Global Healthcare Analytics Market Outlook, 2029

The Global Healthcare Analytics market is projected to grow at a 25% CAGR from 2024-29, driven by the need for data-driven healthcare decisions.

The Healthcare Analytics Market has evolved significantly over the years, propelled by advancements in technology, increasing digitization of healthcare data, and growing emphasis on data-driven decision-making in healthcare settings. Initially, healthcare analytics primarily focused on descriptive analytics, summarizing historical data to provide insights into past trends and performance metrics. However, with the advent of big data analytics, predictive and prescriptive analytics have gained prominence, enabling healthcare organizations to forecast future trends, optimize resource allocation, and improve patient outcomes. Special aspects of the healthcare analytics market include the integration of artificial intelligence (AI) and machine learning (ML) algorithms, which enhance the predictive capabilities of analytics platforms, aiding in early disease detection and personalized treatment plans. Real-time analytics capabilities also allow healthcare providers to monitor patient health in real-time, facilitating timely interventions and reducing healthcare costs. According to the research report, “Global Healthcare Analytics Market Outlook, 2029” published by Bonafide Research, the market is anticipated to grow with 25% CAGR by 2024-29. The growing need for more effective healthcare delivery systems, higher healthcare expenses, and improved healthcare outcomes are driving the rapidly expanding worldwide healthcare analytics market. The market's goal is to give healthcare companies the knowledge and resources they need to make data-driven choices that will enhance patient outcomes and cut expenses. Numerous important reasons, such as the growing use of electronic health records (EHRs) and the accessibility of vast volumes of healthcare data, are propelling the market. Furthermore, market expansion is anticipated due to the expanding application of artificial intelligence and machine learning technologies in healthcare analytics. But there are also certain barriers in the market, such as the high implementation costs of healthcare analytics products. The market is anticipated to expand because there are so many chances, even with these difficulties. Better patient outcomes and lower costs are the focus of value-based care, which is one of the major trends in the healthcare analytics market. Analytics are being used by healthcare companies more and more to pinpoint high-risk patients and offer focused therapies that will enhance outcomes while cutting costs. The increasing use of real-time analytics, which enables healthcare companies to track patient data in real time and take prompt action to enhance patient care, is another industry trend. The Internet of Things (IoT) in healthcare and the growing number of linked devices are driving this trend.

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Market DriversThe Use of EHRs is Rising in both Developed and developing Nations: One of the main factors propelling the Healthcare Analytics sector is the growing use of Electronic Health Records (EHR). The use of EHRs has been rising significantly in both developed and developing nations as healthcare organizations and providers look to use the data they contain to lower costs and enhance patient care. Electronic Health Records (EHRs) are indispensable tools for healthcare professionals because of their capacity to store and handle massive amounts of data and grant access to multiple stakeholders. The need for analytics solutions to make sense of this data is being driven by the exponential growth of data available for analysis that comes with the rising usage of EHRs. Because providers and organizations want to use healthcare analytics to get insights into care quality, efficiency, and cost, this is what is fueling the expansion of the healthcare analytics business. Market Challenges

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Manmayi Raval

Manmayi Raval

Research Consultant

High cost of analytics programs: Healthcare analytics systems can be costly, and many firms may find it difficult to afford the high implementation and maintenance costs. Moreover, because these solutions require specific training and knowledge to be used correctly, the absence of technical experience inside healthcare organizations may also make it challenging to acquire and implement them. This may hinder the market's expansion and restrict the use of healthcare analytics solutions. •Issues with erroneous and inconsistent information: Inaccurate and inconsistent data is a problem for the healthcare analytics sector. This is a serious issue since erroneous or inconsistent data might provide deceptive or wrong conclusions and judgments. Healthcare companies need to make sure that their data is correct, consistent, and up to date in order to overcome this difficulty. Data quality checks, routine data audits, and data cleansing procedures can all be used to achieve this. To guarantee accurate and consistent data throughout the company, healthcare firms should also invest in data governance solutions like data mapping and data standardization. Market OpportunitiesAnalytics’ Used to Customize and Precision medicine: Healthcare analytics is witnessing tremendous growth due to the application of analytics in personalised and precision medicine. A new kind of medicine called precision medicine focuses on the unique patient, taking into consideration personal traits like genetics, lifestyle, environment, and past. Precision medicine is able to better treat patients by customizing their care and offering safer and more effective treatments. Patients benefit from better results as a result, while healthcare providers save money. Precision and personalized medicine are being informed by healthcare analytics, which uses patient data analysis to comprehend specific patient records. Healthcare analytics can aid with precision and personalized treatment decisions by offering insights into patient populations, identifying patterns and trends, and utilizing the vast volumes of data gathered from medical records, electronic medical records, and other sources. This can lower expenses for healthcare providers while also giving patients safer and more effective therapies. The need for personalised and precision medicine is increasing, which means that there will be a greater market opportunity for healthcare analytics.

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Manmayi Raval

Based on the report, the Type segment is segmented into Descriptive Analysis, Predictive Analysis, Prescriptive Analysis. Descriptive Analysis segment is leading in the Healthcare Analytics Market due to its it’s ability to summarize and interpret historical data, providing insights into past trends and patterns crucial for healthcare decision-making and operational efficiency improvements. Descriptive Analytics is witnessing growth in the Healthcare Analytics Market primarily due to its foundational role in providing insights into past and current data trends. This segment focuses on summarizing historical data to understand what has happened within healthcare systems and organizations. Healthcare providers utilize descriptive analytics to analyse patient records, operational efficiencies, and financial performance, aiming to identify patterns, anomalies, and opportunities for improvement. The rise of Descriptive Analytics is driven by the increasing availability of healthcare data from electronic health records (EHRs), wearables, and other digital sources. By harnessing this data, healthcare organizations can gain a comprehensive view of patient populations, disease trends, and resource utilization. Moreover, regulatory requirements and quality improvement initiatives incentivize the use of descriptive analytics to enhance patient care outcomes and operational efficiency. Technological advancements in data processing and visualization further enhance the utility of Descriptive Analytics, enabling stakeholders to make informed decisions based on comprehensive data summaries. Based on the report, the Component segment is segmented into Software, Hardware & Services. The Services segment is estimated to grow at a higher growth rate in the Healthcare Analytics Market due to increasing demand for specialized expertise in implementing and managing analytics solutions, ensuring optimal utilization of healthcare data for improved patient care, operational efficiencies, and regulatory compliance. The Service sub-segment in the Healthcare Analytics Market is experiencing significant growth due to its pivotal role in supporting healthcare organizations' transition towards data-driven decision-making. As healthcare providers increasingly recognize the value of analytics in improving patient outcomes and operational efficiencies, they seek specialized expertise and support in implementing robust analytics solutions. Service providers within this segment offer comprehensive consulting, implementation, and support services tailored to meet the unique needs of healthcare organizations. They assist in integrating analytics platforms, optimizing data workflows, and ensuring compliance with regulatory standards, such as HIPAA in the United States or GDPR in Europe. Moreover, ongoing training and support enable healthcare professionals to harness the full potential of analytics tools, driving continuous improvement in care delivery and organizational performance. The growth of the Service sub-segment underscores the importance of strategic partnerships and specialized knowledge in navigating the complexities of healthcare analytics. By leveraging these services, healthcare organizations can enhance their analytical capabilities, derive actionable insights from data, and ultimately, improve the quality of care provided to patients. North America is leading the Healthcare Analytics Market due to its extensive healthcare infrastructure, early adoption of advanced technologies, robust regulatory frameworks, and substantial investments in research and development. Meanwhile, APAC is the fastest-growing region in healthcare analytics, driven by rapid digital transformation, increasing healthcare expenditure, expanding access to healthcare services, and government initiatives promoting healthcare IT adoption. North America emerges as the leader in the Healthcare Analytics Market due to its advanced healthcare infrastructure, robust adoption of technology, and extensive investments in data-driven healthcare solutions. The region benefits from a mature healthcare system that encourages the integration of analytics to improve patient outcomes, operational efficiency, and cost management across healthcare facilities. Moreover, North American companies lead in innovation, continuously developing cutting-edge analytics platforms and solutions that cater to the complex needs of healthcare providers and payers alike. Conversely, the Asia-Pacific (APAC) region is experiencing the fastest growth in the healthcare analytics market, fuelled by rapid digital transformation, expanding healthcare access, and increasing investments in healthcare IT infrastructure. APAC countries are leveraging analytics to address challenges such as population health management, healthcare accessibility in remote areas, and managing the rising healthcare costs. Government initiatives and regulatory support for digital healthcare solutions further drive adoption across the region, propelling APAC to the forefront of healthcare analytics innovation. •Leading supplier of data analytics and healthcare industry intelligence, Stratasan Healthcare Solutions was acquired by Syntellis Performance Solutions in August 2022. Through this calculated acquisition, Syntellis is able to better serve healthcare enterprises by delivering them all-inclusive data and intelligence solutions. Healthcare firms will be able to improve their financial management, strategic growth planning, and operational efficiency with the help of these technologies. •Oracle Corporation announced its intention to acquire Cerner Corporation in June 2022. Through this transaction, Oracle's enterprise platform analytics and automation skills will be combined with Cerner's clinical capabilities. Through the integration of these competencies, the combined organization will be able to provide the healthcare sector with cutting-edge solutions that will improve patient care, streamline operations, and provide greater data analytics and insights. •Francisco Partners and IBM came to a deal in January 2022 whereby Francisco Partners would buy the healthcare data and analytics assets from IBM's Watson Health division. Through this deal, Francisco Partners will be able to assume ownership of IBM's healthcare data and analytics portfolio, enabling them to further develop and grow these assets. Francisco Partners now has more chances to improve healthcare data analysis and insights by utilizing the acquired technologies and solutions thanks to the acquisition. Considered in this report • Historic year: 2018 • Base year: 2023 • Estimated year: 2024 • Forecast year: 2029 Aspects covered in this report • Healthcare Analytics Market Outlook with its value and forecast along with its segments • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation By Type • Descriptive Analysis • Predictive Analysis • Prescriptive Analysis By Component • Software • Hardware • Services By End-Use • Healthcare Payers • Healthcare Providers • Life Science Companies The approach of the report: This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations, and organizations related to the Healthcare Analytics industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.

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Global Healthcare Analytics Market Outlook, 2029

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