Global Healthcare Data Analytics Market by Type; by Component; by Deployment Mode; by Application; by End User Industry; and by Region; - Global Forecasts 2021 to 2027

Date : Sep 2021

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Report ID : 88

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Category : Information Technology

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Report Format:  PDF EXCEL PPT WORD

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.Healthcare Data Analytics Market

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 Type

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

By Component

  • Software
  • Hardware
  • Service

By Deployment Mode

  • Cloud-based Model
  • On-premise Model

By Application

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

By End User Industry

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

By Region

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

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

The unique insight provided by this report also includes the following:

  1. In-Depth Value Chain Analysis
  2. Sector Snapshot
  3. Opportunity Mapping
  4. Key Players Positioning Matrix
  5. Strategies Adopted-Benchmarking Heat Map
  6. Market Trends
  7. Regulatory Scenario
  8. Covid-19 Impact Analysis for Healthcare Data Analytics Market
  9. Product Comparison
  10. Pre & Post COVID 19 Impact On Market
  11. Competitive Landscape

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

Drivers

  • Increasing government initiatives to adopt Electronic Health Record (EHR)
  • Growth in venture capital investment
  • Incorporation of big data tools in healthcare sector

Restraints

  • High investments and operational costs of analytics solution

Opportunities

  • Cloud-based analytics
  • Increasing focus on value-based medicine

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

Sr. No. Trends Impact
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

  1. In April 2021, Cerner Corporation completed its successful acquisition over Kantar Health, the US-based company providing data, analytics and research to the healthcare industry. The acquisition was valued at USD 375 million in cash. The acquisition is expected to accelerate innovations in life science industry.
  2. In December 2019, Enlitic Inc., the US-based machine learning company partnered with MLP Care (Medical Park), a healthcare company based in Turkey. The strategic partnership is expected to bring clinical AI solutions to Turkey and neighbouring countries in East Europe and Central Asia.

Frequently Asked Questions (FAQs)

What is market value for the global healthcare data analytics market?

The global healthcare data analytics market was valued at USD 13.6 Bn in 2020 and is anticipated to reach USD 44.9 Bn by 2027.

What is the estimated market growth rate of healthcare data analytics market?

The healthcare data analytics market is estimated to grow at a compound annual growth rate (CAGR) of 18.6% during forecast period

Which is the largest regional market share in healthcare data analytics market?

In the base year 2020, North America accounted for largest market share in the healthcare data analytics market

Who are the key players in the healthcare data analytics market?

A few key players include, but not limited to: Oracle Corp., IBM Corporation, Wipro Limited, Mckesson Corporation, OptumHealth, Inc., Allscripts Healthcare Solutions, Inc., SCIO Health Analytics, Health Catalyst, Inc., Vitreos Health Inc., Cerner Corporation, Koninklijke Philips N.V., Ikon Tech IQVIA, GENERAL ELECTRIC, Verisk Analytics, Inc., and SAS Institute, Inc.

Does the report provide detailed COVID-19 analysis for healthcare data analytics market?

Yes, the report contains detailed COVID-19 analysis for healthcare data analytics market.

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  1. Introduction
    1. Product outline
    2. Healthcare data analytics market definition
    3. Different types of healthcare data analytics  
    4. Analysis of healthcare data analytics  ecosystem
    5. Supply chain analysis
    6. Covid -19 impact
    7. Market dynamics
      1. Drivers
      2. Restraints
      3. Opportunities
      4. Threats
    8. Technology overview
    9. Patent analysis
  2. Technology and Regulatory Landscape for Healthcare data analytics    
    1. Regulations and standards
  3. Healthcare data analytics  Market Pricing Analysis
    1. Prices of healthcare data analytics   
  4. Healthcare data analytics  Market by Type
    1. Predictive Analytics
    2. Descriptive Analytics
    3. Cognitive Analytics
    4. Prescriptive Analytics
  5. Healthcare data analytics  Market  by Component
    1. Software
    2. Hardware
    3. Service
  6. Healthcare data analytics  Market  by Deployment Mode
    1. Cloud-based Model
    2. On-premise Model
  7. Healthcare data analytics  Market  by Application
    1. Financial Analytics
    2. Population Health
    3. Clinical Analytics
    4. Operation and Administrative Analytics
  8. Healthcare data analytics  Market by End User Industry
    1. Biotechnology Industry
    2. Healthcare Provider
    3. Pharmaceutical Industry
    4. Academic Organization
  9. Regional Analysis
    1. North America
      1. US
      2. Canada
      3. Mexico
    2. Europe
      1. Germany
      2. UK
      3. France
      4. Norway
      5. Italy
      6. Spain
      7. Netherlands
      8. Rest Of Europe
    3. Asia Pacific
      1. China
      2. India
      3. Japan
      4. Australia
      5. New Zealand
      6. Rest Of Asia Pacific
    4. Middle East and Africa
    5. South America
  10. Key Strategic Insights
    1. New applications
    2. Emerging technologies
    3. Opportunity mapping
    4. Critical success factors
    5. Environmental impact and sustainability issues
    6. Consumer preferences
  11. Key Market Trends / Recent Developments
  12. Competitive Scenario
    1. Competitive Strategies of Key Players
      1. Mergers and Acquisitions
      2. Investments
      3. Joint Ventures
      4. New Product launches
    2. Strength of product portfolio
    3. Ranking of Key Players
    4. Presence of players by Geographies
  13. Key Global Players
    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. 

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