The healthcare analytics market is on a remarkable growth trajectory from 2022 to 2032, with a projected increase of 29.2%. This anticipated expansion far exceeds the historical growth rate. What’s particularly noteworthy is the software segment within this market. It is expected to be the top revenue generator, and its growth is projected to be impressive, with a Compound Annual Growth Rate (CAGR) of over 33% during the same period.
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The healthcare industry increasingly uses data analysis, and the government encourages the use of electronic health records in clinics. This is making the healthcare analytics market grow. Also, healthcare organizations compete to cut costs, helping the market grow even more.
Social media and the internet are playing a significant role in changing how healthcare works. They’re trying to get more patients involved in their healthcare and collect information. There’s also a growing interest in using data to understand how patients are doing, driven by the demand for insights about consumers.
Advanced analytical tools designed for healthcare facilities and companies that handle financial, clinical, operational, and administrative services are growing in the healthcare field. A big reason for this growth is that they use fancy technology to dig through much information (like a digital detective) and determine which patients are at the highest risk. Then, they can give those patients the best possible care. They also use this technology to predict and tackle problems, like assessing risks.
By the end of 2032, it’s predicted that the United States will have the largest healthcare analytics market share, reaching a value of US$ 213 billion. This growth is partly thanks to healthcare companies providing new and improved healthcare products and also because healthcare professionals are becoming more interested in using data analytics to understand and treat the latest diseases. All of this has been helped along by favorable rules and better rates of diagnosing illnesses.
“Healthcare analytics is revolutionizing the healthcare industry,” the Lead Research Analyst, referencing their recent study. “By leveraging data-driven insights, healthcare professionals can make informed decisions, improve patient care, and optimize operational efficiency, ushering in a new era of healthcare management and delivery.”
Key Takeaways from the Healthcare Analytics Market Report:
- The healthcare analytics market was valued at US$ 29.1 Billion in 2021. According to Future Market Insights, healthcare analytics market revenue would increase 12.8X between 2022 and 2032, reaching roughly US$ 470.8 billion 2032.
- Regarding components, the software accounts for the highest projected CAGR of over 33%.
- In terms of types of healthcare analytics, descriptive analysis accounts for the highest CAGR of 28.1% during the historic period (2017 to 21).
- The USA is the dominant region in the healthcare analytics market, with an absolute dollar growth opportunity of over US$ 197 billion.
Leading Key Players in Healthcare Analytics Market:
- IBM Corporation
- McKesson Corporation
- SAS Institute Inc.
- Optum Inc.
- Cerner Corporation
- Truven Health Analytics, Inc.
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Healthcare Analytics Market Segmentation:
By Delivery Mode:
- Web Hosted
- Descriptive Analysis
- Predictive Analysis
- Prescriptive Analysis
- Operational & Administrative
- North America
- Latin America
- Asia-Pacific (APAC)
- Middle East and Africa (MEA)
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management across verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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