healthcare analytics market size was valued at $23.51 billion in 2020 and is projected to reach $96.90 billion by 2030 - Valuates Reports
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Factors Driving the Healthcare Analytics Market Growth
The healthcare analytics market is expected to rise due to an increase in the use of big data in healthcare organizations to combat risks associated with various chronic diseases. In addition, the healthcare analytics market is being propelled forward by the increasing usage of telemedicine solutions among various organizations in order to reduce operational costs and improve service quality. Furthermore, big data aids in the storage of crucial patient information that may be used to improve an organization's healthcare outcomes. It lowers labor costs and boosts organizational productivity, all of which contribute to the market's growth.
Growing government initiatives to increase the adoption of electronic health records (EHRs) among healthcare organizations are expected to drive the healthcare analytics market. EHRs are used across various companies for improving documentation accuracy and tracking and implementing preventive actions in healthcare organizations. Governments in a number of developing countries are requiring EHRs for healthcare companies in order to improve the quality of patient care, which is propelling the healthcare analytics market forward.
During the COVID-19 pandemic, the healthcare analytics industry experienced significant growth, owing to an increase in the demand for analytics solutions among healthcare organizations to manage various complexities and to support healthcare organizations during pandemic situations. Furthermore, the massive amount of data created during the pandemic has allowed researchers and healthcare professionals to analyze trends, monitor patient populations, and begin to address long-standing challenges in the sector, all of which are fueling healthcare analytics market growth.
However, the healthcare analytics market is projected to be hampered by factors such as high implementation costs and a scarcity of experienced workers.
Based on the deployment model, the on-premise segment garnered the largest healthcare analytics share and is expected to maintain its dominance in the upcoming years. On-premise software is extensively used in large companies because software may be built on a company's IT infrastructure and provides more security than on-demand, according to the deployment model. On-premise software is likely to maintain its dominance in the next years.
healthcare analytics market share
Based on region, North America dominated the healthcare analytics market in 2020, and it is likely to continue to do so throughout the forecast period. This is due to an increase in federal healthcare mandates aimed at containing rising healthcare costs, as well as increased government programs focusing on individualized therapy. However, Asia-Pacific is predicted to witness the highest growth rate of 19.4% CAGR over the forecast period, owing to rising e-health initiatives in Asia-developing Pacific countries and a growing need for analytics solutions among healthcare companies to manage enormous amounts of patient data.
Based on application, the Financial Analysis segment is projected as one of the most lucrative segments.
Key Benefits for Stakeholders
The study provides an in-depth analysis of the global healthcare analytics market forecast along with the current trends and future estimations to explain the imminent investment pockets.
Information about key drivers, restraints, & opportunities and their impact analysis on the global market is provided in the report.
Porter's five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
The quantitative analysis of the healthcare analytics market trends from 2021 to 2030 is provided to determine the market potential.
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Healthcare Analytics Market Segments
Healthcare Analytics Market by Application
➣IOperational & Administrative Analysis
Healthcare Analytics Market by Component
Healthcare Analytics Market by Deployment
Healthcare Analytics Market by End-User
Healthcare Analytics Market by Type
Healthcare Analytics Market by Region
➣IRest of Europe
➣IRest of Asia-Pacific
Major Players in the Healthcare Analytics Market
➣IAllscript Healthcare Solution
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