Healthcare Analytics Market

Healthcare Analytics Market

The Healthcare Analytics Market is expected to expand at a CAGR of 14.1% during the forecast period. The growing need for laboratory automation, evolution of incorporated healthcare analytics, the rising need to comply with regulatory requirements, and accelerating incidences of chronic diseases, and growing are diving the market growth.

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Healthcare Analytics Market Dynamics

The increasing adoption of sales & marketing applications and the growing incidences of chronic diseases are the driving forces of the healthcare analytics market. The World Bank report states that the incidences of chronic diseases have increased substantially in the developing nations because of malnutrition, physical inactivity, unhealthy diet pattern, and alcohol usage. As per the survey by IDF, nearly 56.3 million European adults suffered from diabetes, which amounted to 8.5% of the region’s adult population. This number is predicted to increase to 68.9 million by the end of 2035. The evolution of the COVID-19 pandemic has encouraged the adoption of these solutions. The WHO Coronavirus dashboard states that there were nearly 116 million COVID-19 confirmed cases as on 8 March 2021, with more than 2 million deaths globally. This surge in number of COVID-19 cases has persuaded people and healthcare organizations to adopt healthcare analytics solutions.

Also, the healthcare analytics market global forecast projects that the availability of various pay-for-performance (P4P), pay-for reporting (P4R), and risk & revenue-sharing programs with providers has increased investment by payers to understand healthcare needs & risks of their employees. In addition, the growing amount of funding to healthcare technology organizations for the introduction of mHealth apps and the usage of big data and IoT in various other solutions have encouraged the market growth.

The need of skilled professionals to store and interpret the raw data is a major factor that will hinder the market growth. The inadequate knowledge, skillset, expertise, and experience required t work in this field will further hamper the healthcare analytics market size.

Deployment Mode Segment Analysis

The cloud segment is expected to hold a significant share during the forecast period. The cloud-based solutions help in storing large amount of data distantly to provide free space on devices and simplify data retrieval depending upon the specific needs of the user. Moreover, as per the healthcare analytics market report, several benefits of cloud segment such as storage capacity, access, and safety, will fuel the market growth.

Market Segmentation

Healthcare Analytics Market by Technology

  • Descriptive Analytics

  • Predictive Analytics

  • Prescriptive Analytics

Healthcare Analytics Market by Application

  • Clinical Data Analytics

  • Financial Data Analytics

  • Operational and Administrative Data Analytics

Healthcare Analytics Market by Deployment Mode

  • On-Premise

  • Cloud

Healthcare Analytics Market by Region:

  • Asia Pacific

o China

o Japan

o India

o Rest of APAC

  • North America

o United States of America

o Canada

  • Europe

o United Kingdom

o Germany

o France

o Spain

o Rest of Europe

  • RoW

o Brazil

o South Africa

o Saudi Arabia

o UAE

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