Healthcare Analytics Market: Descriptive Analysis Type Had The Largest Share

 Healthcare Analytics Industry Overview

The global healthcare analytics market size is expected to reach USD 167 billion expanding at a CAGR of 21.5% from 2022 to 2030, according to a new report by Grand View Research, Inc. The increase in capital investments by the healthcare industry in the IT sector for better management and cost-effective patient care are key growth factors for the healthcare analytics market. 

Descriptive analytics holds the biggest revenue share, its use in studying historical data has been successfully and widely adopted during the pandemic for studies on patient populations, the current method of analysis has been studying historical data to devise actionable insights for professionals to act on. Predictive analytics accounted for the fastest growth owing to the ability to provide future prospects for growth and for delivering better results. 

By component, the services component had the largest revenue share in 2021, owing to the majority of healthcare institutes outsourcing their data analytics to third-party vendors. A large number of data analytics companies have been collaborating with the institutions to deliver meaningful insights for better patient care and for maximizing their profits by cost-cutting. Better patient monitoring, and care are key factors for the growth of this component. 

The on-premises delivery model holds the largest revenue share in the delivery mode segment. This has been due to the ease of access of data being on the site, i.e., at hospitals, etc. this has resulted in better patient monitoring, better management of records, etc., small institutions are manageable for on-premises delivery mode, another option for data storage is cloud-based. Cloud-based deployment has been the emerging delivery mode due to the fact that it provides a larger space virtually to store data for a multitude of patients. This is cost-effective and is a commercially more viable option for industries. 

Healthcare Analytics Market Segmentation

Grand View Research, Inc. has segmented the healthcare analytics market report based on component, type, application, delivery mode, end-use, and region.

Based on the Component Insights, the market is segmented into Software, Services, and Hardware.

  • The largest component in the healthcare analytics was the services segment with a market share of 37.1% as of 2021. The healthcare industry has been investing substantial amount of capital in the IT industry for the development of platforms, digitization of data for analytics. The majority of the companies do not have a data analytics component in their companies due to which they are outsourcing the data analytics aspect of their IT. This has resulted in the growth of the data analytics companies offering a complete set of services to companies. The increase in services offered by the data analytics companies have been responsible for the growth in this segment. 
  • The fastest-growing component type was also services, due to the increase in the patient load on the health industry, increase in disease prevalence etc. has resulted in massive amounts of clinical data generated, the insurmountable pressure on the industry to give better care, better results and cost-effective treatments to patients is further propelling this market towards growth. The need for adoption of analytical methods and tools for better patient monitoring, delivering better treatments etc. are key factors for the growth of this segment.

 

Based on the Type Insights, the market is segmented into Descriptive Analysis, Predictive Analysis, and Prescriptive Analysis.

  • The descriptive analysis type had the largest market share of 37.1% in 2021. Descriptive analytics has been widely used during the pandemic to study historical data and patient histories to study the spread of virus, which has been a key factor driving growth in this segment. Descriptive analytics has proved to be a valuable tool in understanding what happened by accessing historical data and turning it into actionable insights. 
  • Predictive analysis was the fastest-growing analytics type due to the fact that it uses data sets created by using descriptive analytics by analyzing data for actionable future insights. More and more companies are adopting analytics for better growth prospects have been key propellants for growth of this segment. It has become a necessity to adopt these platforms to predict future trends in the market for the company to take an appropriate measures which foster overall growth.

 

Based on the Application Insights, the market is segmented into Clinical, Financial, and Operational & Administrative.

  • The largest market share of 35.7% was held by financial applications in 2021. The healthcare institutions and organizations are continually striving to minimize cost of treatment, yet delivering better care to patients, this has been the reason for growth of this segment. The financial aspect of management still accounts for the largest share so that the companies perform better by reducing costs and prevention of frauds.
  • Healthcare institutions incur costs in the form of insurance claims which can also be fraudulent, to mitigate such risks and to minimize such occurrences the healthcare organizations deploy analytical tools for predictive and descriptive analysis to deliver better care to patients as well as reduce overall costs of operations and minimal frauds in insurance claims. The need to perform financially well has been a key driver for the adoption of this application type.

 

Based on the Delivery Mode Insights, the market is segmented into On-premises, Web-hosted, and Cloud-based.

  • The largest market share of 49.3% was held by on-premises delivery mode in 2021. Majority of institutions are currently installing software and tools to store data at their own premises due to ease of access and security, resulting in the large market share of this type of delivery. Current systems in small organizations are practical, but when scaled up it can be difficult and cumbersome to manage data if the organization is dealing with a large dataset. This can mean large capital investment in storage and security of data. 
  • The fastest growing delivery mode has been cloud based due to ease of storage, less capital investment, and increased flexibility and efficiency, these factors also add up to continuous growth in this delivery mode. Cloud based storage can also be on-premises, but the issue of scalability comes into picture, even though public cloud storage solutions are a key factor for the growth of cloud-based storage solutions becoming the fastest growing sub-segment, limitations of the same include less privacy, more security concerns regarding loss of data.

 

Based on the End User Insights, the market is segmented into Life science Companies, Healthcare Payers, and Healthcare Providers.

  • In 2021, the largest market share of 48% was held by life science companies. Currently, the largest users of analytical tools and platforms are the life-science companies for reducing costs of their products, increasing profit margins, and producing better products, which are driving faster adoption and growth in the segment. The companies are constantly investing money in improving their product portfolios, and offerings to cater to a wider population. This gives rise to the need of analytical tools to better understand and predict the market and also drive value-based decisions. 
  • The fastest growth was registered by the healthcare providers, this is due to the fact that during the pandemic and even after that, the burden of delivering cost-effective care, better patient management has been tremendous on the hospitals and healthcare professionals, this has resulted in the growth of this end user segment. The need to manage patient records, disease surveillance, and deliver cost-effective care to patients have been key factors for the wider adoption of healthcare analytics and is foreseen to propel growth in the segment. 

 

Healthcare Analytics Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa (MEA)

 

Key Companies Profile & Market Share Insights

Key players in the industry are constantly innovating and bringing up new technologies to better understand data derived from patient information, understand the spread and containment of the disease, etc. to deliver better care solutions to healthcare providers and institutions. The use of big data analytics and AI has also given rise to new platforms being made to better understand and analyze data. Swedish Health Services, a U.S.-based healthcare organization has developed a platform for healthcare workers where they can report real-time data on COVID-19 patient volumes, and other parameters to track the status of facilities across hospitals. Some of the prominent players in the global healthcare analytics players include

  • McKesson Corporation
  • Optum, Inc.
  • IBM
  • Oracle
  • SAS Institute, Inc.
  • IQVIA
  • Verisk Analytics, Inc.
  • Elsevier
  • Medeanalytics, Inc.
  • Truven Health Analytics, Inc.
  • Allscripts Healthcare Solutions, Inc.
  • Cerner Corporation

 

Order a free sample PDF of the Healthcare Analytics Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

 

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