The Research Report on “Healthcare Analytics Market by Type (Descriptive, Prescriptive, Cognitive), Application (Financial, Operational, RCM, Fraud, Clinical), Component (Services, Hardware), Deployment (On-premise, Cloud), End-user (Providers, Payer) – Global Forecast to 2026″, is projected to reach USD 75.1 billion by 2026 from an estimated USD 21.1 billion in 2021, at a CAGR of 28.9%.
Increasing adoption of EHRin developing and developed countries;
In the US, various federal mandates, such as the American Recovery and Reinvestment Act of 2009 (ARRA) and the implementation of ICD-10 code sets are encouraging healthcare organizations to adopt EHRs, focus on the quality of care to comply with pay-for-performance initiatives, and enhance information exchange between various health systems. The implementation of such initiatives is helping providers gather patient data electronically and supporting data integration and chronic disease management. This ultimately helps prevent hospital readmissions and reduces hospital stays, minimizes claims fraud and abuse, improves patient health, and reduces healthcare costs.
Several other federal regulations in the US compel healthcare organizations to focus on digitization and care quality; these include the Health Insurance Portability and Accountability Act (HIPAA) and the Patient Protection and Affordable Care Act (PPACA). The growing need for hospitals in the US to comply with federal healthcare mandates is encouraging them to use data analytics tools for decision-making, improving care quality, and preventing avoidable costs. Since the US is a major contributor to the healthcare analytics market, the implementation of these initiatives is considered a positive indicator of the growth of the overall market.
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Industry Segmentation In Detailed:
Cognitive analytics to register the highest growth in the type market
Based on type, the market is segmented into cognitive analytics, descriptive analytics, predictive analytics, and prescriptive analytics. Cognitive analytics uses artificial intelligence (AI) technologies such as machine learning, deep learning, natural language processing (NLP), and reasoning or logic systems to provide analysis. It automates the decision-making process and provides insights and suggestions to enhance human decisions. The descriptive analytics segment is expected to account for the largest share of 52.3% of the healthcare analytics market in 2021. Descriptive analytics help healthcare payers and providers to better monitor and manage their business practices. It categorizes, characterizes, consolidates, and classifies the past data to convert it into useful information. Most organizations prefer descriptive/retrospective analytics since it can be implemented with the standard aggregate functions built into most databases.
On-premise to hold the largest segment of the market
Based on the deployment model, the market is segmented into on-premise and on-premise. The on-premise segment accounted for the largest share of 62.8% of the healthcare analytics market in 2020. On-premise delivery allows end users to use solutions from multiple vendors, which enables customizations as per end user requirements. While on-premise solutions hold the larger share of this market, a growing number of healthcare providers are opting for cloud-based due to its advantages, such as cost-effectiveness and ease of use.
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Leading Key Players and Analysis:
Some of the prominent players operating in the healthcare analytics market are IBM (US), Optum (US), Cerner (US), SAS Institute (US), Allscripts (US), McKesson (US), MedeAnalytics (US), Inovalon (US), Oracle (US), Health Catalyst (US), SCIO Health Analytics (US), Cotiviti (formerly Verscend Technologies) (US), CitiusTech (US), Wipro (India), and VitreosHealth (US) among others, among others.
Geographical Analysis in Detailed:
North America dominated the healthcare analytics market in 2020 and is expected to grow at a 31.4% CAGR during the forecast period. The large share of North America in the global healthcare analytics market can be attributed to the implementation of federal health mandates that encourage the adoption of HCIT solutions, increasing focus on PHM, a significant amount of VC investments, growing pressure to reduce healthcare costs, technological advancements, and high product and service availability in this region. Moreover, most of the leading players in the healthcare analytics market have their headquarters in North America.
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