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Global Healthcare Analytics market is set to grow at a CAGR of >20% to reach $70 billion by 2025
The Healthcare Analytics market growth is driven by Growing complexity and volumes of data, supportive government initiatives and rising VC/PE investments.
Shift towards Evidence-based Care Model
Data and analytics have been central to healthcare for decades. However, a major shift in how data is generated, aggregated and utilized is being witnessed as the healthcare industry moves from a fee-for-service to value-based care model.
Key Growth Drivers: Healthcare Analytics Market
The adoption of healthcare analytics is anticipated to grow rapidly worldwide as it can potentially reduce the cost of treatment, predict disease outbreaks, avoid preventable illnesses and improve the overall quality of care and life of patients.
Key Challenges: Healthcare Analytics Market
Healthcare data security and patient privacy issues, unstructured/
US Leads in terms of Adoption of Healthcare Analytics Market
The US is the largest market for healthcare analytics with >60% share, followed by Europe. In 2020, the US healthcare expenditure reached an all-time high accounting for 19.7% of its GDP. With skyrocketing costs, rising demand for value-based care and growing regulatory reporting requirements, the healthcare stakeholders are increasingly adopting data-driven solutions like analytics. This trend is evident by significant VC funding/PE investments in this field. Healthcare analytics companies raised $1.5 billion VC funding in the 1H of 2021, ~90% increase YOY.
Growing focus on Advanced Analytics
Based on our research & interviews with industry experts, currently, healthcare analytics companies derive most of their revenues from descriptive analytics however, increasingly the healthcare providers and payers are implementing predictive and prescriptive analytics.
Competitive Landscape Analysis: Healthcare Analytics Market
The key players having a strong foothold in the global healthcare analytics market include IBM, Optum, Cerner, SAS Institute, Allscripts, Change Healthcare, MedeAnalytics, Inovalon, Oracle, Health Catalyst, SCIO Health Analytics, Cotiviti, VitreosHealth, Dedalus, LOGEX, Clanwilliam Group, Evolucare and Clinithink.
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