DUBLIN, September 21, 2021--(BUSINESS WIRE)--The "Healthcare Analytics Market by Type (Descriptive, Prescriptive, Cognitive), Application (Financial, Operational, RCM, Fraud, Clinical), Component (Services, Hardware), Deployment (On-premise, Cloud), End-User (Providers, Payer) - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The healthcare analytics market is projected to reach USD 75.1 billion by 2026 from an estimated USD 21.1 billion in 2021, at a CAGR of 28.9% during the forecasted period.
Healthcare analytics is the efficient use of data and related business insights developed through statistical, quantitative, predictive, comparative, cognitive, and other emerging applied analytical models. Healthcare analytics tools help reveal and understand historical data patterns, predict future outcomes, and provide actionable insights to drive fact-based decision-making for improved clinical, financial, and operational performance of healthcare organizations.
The use of analytics helps healthcare systems reduce healthcare costs and improve the quality of care. However, high costs related to healthcare analytics software and services and a dearth of skilled professionals are likely to challenge market growth in the coming years.
Cognitive analytics to be the fastest-growing segment in the type market.
Based on type, the market is segmented into cognitive analytics, descriptive analytics, predictive analytics, and prescriptive analytics. Cognitive analytics uses artificial intelligence (AI) technologies such as machine learning, deep learning, natural language processing (NLP), and reasoning or logic systems to provide analysis. It automates the decision-making process and provides insights and suggestions to enhance human decisions. The descriptive analytics segment is expected to account for the largest share of 52.3% of the healthcare analytics market in 2021. Descriptive analytics help healthcare payers and providers to better monitor and manage their business practices. It categorizes, characterizes, consolidates, and classifies the past data to convert it into useful information. Most organizations prefer descriptive/retrospective analytics since it can be implemented with the standard aggregate functions built into most databases.
Services segment to hold the largest share of the component market.
Based on components, the healthcare analytics market is segmented into services, hardware, and software. The services segment accounted for the largest market share of 51.9% in 2020. The large share of this segment can be attributed to their indispensable nature and repetitive requirement. This is because end users of healthcare analytics rely heavily on service providers for consulting, data storage, implementing services, training, maintenance, and regular solution upgrades.
The US to dominate the healthcare analytics market in North America.
North America dominated the healthcare analytics market, with a share of 61.0% in 2020, followed by Europe and the Asia Pacific. The large share of North America in the global healthcare analytics market can be attributed to the implementation of federal health mandates that encourage the adoption of HCIT solutions, increasing focus on PHM, a significant amount of VC investments, growing pressure to reduce healthcare costs, technological advancements, and high product and service availability in this region. Moreover, most of the leading players in the healthcare analytics market have their headquarters in North America.
Government Initiatives to Increase Ehr Adoption
Growing Venture Capital Investments
Growing Pressure to Curb Healthcare Spending and Improve Patient Outcomes
Big Data in Healthcare
Growing Focus on Real-World Evidence
High Cost of Analytics Solutions
Increasing Focus on Value-Based Medicine
Use of Analytics in Precision and Personalized Medicine
Increasing Number of Patient Registries
Emergence of Social Media and Its Impact on the Healthcare Industry
Analytics of Healthcare Things
Patient Data Confidentiality
Concerns Regarding Inaccurate and Inconsistent Data
Reluctance to Adopt Healthcare Analytics Solutions in Emerging Countries
Operational Gaps Between Payers and Providers
Dearth of Skilled Personnel
Allscripts Healthcare Solutions
Cotiviti, Inc. (Verscend Technologies)
Cvs Health Corporation
Evidation Health, Inc.
Komodo Health, Inc.
Sas Institute Inc.
Scio Health Analytics (An Exl Company)
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