According to Emergen Research's most recent report, the global healthcare analytics market had a value of USD 21.10 billion in 2021 and is projected to grow at a rate of 25.4% during the forecast period. Both developed and developing nations are using more electronic health records (EHRs), which is anticipated to boost market revenue growth between 2022 and 2030.
The Healthcare Analytics market drivers and restraints Market report covers the scope of individual applications and types in each region. The report also covers details about production and consumption patterns, technological developments, revenue growth, market size, market share, key trends and demands influencing market growth in the region, and robust presence of key players in the region.
EHR adoption is rising in both developed and developing nations.
Healthcare organisations are being encouraged to adopt EHRs, concentrate on care quality to comply with pay-for-performance initiatives, and improve information exchange between various health systems in the US by a number of federal mandates, including the American Recovery and Reinvestment Act of 2009 (ARRA) and the implementation of ICD-10 code sets. The deployment of such initiatives aids in the electronic collection of patient data by providers and supports data integration and the treatment of chronic diseases. The end result is an improvement in patient health, a decrease in hospital stays and readmissions, a reduction in claim fraud and abuse, and a decrease in healthcare expenses.
Limitations: Expensive analytics solutions
The high implementation and subscription/licensing costs of sophisticated analytics solutions prevent many price-conscious end users from adopting them, despite the acknowledged benefits of analytics in healthcare companies. Only top-tier hospitals have the capacity and resources to properly use big data to give useful insights.
Advanced on-premise healthcare analytics solutions can run up installation costs of over USD 200,000 and yearly subscription/licensing costs of around the same amount. As a result, hospitals may find it difficult to justify their spending on analytics solutions in the near term as they prioritise the implementation of EHRs and the upgrading of RCM systems. This element has a higher influence in developing economies since numerous end users find it difficult to get IT funds over
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Opportunities: Value-based medicine's emergence
The practise of medicine based on the objective value (increase in length of life and/or quality of life) provided by healthcare interventions as measured by using a set of defined parameters is known as value-based medicine, according to the American Journal of Managed Care (commonly used to evaluate value and cost-effectiveness). Future healthcare trends will focus more on providing high-quality services as well as developing fresh ideas for value-based care and care management. The majority of hospitals are gradually realising the shortcomings of conventional methods for patient care, quality control, and cost management. Therefore, hospitals' investment lists for HIE, logistics management, and illness prediction will include healthcare BI solutions as one of the top objectives.
Some of the Report's Important Highlights
Because of the robust networking infrastructure, the hardware sector is predicted to grow at a significantly faster rate than other market segments over the course of the projection period. This is because healthcare analytics require a large amount of data to be collected, analysed, and sent. The high cost of hardware components is propelling this market's expansion.
Because more on-premises healthcare analytics solutions are being implemented in healthcare organisations to secure organisational data, the on-premises segment is anticipated to experience considerable revenue growth over the course of the forecast year. Dedicated hardware is used to implement on-premises-based systems within enterprises, which offers better data protection than cloud-based deployments.
Due to the growing usage of Electronic Health Records (EHRs) and federal restrictions on clinical care to lower healthcare costs and improve patient care, the North American industry is anticipated to dominate the global market during the forecast period.
In May 2020, Apixio (US), the AI healthcare analytics company, announced that HCC Complete, a risk adjustment solution, has been added to the HCC portfolio. By utilising the company's market-leading AI engine, Apixio's HCC Complete supports a full document reviewing experience to Medicare Advantage (MA) and Affordable Care Act (ACA) enterprises. HCC Complete reveals previously reported acute and chronic illnesses that might have been disregarded or missed.
Some of the key players operating in the market include Athenahealth Inc., MedeAnalytics, Inc., Optum, Inc., Tenet Healthcare Corporation, Azure Ophthalmics Ltd., Oracle Corporation, Apixio Inc., Amazon Web Service, Inc., TIBCO Software Inc., and SAP SE.
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Emergen Research has segmented the healthcare analytics market based on component, deployment, solution, application, end-use, and region:
- Component Outlook (Revenue, USD Billion; 2019–2030)
- Software
- Hardware
- Service
- Deployment Outlook (Revenue, USD Billion; 2019–2030)
- Cloud-based
- On-premises
- Web Hosted
- Solution Outlook (Revenue, USD Billion; 2019–2030)
- Predictive Analytics
- Descriptive Analytics
- Prescriptive Analytics
- Application Outlook (Revenue, USD Billion; 2019–2030)
- Clinical Analysis
- Financial Analysis
- Administrative Operational Analysis
- End-use Outlook (Revenue, USD Billion; 2019–2030)
- Healthcare Provider
- Healthcare Payer
- Life Science Companies
- Regional Outlook (Revenue, USD Billion; 2019–2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of Middle East Africa
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