Global Healthcare Analytics Market is poised to grow at a decent CAGR of >20% to reach $70 billion by 2025 - Optum, Cerner, Allscripts, MedeAnalytics, Inovalon, Oracle, SCIO, Cotiviti, VitreosHealth, Dedalus

Healthcare data analytics combines real-time and historical data to predict market trends, reveal actionable insights and improve clinical, financial and operational performance.

Move towards Evidence-based Care Model

Data and analytics have been central to the healthcare market since the past decades. However, a significant shift in how data is generated, aggregated and utilized is being witnessed as the healthcare industry moves from a fee-for-service to value-based care model.

Major Growth Drivers: Healthcare Analytics Market

The adoption of healthcare analytics is projected to grow rapidly globally as it can potentially reduce the costs of treatment, predict disease outbreaks, avoid preventable diseases and improve the overall quality of healthcare and life of patients.

Market Challenges: Healthcare Analytics Market

Healthcare data security and patient privacy issues, unstructured/fragmented data, ever-changing data, interoperability and data science skills gap are some of the major challenges to be addressed to witness exponential growth across the healthcare analytics market.

Geographic Analysis: United States has the highest market share of Healthcare Analytics Market

United States is the largest market for healthcare analytics with >60% share, followed by Europe. In 2020, the US healthcare expenditure reached an all-time high accounting for 19.7% of its GDP. With higher costs, growing demand for value-based care and rising regulatory reporting requirements, the healthcare stakeholders are increasingly adopting data-driven solutions like analytics. This trend is evident by the ample and emerging VC fundings/PE investments in this segment. Healthcare analytics companies raised $1.5 billion VC funding in the 1H of 2021, ~90% increase YOY.

Rising focus on Advanced Analytics

Based on our research & interviews with industry experts, currently, healthcare analytics companies generate most of their revenues from descriptive analytics however, increasingly the healthcare providers and payers are implementing predictive and prescriptive analytics.

On-Premise Model is still Prevailing in Healthcare Analytics Market

"Cloud offers a flexible, scalable environment at a lower cost than on-premise deployments but still majority of healthcare analytics solutions are currently implemented on-premise due to security, control and privacy reasons. However, the trend is towards hybrid cloud storage model." -Founder, Executive Chairman, Healthcare Analytics Company, United States

Competitive Landscape Analysis: Healthcare Analytics Market

The global healthcare analytics market is highly fragmented. Some of the established players having a strong foothold in the global healthcare analytics market are IBM, Optum, Cerner, SAS Institute, Allscripts, Change Healthcare, MedeAnalytics, Inovalon, Oracle, Health Catalyst, SCIO Health Analytics, Cotiviti, VitreosHealth, Dedalus, LOGEX, Clanwilliam Group, Evolucare and Clinithink.

Get Detailed & Customized Research Report on Healthcare Analytics Market @ https://meditechinsights.com/healthcare-analytics-market/

Ruta Halde
Associate, Medi-Tech Insights
+32 498 86 80 79
info@meditechinsights.com
https://meditechinsights.com/

Medi-Tech Insights is a healthcare-focused business research & insights firm. We have successfully completed 100+ projects in Healthcare IT, MedTech, Medical Devices & Pharma Services in the areas of due diligence, competitive intelligence, market sizing and forecasting, pricing analysis & go-to-market strategy. Our methodology includes rigorous secondary research combined with deep-dive interviews with industry leading CXO, VPs and key demand/supply side decision-makers.

This release was published on openPR.