Healthcare Analytics Market to Hit USD 133.19 Billion by 2029 with 24.3% CAGR | MarketsandMarkets™
DELRAY BEACH, Fla., Oct. 9, 2024 /PRNewswire/ — The global Healthcare Analytics market is expected to grow significantly, reaching USD 133.19 billion by 2029 from USD 44.83 billion in 2024, with a compound annual growth rate (CAGR) of 24.3%. Key drivers include increased adoption of electronic health records (EHRs), growing demand for data-driven decision-making, regulatory initiatives promoting value-based care, and rising venture capital investments in healthcare analytics startups. Technological advancements, particularly in AI and machine learning, are enhancing efficiency, with predictive analytics processing large volumes of data, improving patient care and payer efficiency. Cloud-based solutions are also fuelling growth, offering scalable, real-time analytics capabilities. However, challenges such as data security concerns and a shortage of skilled professionals may slow market expansion. North America currently holds the largest market share, while the Asia-Pacific region is expected to witness the highest growth. With clinical analytics leading the application segment, healthcare providers, payers, and pharmaceutical companies are key market players driving demand for advanced analytics solutions.
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Based on Component, the healthcare analytics market is segmented into services and software. The services segment held the largest market share in the healthcare analytics market due to increasing need for advanced analytical methods and tools for patient monitoring and treatment outcome improvement. As patient loads and disease prevalence are increasing, massive amounts of clinical data are generated, leading to sophisticated solutions such as predictive analytics to manage and utilize this data efficiently. For instance, predictive analytics adoption rates are 66% in the United States and 79% in China. Thus, the rising demand for better patient care, cost-effective treatments, and better clinical outcomes has increased pressure on healthcare providers to implement comprehensive analytics solutions, driving the services segment’s growth.
Based on end user, the healthcare analytics market is segmented into payers, providers, pharmaceutical industry & supply chain. The provider segment dominated the healthcare analytics market due to numerous factors, such as the increasing prevalence of chronic diseases and the increasing need for improved patient care. For instance, chronic diseases are expected to account for 84% of global mortality by 2030, thus healthcare providers are increasingly using analytics to better manage and treat these conditions. Furthermore, the need to provide high-quality, cost-effective care propels providers to incorporate data analytics into their operations. Moreover, the dominance of this market segment is further enhanced by government initiatives requiring healthcare providers to maintain care standards and use resources efficiently.
Based on the region, the healthcare analytics market is segmented into five major regional segments, namely, North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. The North American region dominated the healthcare analytics market because of its high healthcare spending, particularly in the US, where healthcare spending will reach 17.8% of GDP in 2021, nearly doubling the OECD average. This substantial investment has allowed healthcare providers and payers to implement advanced analytics solutions. Additionally, significant venture capital funding has fueled innovation, with USD 7.2 billion invested in AI healthcare companies in 2023 and USD 11.1 billion projected for 2024, resulting in rapid advancements in healthcare analytics technologies.
Emerging trends and technologies are poised to transform healthcare delivery and improve patient outcomes, profoundly influencing the future of healthcare analytics market. Additionally, AI-powered healthcare solutions enable personalized medicine, predictive analytics, and real-time monitoring via wearable devices and IoT sensors. These advancements allow for earlier disease detection and optimized care management, ultimately improving patient safety and satisfaction. Moreover, federated learning promotes collaborative machine learning while protecting patient privacy and encouraging data sharing between institutions. As stakeholders adopt these technological innovations, they will be able to provide proactive and equitable healthcare services to effectively address health disparities.
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The Healthcare analytics market is dominated by key players. The major players operating in this market are, 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), Exlservice Holdings, Inc. (US), Wipro (India), Apixio. (US), Komodo Health, Inc. (US), Health Catalyst (US), CVS Health (US), Veradigm (US), Enlitic (US), HealthEC LLC (US), IQVIA (US), Arcadia Solutions, LLC. (US), Evidation Health, Inc. (US), HealthCorum (US), Aetion, Inc. (US), Tredence Inc (US), Sisense Ltd. (US).
Optum, Inc.:
Optum, Inc. a part of UnitedHealth Group, is one of the top providers in healthcare analytics solutions and services market. With more than 30 years of experience, the company offers analytics managed services to support healthcare organizations, physician practices, hospitals, health systems, and health plans, enabling them to make well-informed, data-driven decisions. Their multidisciplinary team of clinical, financial, actuarial, and operational professionals uses advanced data assets and analytics technology to help clients achieve their clinical, operational, and financial objectives. The company serves its solutions and services to more than 280 healthcare payers, 5,000 hospitals, and over 100,000 healthcare facilities in the US. The company prioritizes strategic partnerships and innovations in digital health solutions to improve patient care and lower costs, particularly in value-based care and population health management.
For instance, Optum has completed its USD 7.8 billion merger with Change Healthcare (US), allowing access to data from millions of healthcare transactions and enhancing its analytics capabilities across the US population. Moreover, according to the article published by Beckers Health IT, in May 2024, Optum has spent USD 31 billion on acquisitions in the last two years. By taking these strategic moves, Optum has strengthened its position for rapid growth and increased capacity to deliver better patient care and operational effectiveness throughout the US healthcare system.
Oracle:
Oracle Corporation, a global technology leader, reported USD 53 billion in revenue for fiscal year 2024. To strengthen its healthcare presence, Oracle Health paid USD 28.4 billion for Cerner in June 2022, allowing it to integrate advanced analytics and artificial intelligence (AI) into electronic health records (EHR). Oracle Health extended its EHR contract with the Veterans Affairs (VA) until 2024 and announced new collaborations aimed at improving patient care and operational efficiency through cybersecurity and interoperability initiatives. Oracle’s Health Data Warehouse is the best healthcare analytics solution, with users reporting a 417% return on investment (ROI) over five years, assist to boost the growth of company in the healthcare sector.
Merative:
Merative, formerly IBM Watson Health, is a healthcare data and analytics company acquired by Francisco Partners for more than USD 1 billion in 2022; serves over 4,500 clients in the healthcare and government sectors around the world and is focused on driving growth through partnerships and acquisition. Merative’s Truven healthcare data and analytics solutions backed by 40 years of experience, serves seven of the top US health plans and more than 40% of the Fortune 500, with a client retention rate exceeding 90%, this has helped the company to enhance its value proposition, drive growth, and solidify its position in the healthcare data and analytics market.
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