Healthcare Analytics Industry Overview
The global healthcare analytics market is currently valued at USD 29.1 billion as of 2021 and is expected to reach USD 167 billion expanding at a CAGR of 21.5% from 2022 to 2030. The healthcare industry on the whole has been challenged with the issues like lack of better patient care, skyrocketing costs of treatment, less patient retention, and engagement and, thus healthcare analytics are being incorporated into every aspect of the industry to give better care to patients and for better operations of the industry. These factors are key reasons for the growth of the healthcare analytics industry.
The rapid rate of technological advancements and massive investments by the healthcare industry into the IT development and digitization have been key factors for the monumental growth of the healthcare analytics industry. The analytical platforms which are currently being deployed by healthcare institutions across the globe, help in patient management, their retention, due to which better care can be delivered. Deployment of healthcare analytical platforms not only increases the productivity of the staff, but the overall patient management has been improved and the burden on caregivers has been minimized.
Gather more insights about the market drivers, restrains and growth of the Global Healthcare Analytics Market
Healthcare analytics can be deployed for various functions in an establishment, for management of grants and donations given to the hospital, patient records, making appointments, for insurance claims, etc. It can not only improve the quality of care delivered to patients but also give insights for managing overall business establishments, better patient outreach, management of spread of diseases etc. The Grainger College of Engineering, Illinois, developed the Health Data Analytics Initiative as a hub connecting clinical investigators, engineers, AI experts, and data scientists which help in delivering better solutions by improving the quality of research by deploying AI platforms and analytical tools.
Government initiatives and massive flux of money in the healthcare industry are also driving innovation and are responsible for increase in adoption of such analytical platforms by healthcare establishments. Analytical platforms are not only being used by hospitals but other establishments for managing and interpreting clinical data from various studies being conducted; studying historical data and analyzing it to establish trends, developing methods, tools and technologies to get optimal results. These analytics platforms are also being deployed by policy makers for studying statistics and models for making better decisions and policies regarding healthcare establishments and for delivering care to patients. U.S. government has been taking initiatives in this direction like HealthData.gov portal has information from several federal databases on topics such as community health performance, clinical data, medical and scientific knowledge for developers which is accessible by application programming interface.
COVID-19 pandemic saw significant growth in the industry due to increase in the need for digital solutions and better analytics tools to manage the patient load on the healthcare industry as a whole. The amount of clinical data generated during the pandemic needed proper management and with the help of analytics tools and platforms, the researchers and professionals will be able to derive better outcomes, predict trends and understand the dynamics of spread of disease much better.
Healthcare Analytics Market Segmentation
Based on the Type Insights, the market is segmented into Descriptive, Predictive, and Prescriptive Analysis.
Based on the Component Insights, the market is segmented into Software, Hardware, and Services.
Based on the Delivery Mode Insights, the market is segmented into On-premises, Web-hosted, and Cloud-based.
Based on the Application Insights, the market is segmented into, Clinical, Financial, Operational and Administrative.
Based on the End-Use Insights, the market is segmented into, Healthcare Payers, Healthcare Providers, and Life Science Companies.
Based on the Healthcare Analytics Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa.
Browse through Grand View Research’s Healthcare IT Industry Research Reports.
Market Share Insights:
Key Companies Profile:
Key players in the industry are constantly innovating and bringing up new technologies to better understand data derived from patient information, understand the spread and containment of the disease, etc. to deliver better care solutions to healthcare providers and institutions.
Some of the prominent players in the global healthcare analytics market include:
Order a free sample PDF of the Healthcare Analytics Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Web: https://www.grandviewresearch.com
Media ContactCompany Name: Grand View Research, Inc.Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.Email: Send EmailPhone: 1888202951Address:Grand View Research, Inc. 201 Spear Street 1100 San Francisco, CA 94105, United StatesCity: San FranciscoState: CaliforniaCountry: United StatesWebsite: https://www.grandviewresearch.com/industry-analysis/healthcare-analytics-market