Healthcare Analytics Market Worth $84.2 billion by 2027- Exclusive Report Covering Pre and Post COVID-19 Market Estimates by Meticulous Research®

/EIN News/ -- London, July 03, 2020 (GLOBE NEWSWIRE) -- According to a new market research report “Healthcare Analytics Market by Type (Predictive, Prescriptive), Component (Hardware, Software, and Services), Delivery Mode (Cloud), Application (Clinical, RCM, Claims, Fraud, Risk, PHM), End user (Payer, Provider) and Geography- Global Forecast to 2027”, published by Meticulous Research^®, the healthcare analytics market is expected to grow at a CAGR of 26% from 2020 to reach $84.2 billion by 2027.

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The healthcare analytics market is witnessing a consistent growth owing to the growing demand from population health management (PHM), need for redesigned EHRs with advanced analytics capabilities, growth in eHealth collaborative, growing investments by venture capitalists, increasing pressure to provide quality care and control healthcare costs, rising big data in healthcare, trend towards value-based care, improving HCIT infrastructure, and launch of COVID-19 specific analytics solutions. However, lack of data scientists/analytics skills, high price of analytics, and data integration and security challenges may hinder the growth of this market to some extent.

The overall healthcare analytics market study presents historical market data in terms of values (2018 & 2019), estimated current data (2020), and forecasts for 2027 - by type (descriptive analytics, predictive analytics, and prescriptive analytics), component (services, software, and hardware), mode of delivery (on-premise, web-based, and cloud-based analytics models), application (financial analytics, clinical analytics, operational analytics & administrative analytics, and population health analytics), end-user (payers, providers, and Accountable Care Organizations (ACOs), and geography. The study also evaluates industry competitors and analyzes the market at a country level.

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Based on type, the descriptive analytics segment is estimated to command the largest share of the overall healthcare analytics market in 2020. Descriptive analytics forms the base for the effective application of predictive or prescription analytics.

Based on component, the services segment is estimated to hold the largest share of the overall healthcare analytics market in 2020. This is primarily attributed to growing demand for cloud-based analytics, recurring need for support services, and lack of IT skills in healthcare industry.

Based on mode of delivery, the on-premise analytics segment is estimated to hold the largest share of the overall healthcare analytics market in 2020. This is mainly due to concerns related to patient data confidentiality and security on remotely managed servers.

Based on application, the financial analytics segment is estimated to command the largest share of the overall healthcare analytics market in 2020. This is mainly attributed to the growing adoption of analytics by the healthcare providers to reduce hospital re-admissions, curtail growing healthcare costs, and be eligible for value-based reimbursements.

Based on end-user, the payer analytics segment is estimated to hold the largest share of the overall healthcare analytics market in 2020. This is mainly attributed to stringent government norms and high focus on fraud prevention, launch of payer analytics specific solutions that optimize productivity and reduce costs, and growing traction for analytics among employer groups.

The healthcare analytics market scope varies greatly across different continents. The reason for this lies in the rate of technological developments in different parts of the world. North America region is estimated to command the largest share of the global healthcare analytics market in 2020 and is expected to maintain its dominance throughout the forecast period. This region is also expected to grow at the highest CAGR during the forecast period. The large share of this region is mainly attributed to the significant adoption of analytics in the U.S. post the implementation of Affordable Care Act (ACA) and impact of on-going COVID-19 pandemic, easy availability of analytics solutions in this region, prominent venture capital investments in the U.S., and significant government focus on population health management and value-based care.

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The report also includes an extensive assessment of the key strategic developments adopted by leading market participants in the industry over the past 4 years. A majority of players in the healthcare analytics market are adopting key strategies such as strategic alliances, partnerships, collaborations, mergers and acquisitions, and new product/service developments to expand their product and service offerings, global footprint, and augment their market shares. For instance, in June 2020, SAS launched SAS Viya 4, an analytics tool for medical and healthcare sectors which is expected to be available in late 2020. The solution integrates artificial intelligence (AI) and analytics for improved decision-making. Similarly, in April 2020, Allscript’s business EPSi released a COVID-19 Planning Analytics tool that includes 5 independent analyses focused on answering the tough questions being asked by health system leaders. These include ICU capacity, financial burden of COVID-19, resumption of elective procedures, and cost-reduction.

The global healthcare analytics market is highly fragmented and competitive in nature. Some of the leading players operating in the global healthcare analytics market are Allscripts Healthcare Solutions, Inc. (U.S.), Cerner Corporation (U.S.), Epic Systems Corporation (U.S.), Health Catalyst (U.S.), IBM Corporation (U.S.), Inovalon (U.S.), McKesson Corporation (U.S.), MedeAnalytics, Inc. (U.S.), Microsoft Corporation (U.S.), NextHealth Technologies (U.S.), UnitedHealthcare Group (U.S.), Oracle Corporation (U.S.), SAP SE (Germany), SAS Institute Inc. (U.S.), SCIOInspire, Corp. (U.S.), Tableau Software, Inc. (U.S.), TIBCO Software, Inc. (U.S.), Verscend Technologies, Inc. (U.S.), and VitreosHealth (U.S.), among others.

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Scope of the Report:

Healthcare Analytics market, by Type                                    

• Descriptive analytics
• Predictive analytics
• Prescriptive analytics                                                 

Healthcare Analytics Market, by Component                                   

• Services
  • Support Services
  • Business Analytics Services                    
• Software                          
• Hardware     

Healthcare Analytics Market, by Mode of Delivery                                

• On-premise
• Web-based
• Cloud-based 

Healthcare Analytics Market, by Application                                   

• Financial analytics
  • Claims analytics
  • Revenue Cycle Management
  • Payment Integrity & Fraud, Waste & Abuse (FWA)
  • Risk Adjustment & Risk Assessment
• Clinical analytics
• Operational analytics & administrative analytics
• Population health analytics 

Healthcare Market, by End User                                   

• Payer  Analytics
  • Private Payers
  • Public Payers & Government Agencies
  • Employers              
• Provider       
  • Hospitals, IDNs, and Physician Practices
  • Post-Acute Care Organizations
  • Ambulatory Care Settings   
• Accountable care organizations (ACOs)                                            

Healthcare Analytics Market, by Geography                          

• North America                          
  • U.S.             
  • Canada                  
• Europe                            
  • Germany
  • U.K.   
  • France          
  • Italy             
  • Spain           
  • Rest of Europe (RoE)          
• Asia-Pacific                     
  • China           
  • India            
  • Japan           
  • Rest of Asia-Pacific (RoAPAC)        
• Rest of World (RoW)
  • Latin America                    
  • Middle East & Africa           

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