Healthcare Analytics Market (By Component: Software, Services, Hardware; By Type: Descriptive Analysis, Predictive Analysis, Prescriptive Analysis; By Application: Clinical, Financial, Operational & Administrative; By Delivery Mode: Web Hosted, Cloud Based, On-premise; By End-user: Life science Companies, Healthcare Payers, Healthcare Providers) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 2021 – 2030

Published Date : Sep 2021 | No. of Pages : 150+ Pages | Category : Healthcare

The global Healthcare Analytics market size is expected to be worth around US$ 56.1 billion by 2030, according to a new report by Vision Research Reports.

The global Healthcare Analytics market size was valued at US$ 35.9 billion in 2020 and is anticipated to grow at a CAGR of 17.5% during forecast period 2021 to 2030.

Healthcare Analytics Market Size 2021 to 2030

Report Coverage

Report Scope Details
Market Size USD 56.1 billion by 2030
Growth Rate CAGR of 17.5% From 2021 to 2030
Base Year 2020
Historic Data 2017 to 2020
Forecast Period 2021 to 2030
Segments Covered Component, Type, Application, Delivery mode, End-user
Regional Scope North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Companies Mentioned McKesson Corporation; Optum, Inc.; Verisk Analytics Inc.; Elsevier; Medeanalytics Inc.; Truven Health Analytics; Allscripts Healthcare Solutions Inc.; IBM; Cerner Corporation; IQVIA; Oracle; SAS Institute, Inc.

Growth Factors

rising number of patient registries, increasing pressure to curb healthcare spending & improve patient outcomes, and extensive usage of , data-driven decision-making, & (EHRs), are bolstering the market growth. For instance, in August 2020, CitiusTech announced the launch of support for Out-Of-Area (OOA) record collection projects specific to Blue Health Plans through its SCORE+ platform. The launch is aimed at simplifying payer-provider collaboration across states, according to the mandate announced by the Blue Cross Blue Shield Association in December 2019.

The descriptive analytics type segment accounted for the highest revenue share in 2019 owing to the increased adoption of these solutions in analyzing historical data and supporting organizations in improving their performance. On the other hand, predictive analytics is anticipated to be the fastest-growing segment during the forecast period owing to the benefits offered by this solution for effective decision-making to optimize healthcare delivery and reduce costs by eliminating waste, fraud, and abuse. In 2019, the hardware segment accounted for the highest revenue share. On the other hand, the services segment is anticipated to register the fastest growth owing to the prevailing trend of outsourcing among various organizations due to lack of IT professionals, growing adoption of cloud, and increasing awareness regarding healthcare analytics.

Based on delivery mode, on-premises accounted for the largest revenue share in 2019. This is attributed to the level of security & control, and ease of customization offered by the on-premises delivery mode. On the other hand, the cloud-based delivery model is anticipated to be the fastest-growing segment during the forecast period owing to safe storage, extreme capacity flexibility, and the pay-as-you-go pricing facility offered by this model. The financial application segment accounted for the highest revenue share in 2019 owing to various initiatives, including FPS that aids in avoiding frauds & improper payments, and saving costs. Clinical applications are anticipated to be the fastest-growing segment from 2020 to 2027 due to the increasing development & deployment of these solutions for clinical applications to reduce medication errors and healthcare spending while increasing access to clinical data.

In 2019, the healthcare payers end-use segment led the global market. Payers are increasingly adopting these solutions to avoid blind spots and make the best business decisions for their organizations. However, the healthcare providers segment is anticipated to register the fastest CAGR during the forecast period owing to the surge in adoption among providers to offer the right treatment at an effective price, which, in turn, aids in avoiding unnecessary treatment costs. North America is estimated to be the largest regional market due to increasing demand for quality healthcare, improved infrastructure, growing focus on patient safety & care, and the rising awareness about EHRs. Asia Pacific will register the highest CAGR from 2020 to 2027 owing to the growing geriatric population, increasing incidences of chronic diseases, and rising number of government initiatives supporting the adoption of technology-driven tools in the region.

Report Highlights

The descriptive segment accounted for the largest revenue share of 39.1% in 2020. It utilizes a lot of data visualization for answering significant questions or identifying patterns of care, which, in turn, offers a broader perspective for evidence-based clinical practice. Moreover, benefits offered by this solution, such as understanding patient or member population cohorts and identifying irregularities related to insurance claims for supporting organizations in gauging their performance, are further enabling its adoption among organizations, thereby aiding the market growth. However, the predictive segment is expected to register the fastest growth rate over the forecast period.

This is attributed to its adoption in forecasting future market scenarios owing to the benefits offered by this solution, such as controlling patient deterioration, population health & risk scoring, outbreak prediction, improving operational efficiency, supply chain management, personal medicine, and improving outcomes or. Moreover, it is enabling healthcare organizations to adopt these solutions for identifying treatment or billing anomalies to eliminate waste, fraud, and abuse. This, in turn, is positively contributing to the segment growth.

The hardware segment accounted for the largest share of over 36% in 2020. Healthcare analytics requires an extensive network system for storing, analyzing, and reproducing an enormous amount of data. High costs associated with hardware infrastructures, such as a computer system coupled with high-speed internet, is boosting the segment growth. Moreover, the prices of electronic devices are anticipated to decline over the forecast period, which is likely to reduce the overall cost of implementation of healthcare analytics solutions, thereby aiding the market growth.

However, the services segment is expected to register the fastest growth over the forecast period. This is attributed to the ongoing trend of outsourcing, owing to factors such as lack of resources & skill set required for deploying these solutions and increasing demand for controlling operational costs. The outsourcing can be short- or long-term, or project-based contract. Other factors driving the adoption of services include growing adoption of cloud, technological advancements, rising focus on value-based care, and increasing awareness & availability of analytics.

On-premises was the largest delivery mode segment in 2020 and accounted for a revenue share of over 50%. The on-premises delivery mode includes the installation of services and solutions on computers available within the organization. Even though the software is installed within the premises, it can also be accessed via remote locations, offering benefits of power consumption, reduced cost, and maintenance. However, the maintenance cost and physical area cost of the server room is anticipated to decrease growth in this segment. These server rooms also require a large amount of energy to prevent heating up of the hardware, which adds to the maintenance cost.

The cloud-based delivery mode is expected to emerge as the fastest-growing segment from 2020 to 2027, as it supports storing a large amount of data remotely to provide free space on devices and facilitates data retrieval as per the requirement of the client. These cloud-based services offer large storage capacity, access, and security, which, in turn, drives the segment growth. In addition, these services increase workforce efficiency, reduce redundant tasks, and optimize process efficiency. The technology provides three services—Infrastructure as a Service (IaaS), Software as a Service (SaaS), and Platform as a Service (PaaS).

The financial application segment accounted for the largest revenue share of over 35% in 2020. Increasing burden on financial teams at hospitals and health systems for identifying opportunities to reduce costs without affecting the quality of care is driving the adoption of healthcare analytics for financial applications. The key financial applications include fraud analysis, risk adjustment & assessment, and claim settlement. For instance, Optum Performance Analytics helps in improving clinical and financial performance by leveraging analytic insights to improve care quality, optimize care coordination, reduce variation, and manage financial performance.

However, the clinical applications segment is expected to register the fastest growth rate over the forecast period. Increasing adoption of clinical applications owing to various benefits, such as increasing revenues, generating insights, and cost savings by utilizing real-time medical data is supporting segment growth. In addition, the growing implementation of clinical analytics has led to improved population health, reduced medication errors, and cost savings for many organizations. Moreover, technological advancements and the rising adoption of (EHRs) are further driving the segment growth.

The healthcare payers segment accounted for the largest revenue share of over 36% in 2020 as these solutions support payers in identifying the areas of improvement in patient care, implementing advanced strategies for engaging high-risk patients, and promoting optimal outcomes. In addition, it further supports payers in tackling significant challenges that include incorporating new health plans, increasing customer base, reducing organizational costs, and surviving in a competitive space. It also helps improve efficiency and increase revenue.

However, the healthcare providers segment is expected to record the fastest CAGR over the forecast period. Providers comprise healthcare professionals, such as physicians and clinicians, hospitals, and clinics. This segment is expected to witness lucrative growth owing to the increasing usage of analytics, especially in hospitals. The applications include population health management, operational intelligence, performance management, and financial management.

North America accounted for the largest revenue share of over 50% in 2019. Growing adoption of EHRs, increasing regulatory requirements, and value-based reimbursements are the key factors driving the market growth in North America. In addition, growing federal healthcare mandates to reduce rising healthcare costs & delivering quality care, and rising government initiatives primarily focusing on personalized medicine, are further boosting the adoption of healthcare analytics in the region.

The Asia Pacific segment is anticipated to register the fastest growth over the forecast period owing to the development of healthcare and IT infrastructure, rising adoption of big data in various developing countries, and increasing public & private funding to support the adoption of advanced analytics solutions. Moreover, the growing adoption of these solutions to streamline hospital workflow & reduce medical costs is driving the regional market.

Key Players

  • IBM Corp.

  • OptumHealth, Inc.

  • Oracle Corp.

  • Verisk Analytics, Inc.

  • MEDai, Inc.

  • MedeAnalytics, Inc.

  • McKesson Corp.

  • Truven Health Analytics, Inc.

  • Allscripts Healthcare Solutions, Inc.

  • Cerner Corporation

  • SAS Institute, Inc.

Market Segmentation

  • Type Outloo

    • Descriptive

    • Predictive

    • Prescriptive

  • Component Outlook

    • Hardware

    • Software

    • Services

  • Delivery Mode Outlook 

    • On-premises

    • Web-based

    • Cloud-based

  • Application Outlook

    • Clinical

    • Financial

    • Operational and Administrative

  • End-Use Outlook 

    • Healthcare Payers

    • Healthcare Providers

    • Lifescience Companies

  • Regional Outlook 

    • North America

      • U.S.

      • Canada

    • Europe

      • U.K.

      • Spain

      • Germany

      • France

      • Italy

    • Asia Pacific

      • Japan

      • China

      • India

      • South Korea

    • Latin America

      • Brazil

      • Mexico

    • Middle East & Africa

      • South Africa

      • Saudi Arabia

      • UAE

The Healthcare Analytics market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of Healthcare Analytics market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global Healthcare Analytics market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Healthcare Analytics market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted Healthcare Analytics market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the Healthcare Analytics capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of Healthcare Analytics by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Healthcare Analytics market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Healthcare Analytics market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Healthcare Analytics market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the Healthcare Analytics industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

The Healthcare Analytics market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Healthcare Analytics market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Healthcare Analytics market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Healthcare Analytics market. These factors have benefited the growth of the global market for Healthcare Analytics. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Healthcare Analytics. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of Healthcare Analytics are as follows:

  • Historic Year: 2017-2020
  • Base Year: 2021
  • Forecast Year 2021 to 2030

Reasons to Purchase this Report:

- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Market Size Estimation

Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).

The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.

Secondary Sources

Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.

Primary Sources

 In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.

The study objectives of this report are:

  • To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
  • Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • To define, describe and forecast the market by type, application and region.
  • To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
  • To identify significant trends and factors driving or inhibiting the market growth.
  • To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
  • To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
  • To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market

To strategically profile the key players and comprehensively analyze their growth strategies.

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