A report by Global Market Studies has shown a CAGR of 27.9% for the Healthcare/ Medical Analytics Market which is expected to expand to a value of USD 89 billion by 2028.
The healthcare/medical analytics market refers to the use of data analytics and related technologies to extract insights from healthcare data. Healthcare analytics involves the collection, processing and analysis of healthcare data to generate insights that can be used to improve patient outcomes, reduce costs and optimize healthcare operations.
The healthcare/medical analytics market includes a wide range of solutions and services, including analysis of clinical data, financial data, operational data, population-level data and predictive analytics.
Drivers & Opportunities:
Data-driven healthcare solutions are in great demand as healthcare organizations employ them to enhance patient outcomes, cut costs and streamline operations. The market for healthcare and medical analytics is anticipated to increase as a result of the rising need for electronic health records (EHRs) and big data analytics.
This allows companies to analyze massive amounts of data precisely and efficiently to make developments in artificial intelligence (AI), machine learning (ML) and natural language processing (NLP). Value-based care is also receiving more attention as the healthcare sector moves toward a paradigm that emphasizes both cost containment and patient outcomes improvement. Healthcare analytics tools can assist physicians in locating high-risk patients, monitoring treatment results, and streamlining care delivery to improve outcomes and cut costs.
Access to mobile health (mHealth) solutions has caused a lot of patient data to be produced as mHealth solutions like mobile apps and wearables are adopted globally. Healthcare analytics tools can assist providers in analyzing this data to learn more about the actions, preferences, and results of patients.
Restraints & Challenges :
The application of healthcare analytics necessitates the secure management and storage of sensitive patient data, which is a major concern for the healthcare sector. Healthcare firms may face difficulties due to worries about data security and privacy as well as regulatory compliance. It is also difficult to combine and analyze data from numerous sources since healthcare data is frequently fragmented and housed in disparate systems and formats. The efficient application of healthcare analytics may be hampered by a lack of operability and standardization.
Qualified personnel, such as data scientists, analysts, and healthcare practitioners with specialized training, are necessary for the efficient use of healthcare analytics, which causes difficulties due to the lack of qualified workers in this industry.
The adoption of healthcare analytics solutions involves infrastructure and technology, as well as personnel development and change management which some healthcare companies find difficult to deploy due to the high expenditures. Moreover, healthcare personnel may be resistant to change as the adoption of healthcare analytics solutions necessitates adjustments to workflow and procedures.
Recent Developments & Partnership:
- In August 2022, Syntellis Performance Solutions acquired Stratasan Healthcare Solutions, a healthcare market intelligence, and data analytics company. Through the acquisition, Syntellis expanded its solutions for healthcare organizations with data and intelligence solutions to improve operational, financial, and strategic growth planning.
- In June 2022, Oracle Corporation acquired Cerner Corporation to combine the clinical capabilities of Cerner with Oracle’s enterprise platform analytics and automation expertise.
- In January 2022, IBM and Francisco Partners signed a definitive agreement under which Francisco Partners will acquire healthcare data and analytics assets from IBM that are currently part of the Watson Health business.
IBM, Optum, Cerner, SAS Institute, Allscripts, McKesson, MedeAnalytics, Inovalon, Oracle, CitiusTech, Wipro
Frequently Asked Questions:
1) What is the projected market value of the Healthcare/Medical Analytics Market?
– The Healthcare/Medical Analytics Market is expected to reach a value of USD 89 billion by 2028
2) What is the estimated CAGR of the Healthcare/Medical Analytics Market over the 2023 to 2028 forecast period?
– The Healthcare/Medical Analytics Market is expected to grow at a CAGR of approximately 27.9% from 2023 to 2028.
3) Who are the key players in the Healthcare/Medical Analytics Market?
– IBM, Optum, Cerner, SAS Institute, Allscripts, McKesson, MedeAnalytics, Inovalon, Oracle, CitiusTech, Wipro
Why Choose Us?
Insights into Market Trends: Global Market Studies reports provide valuable insights into market trends, including market size, segmentation, growth drivers, and market dynamics. This information helps clients make strategic decisions, such as product development, market positioning, and marketing strategies.
Competitor Analysis: Our reports provide detailed information about competitors, including their market share, product offerings, pricing, and competitive strategies. This data can be used to inform competitive strategies and to identify opportunities for growth and expansion.
Industry Forecasts: Our reports provide industry forecasts, which will inform your business strategies, such as investment decisions, production planning, and workforce planning. These forecasts can help you to prepare for future trends and to take advantage of growth opportunities.
Access to Industry Experts: Our solutions include contributions from industry experts, including analysts, consultants, and subject matter experts. This access to expert insights can be valuable for you to understand the market.
Time and Cost Savings: Our team at Global Market Studies can save you time and reduce the cost of conducting market research by providing comprehensive and up-to-date information in a single report, avoiding the need for additional market research efforts.