Healthcare Analytics Market to Garner a Valuation of USD 139.34 Billion by 2030, Exhibiting 23.31% CAGR, With North America Leading the Market Due to Advanced Healthcare Infrastructure, Projects Kings Research

DUBAI, UAE, Oct. 3, 2023 /PRNewswire/ -- As per the latest report published by Kings Research, the global Healthcare Analytics Market size was recorded at USD 24.45 billion in 2022 and is estimated to grow to USD 139.34 billion by 2030, exhibiting a CAGR of 23.31% over the forecast period of 2023- 2030. The healthcare industry has embraced analytics to address the challenges of inadequate patient care, rising treatment costs, and low levels of patient engagement and retention. By leveraging healthcare analytics, the industry aims to improve patient care and operational efficiency, which is fueling market expansion.

Healthcare analytics leverages extensive data collection to provide organizations with practical insights, enabling them to make informed decisions in real-time. Through analytical methodologies, these insights facilitate improved planning, management, measurement, and learning. Furthermore, healthcare institutions around the globe are prioritizing cost reduction, enhancing care team coordination, and elevating patient care. Moreover, newer market entrants are introducing innovative healthcare delivery approaches, intensifying market competition. Consequently, healthcare analytics systems primarily concentrate on big data, offering potential benefits such as cost reduction, enhanced efficiency, and better patient treatment.

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Competitive Landscape

Key participants in the global healthcare analytics market are emphasizing acquisitions as a primary approach for expanding their businesses. For instance, in June 2022, Oracle Corporation took over Cerner Corporation intending to integrate Cerner's clinical abilities with its own expertise in enterprise platform analytics and automation.

Leading companies in the global healthcare analytics market include:

• Optum, Inc.
• Wipro Limited
• Allscripts Healthcare, LLC
• Cerner Corporation
• Health Catalyst
• Inovalon
• McKesson Corporation
• IBM
• MEDEANALYTICS, INC.
• GENERAL ELECTRIC

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Trending Now: Mayo Clinic and Google Cloud Collaborate on AI for Healthcare Data

Google Cloud and Mayo Clinic have joined forces to implement generative artificial intelligence (AI) in the field of healthcare. This collaboration aims to empower clinicians and researchers to swiftly and naturally access information, as stated in a press release dated 7th June 2023.

In the same release, Google Cloud announced that the tool to be utilized in this endeavor, the Enterprise Search in Generative AI App Builder, had become HIPAA compliant. Thomas Kurian, CEO of Google Cloud, stated, "Generative AI has the potential to revolutionize healthcare by enhancing human interactions and streamlining operations like never before. Mayo Clinic is a global leader in harnessing AI for the greater good, and they are a crucial partner in responsibly introducing this transformative technology to healthcare."

The press release also noted that Mayo Clinic has previously collaborated with Google Cloud to implement analytics, AI, and machine learning (ML) solutions in healthcare.

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Growing Demand for Descriptive Analysis to Spur Market Development

In terms of type, the healthcare analytics market is categorized into predictive analytics, prescriptive analytics, and descriptive analytics.

The descriptive analysis segment is anticipated to dominate the market through the projected timeframe. This growth is primarily attributable to the surging demand for descriptive analysis, which relies on historical patterns to obtain data-driven insights that can enhance the healthcare system's management, benefiting both organizations and patients.

On Premise Solutions Garner Attention for Their Superior Accessibility in Remote Zones

On the basis of the delivery model, the global healthcare analytics industry is divided into on cloud and on premise.

The on premise segment is leading the market, propelled by its superior accessibility in remote areas. Furthermore, their lower maintenance and operation costs are driving the growth of the segment.

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Rising EHR Adoption to Drive Healthcare Analytics Market Expansion

The widespread use of electronic health records (EHR) has led to a substantial increase in the availability of data for analysis in the healthcare industry. As more healthcare professionals transition from traditional paper-based systems to EHR, a huge volume of data becomes accessible. This presents a unique opportunity to obtain valuable insights and enhance patient care. Consequently, the healthcare analytics market has experienced considerable growth in recent times.

The implementation of EHR has brought about greater operational efficiency and cost savings in healthcare organizations. With the ability to access and analyze real-time data, healthcare providers can identify trends, patterns, and areas for improvement in their workflows and procedures. This not only enhances their productivity but also helps them make informed decisions for better patient care. Moreover, integrating healthcare analytics into clinical decision support systems empowers practitioners to make evidence-based decisions, ultimately leading to enhanced patient outcomes. This widespread adoption of EHR and analytics has revolutionized the healthcare industry, ushering in a more data-driven and patient-centric approach to care.

North America to Lead Market Due to Advanced Healthcare Infrastructure

North America is poised to lead the global healthcare analytics market in the upcoming years due to its advanced healthcare infrastructure, robust technology, and data integration capabilities. This facilitates informed decision-making, enhances patient outcomes, and fosters healthcare innovation. Moreover, the region's emphasis on R&D activities attracts industry leaders, solidifying its market dominance.

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Key Points from TOC:

Chapter 1 Introduction of the Global Healthcare Analytics Market 

1.1 Market Definition

1.2 Market Segmentation

1.3 Research Timelines

1.4 Limitations

1.5 Assumptions

Chapter 2 Executive Summary

Chapter 3 Research Methodology

3.1 Data Collection

3.1.1 Secondary Sources

3.1.2 Primary Sources

3.1.3 Research Flow

3.2 Subject Matter Expert Advice

3.3 Quality Check

3.4 Final Review

3.5 Bottom-Up Approach

3.6 Top-down Approach

Chapter 4 Global Healthcare Analytics Market Outlook

4.1 Market Evolution

4.2 Overview

4.3 Market Dynamics

4.3.1 Drivers

4.3.2 Restraints

4.3.3 Opportunities

4.3.4 Challenges

4.4 Pricing Analysis

4.5 Porter's Five Forces Analysis

4.6 Value Chain Analysis

4.7 Macroeconomic Analysis

Chapter 5 Impact of Russia-Ukraine War

Chapter 6 Global Healthcare Analytics Market, By Type

Chapter 7 Global Healthcare Analytics Market, By Component

Chapter 8 Global Healthcare Analytics Market, By Delivery Model

Chapter 9 Global Healthcare Analytics Market, By Application

Chapter 10 Global Healthcare Analytics Market, By End User

Chapter 11 Global Healthcare Analytics Market, By Geography

Chapter 12 North America 

Chapter 13 Europe 

Chapter 14 Asia Pacific 

Chapter 15 Middle East & Africa 

Chapter 16 Latin America 

Chapter 17 Global Healthcare Analytics Market Competitive Landscape

17.1 Overview

17.2 Key Developments

17.3 Key Strategic Developments

17.4 Company Market Ranking

17.5 Regional Footprint

17.6 Industry Footprint

Chapter 18 Company Profiles

18.1 Optum, Inc.

18.1.1 Key Facts

18.1.2 Financial Overview

18.1.3 Product Benchmarking

18.1.4 Recent Developments

18.1.5 Winning Imperatives

18.1.6 Current Focus & Strategies

18.1.7 Threat from competition

18.1.8 SWOT Analysis

18.2 Wipro Limited

18.2.1 Key Facts

18.2.2 Financial Overview

18.2.3 Product Benchmarking

18.2.4 Recent Developments

18.2.5 Winning Imperatives

18.2.6 Current Focus & Strategies

18.2.7 Threat from competition

18.2.8 SWOT Analysis

18.3 Allscripts Healthcare, LLC

18.3.1 Key Facts

18.3.2 Financial Overview

18.3.3 Product Benchmarking

18.3.4 Recent Developments

18.3.5 Winning Imperatives

18.3.6 Current Focus & Strategies

18.3.7 Threat from competition

18.3.8 SWOT Analysis

18.4 Cerner Corporation

18.4.1 Key Facts

18.4.2 Financial Overview

18.4.3 Product Benchmarking

18.4.4 Recent Developments

18.4.5 Winning Imperatives

18.4.6 Current Focus & Strategies

18.4.7 Threat from competition

18.4.8 SWOT Analysis

18.5 Health Catalyst

18.5.1 Key Facts

18.5.2 Financial Overview

18.5.3 Product Benchmarking

18.5.4 Recent Developments

18.5.5 Winning Imperatives

18.5.6 Current Focus & Strategies

18.5.7 Threat from competition

18.5.8 SWOT Analysis

Browse Complete TOC: https://www.kingsresearch.com/toc/healthcare-analytics-market-185

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