US Healthcare Analytics Market worth US$47.40 billion by 2029 with 24.5% CAGR

The Centers for Medicare & Medicaid Services (CMS) projects that from 2023 to 2032, National Health Expenditures will grow at an average annual rate of 5.6%, outpacing GDP growth (4.3%), increasing the health spending share of GDP from 17.3% in 2022 to 19.7% by 2032
The global US Healthcare Analytics Market [https://www.marketsandmarkets.com/ResearchInsight/us-healthcare-analytics-market.asp?utm_source=abnewswire.com&utm_medium=paidpr&utm_campaign=ushealthcareanalyticsmarket], valued at US$15.84 billion in 2024, is forecasted to grow at a robust CAGR of 24.5%, reaching US$47.40 billion by 2029. The major factors driving the market growth of the healthcare analytics in the US include growing pressure to curb healthcare spending, increasing demand to improve patient outcomes, and the rising focus on real-world evidence. The Centers for Medicare & Medicaid Services (CMS) projects that from 2023 to 2032, National Health Expenditures will grow at an average annual rate of 5.6%, outpacing GDP growth (4.3%), increasing the health spending share of GDP from 17.3% in 2022 to 19.7% by 2032. The healthcare analytics help to curb this rising healthcare costs by enabling data-driven decision-making, predictive modeling, fraud detection, and optimized resource utilization, reducing unnecessary procedures, hospital readmissions, and inefficiencies in care delivery.

Moreover, several venture capitalists are currently funding US based healthcare analytics startups. For instance, in 2023, US venture capital investments in AI healthcare companies totalled USD 7.2 billion, accounting for 21% of total VC healthcare investment.

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Based on type, the descriptive analytics segment is projected to account for the largest share of US healthcare analytics market in 2023.

The rising need for data-driven decision-making based on historical trends is a key factor propelling the market growth. To extract meaningful insights from past data, organizations increasingly rely on descriptive analytics which further allows them to gain several advantages such as comprehensive understanding of present market conditions and operational performance, improve strategic planning, resource allocation optimization and enhance customer engagement by recognizing key patterns and trends, thereby, driving the market growth.

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Based on application, the clinical analytics segment is projected to account for the largest share of US healthcare analytics market in 2023.

The growing adoption of Electronic Health Records, along with the improve decision-making abilities and recent technological advancements, is significantly boosting the demand for clinical analytics in US. For instance, in January 2024, Amalgam Rx (US) announced the acquisition of Avhana Health (US), an EHR-integrated clinical decision support (CDS) software company to aid expansion of Avhana's CDS tools across more therapeutic areas and integrate them with its digital solutions to streamline doctors' workflows. Hence, such developments designed to streamline therapeutic processes are responsible for the market growth.

Based on end user, the provider segment is expected to grow at the fastest CAGR in the US healthcare analytics market during the forecast period.

The shift towards value-based care, regulatory mandates, and digital transformation is propelling the market growth. Providers such as hospitals & clinics, ambulatory surgery centers, post-acute care organizations, among others are increasingly adopting AI, ML, and cloud-based analytics to boost patient outcomes and operational efficiency. For instance, in September 2023, SAS Institute Inc. (US) developed a comprehensive, advanced analytical solution for healthcare providers known as SAS Health which improve health data management and analytics through the incorporation of AI and ML ultimately aiming to improve patient outcomes and operational efficiency.

The report profiles key players such as Merative (US), Optum, Inc. (US), SAS Institute Inc. (US), Oracle (US), Citiustech Inc (US), Inovalon (US), Mckesson Corporation (US), MedeAnalytics, Inc. (US), Cotiviti, Inc. (US).

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