Healthcare Analytics Market Surges: Global Sales Reach US$29.1 Billion in 2021, Projected CAGR of 29.2% till 2032

A recent analytical study by Future industry Insights projects that the worldwide healthcare analytics industry will generate US$29.1 billion in sales by 2022. The sector is expected to increase significantly between 2022 and 2032, with a predicted growth rate of 29.2%.

With a CAGR of almost 33%, the software industry is predicted to see the largest revenue growth between 2022 and 2032. The industry is anticipated to witness significant revenue growth in the future because of the use of user-based analytics, which may forecast market trends through study of prescriptive and predictive solutions.

Social media and the internet are rapidly changing the healthcare sector in an attempt to increase patient involvement in their care and collect data.

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The industry that offers products and services for analyzing and interpreting healthcare data in order to enhance patient satisfaction, lower costs, and improve clinical results is known as the “Healthcare Analytics Market.” The process of gathering, arranging, and analyzing healthcare data in order to gain knowledge about patient care and operational effectiveness is known as healthcare analytics.

The demand for data-driven healthcare decision-making is rising, and the amount of healthcare data generated by electronic health records (EHRs), medical devices, and other sources is increasing. Healthcare providers can cut costs, enhance operational efficiency, and pinpoint patient care improvement opportunities with the use of analytics technologies.

Competitive Analysis

Players in the market are constantly developing improved analytical solutions as well as extending their product offerings. To help healthcare organizations implement data analysis solutions, combat the Covid-19 pandemic, and preserve competitive advantage in the market, the companies are focused on their alliances, technology collaborations, and product launch strategies.

Some of the recent developments of key Healthcare Analytics providers are as follows:

• In April 2021, Cerner announced the acquisition of Kantar Health. With this acquisition, Cerner plans to bind data to improve the safety and efficacy of clinical research in life sciences, pharmaceuticals, and healthcare. This acquisition is also expected to add to its service offering.
• In January 2021, Optum and Change Healthcare a healthcare technology provider announced their collaboration. Under this partnership, Change Healthcare would join Optum Insight in delivering software and data analytics, technology-based services, research, and revenue cycle management offerings to strengthen Optum’s healthcare analytics portfolio.
• The Healthcare Analytics Market is expected to continue to grow in the coming years, driven by the increasing adoption of EHRs and other digital health technologies, the growing demand for personalized medicine, and the need for greater efficiency in healthcare delivery.
• However, the market faces challenges such as the need for interoperability among different healthcare data systems and the need for skilled data analysts and data scientists to effectively interpret and analyze healthcare data. To address these challenges, companies are investing in advanced analytics and artificial intelligence technologies to improve data processing and interpretation, and collaborating with industry partners to promote data interoperability standards.

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Market Segments Covered in Healthcare Analytics Market Analysis

By Component:

• Software
• Services
• Hardware

By Delivery Mode:

• Web Hosted
• Cloud-Based
• On-Premise

By Type:

• Descriptive Analysis
• Predictive Analysis
• Prescriptive Analysis

By Application:

• Clinical
• Financial
• Operational & Administrative

By Region:

• North America
• Latin America
• Europe
• Asia-Pacific (APAC)
• Middle East and Africa (MEA)

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Author:

Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.

He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.