life science organizations integrated covid-19 insights along with the big data analytics tools to observe, identify, and find possible treatments over covid-19 virus. For instance, in July 2020, the Department of Health and Human Services (HHS), the Department of Veterans Affairs, and the Department of Energy (DOE), announced a new initiative to synchronize and share the covid-19 information with the help of big data analytics tools. COVID-19 Insights Partnership research and analysis is expected to focus on the vaccine and remedial development and virology, outcomes, and other critical scientific topics to understand the COVID-19 situation better. The market for healthcare data analytics is thus witnessing an increased opportunity in healthcare sector during the forecast period.
The increasing trend of using connected devices is observed in recent years, these devices produce large volumes of information and data, and this raw data can be analyzed using healthcare data analytics tools to make better health-related decisions. According to European Telecommunications Network Operators (ETNO), the total number of IoT active connections in healthcare in Europe stood at 2.79 million during 2019 and is expected to reach 10.34 million by the year 2025. Such growth is anticipated to further increase the demand for data analytics and tools to obtain data-driven insights into the industry and thus boost the market.
The Global Healthcare Data Analytics Market Segmentation:
By Deployment Mode
By End User Industry
Company Profiles and Competitive Intelligence
The key players operating in the healthcare data analytics market are:
The unique insight provided by this report also includes the following:
Based on type, the predictive analytics segment is expanding at a fastest growth rate during the period for healthcare data analytics market owing to increasing adoption from healthcare organizations
The predictive analytics segment is experiencing a significant growth during the forecast period for healthcare data analytics market owing to the increased adoption of predictive analytics tools by the healthcare organizations. For instance, in June 2020, researchers from Cleveland Clinic designed a predictive analytics model that has the capability to forecast hospital capacity, ventilator availability, and patient volume, among other metrics. The analytics tool renders timely and reliable data to optimize care for COVID-19 and other patients.
Analytics tools benefit researchers to find patterns and trends in healthcare and life science areas that can inform preventive measures guidelines in prior. In September 2020, The State University of New York coupled with Binghamton University developed numerous predictive analytics tools to analyze COVID-19 trends and patterns across the globe. Owing to such advantages the market is witnessing a significant growth from research and development sector.
Based on the applications, the financial analytics segment accounted for the fastest market growth in the overall healthcare data analytics market size owing to accelerating demand for prevention of fraud coupled with revenue management
The financial analytics segment is witnessing the fastest market growth rate in the healthcare data analytics market analysis in the year 2020 owing to the rising adoption of financial analytics services in the prevention of fraud and decrease expenses sustained by healthcare facilities. Financial and government organizations utilize financial analytics tools to manage the revenue cycle, claim settlement, risk assessment, and prevention of fraudulent transactions in the healthcare sector. The organizations are observed to face burdens in the form of rising costs and tight budgets in the past few years; the necessity to adopt analytical solutions to minimize the costs and excessive expenses in the form of frauds or improper payments is boosting the demand for market in financial sector.
Based on regions, the market for healthcare data analytics in North America region accounted for the largest share in 2020 owing to increasing adoption of Electronic Health Record, followed by Asia Pacific and Europe
Geographically, the North American region is expected to hold the largest market share during the forecast period. Growing adoption of Electronic Health Record (EHR) in the regional healthcare organizations coupled with stringent regulatory requirement is driving the growth for market in North America. The North American region is a well-developed region and have enhanced technological infrastructure therefore the acceptance of EHR is much easier and affordable in this region compared to developing nations. Moreover the government also is spending more to accelerate the adoption of EHR. For instance, according to the Harvard Business Review, in June 2020, the US federal government has supplied lot of capital to accelerate the adoption of electronic health records in the healthcare systems in the United States. As a result, 96% of hospitals coupled with 86% of physician clinics have adopted the EHR systems till the year 2020.
The report also provides an in-depth analysis of healthcare data analytics market dynamics such as drivers, restraints opportunities and challenges
Note: Challenges along with in-depth market dynamics analysis is mentioned in the report.
COVID-19 Impact on the Healthcare Data Analytics Market Analysis
The outbreak of covid-19 pandemic has created a huge workload on the healthcare industry leading to an increased importance of usage of big data in healthcare sector during the forecast years. According to Oliver Wyman’s article published in March 2020, the pandemic is boosting the adoption of analytics solutions to actively recognize individuals who are at higher health risk and to improve focus on offering timely treatment. In a need to tackle covid-19 pandemic, several organizations are leveraging tools such as Artificial Intelligence (AI), and data analytics to simplify tasks like identifying high-risk patients, and tracking hospital capacity, among others. The adoption of data analytics tools in the pandemic situation helped in reduction of expenses, better management of resources, enhanced patient management and in delivering quality customer services.
The report also provides an in-depth analysis of key trends in healthcare data analytics market
|1||The emergence of big data in healthcare industry is estimated to drive the market during the forecast period||Positive|
|2||The increasing focus on enhancement of customer service in healthcare industry by collecting and analyzing data from varied resources is boosting the market growth||Positive|
|3||The rising social media and advancements in technological infrastructure and its impact on healthcare industry are propelling the market||Positive|
The report also provides an in-depth analysis of recent news developments and investments for healthcare data analytics market
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