Healthcare Analytics Market Size, Share, Growth Analysis, By Type(Descriptive Analytics, Predictive Analytics, Prescriptive Analytics, Cognitive Analytics), By Application(Clinical Analytics (Quality Improvement & Clinical Benchmarking, Clinical Decision Support, Reporting & Compliance, Comparative Analytics/Effectiveness), By Component(Services (Support Services, Business Analytics Services), Hardware, and Software ), By Deployment Model(On-premises, On-demand), By End User(Payers (Private Insurance Companies, Government Agencies, Employers & Private Exchanges), Providers (Hospitals), By Region - Industry Forecast 2024-2031

Report ID: SQMIG35D2155 | Region: Global | Published Date: September, 2024
Pages: 157 | Tables: 63 | Figures: 75

Healthcare Analytics Market News

For improved healthcare management RXNT announced the launch of new reporting analytics tools in April 2024. The renowned healthcare software technology company integrated these new tools with the company’s Clinical and Practice Management software systems.
Health Catalyst, Inc., a leading name in the healthcare analytics business, launched Health Catalyst Ignite® in May 2024. The new data and analytics ecosystem is equipped with latest technologies and specially designed for the healthcare industry use.
In March 2024, Apixio Health Data Nexus™ was launched by Apixio, a leading name in the healthcare data space. The new solution was intended to change the way data was handled, analyzed, and integrated in the healthcare industry. The solution also addressed the current challenges of data access and fragmentation that are prevalent across the industry.

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Global Healthcare Analytics Market size was valued at around USD 27.3 billion in 2022 and is expected to rise from USD 34.2 billion in 2023 to reach a value of USD 212.3 billion by 2031, at a CAGR of 25.6% over the forecast period (2024–2031).

Developing affordable healthcare analytics solutions and systems to realize the full potential of the market will be crucial for all companies. Integrating advanced technologies to offer automation and enhance healthcare business will also create new opportunities for healthcare analytics market players. Ensuring data privacy and security will also be a top priority for most healthcare analytics companies. 'IBM ', 'SAS Institute Inc. ', 'Optum, Inc. ', 'Allscripts Healthcare, LLC ', 'CitiusTech Inc. ', 'Health Catalyst ', 'CVS Health ', 'McKesson Corporation ', 'MedeAnalytics, Inc. ', 'Oracle ', 'EXLService Holdings, Inc. ', 'Wipro ', 'Enlitic, Inc. ', 'Komodo Health, Inc. ', 'HealthEC, LLC ', 'Sema4 OpCo, Inc. ', 'Evidation Health, Inc. ', 'Insilico Medicine ', 'Exscientia ', 'Aetion, Inc. ', 'Premier'

Growing use of electronic health records around the world has resulted in a rapidly increasing volume of healthcare data. Investments of healthcare companies to utilize and generate valuable insights out of this data to enhance business operations will bolster the demand for healthcare analytics over the coming years.

Use of AI Technology: Integration of artificial intelligence can help healthcare analytics companies offer more value to their users by identifying unique patterns and even providing the scope of automation as well. Use of this technology could take healthcare analytics to the next level, and this is why it will be crucial for all companies to target this trend in the future.

North America is projected to account for a dominant share of the global healthcare analytics market. Quick adoption of advanced technologies to enhance healthcare delivery in this region will help it maintain its high market share. The United States is estimated to be the top market for healthcare analytics companies operating in this region. High investments of healthcare institutions in enhancing operational efficiency and cost reduction are also promoting the adoption of healthcare analytics in this region.

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