Healthcare or Medical Analytics Market – Global Overview and Forecast (2023-2029)

Global Healthcare or Medical Analytics Market size was valued at US$ 29.73 Bn. in 2022 and the total Healthcare or Medical Analytics revenue is expected to grow at 23.4% through 2023 to 2029, reaching nearly US$ 129.58 Bn.
Healthcare or Medical Analytics Market Overview:
The Healthcare analytics refers to the practice of evaluating current and past industry data to forecast trends, increase publicity, and even better manage disease transmission. The topic encompasses a wide range of enterprises and offers guidance at both the global and local levels. It can point out room for development in the quality of nursing care, medical evidence, diagnostics, and management consulting. Healthcare analytics, when paired with business analytics suites and data visualization tools, allows management to function more effectively by delivering real-time information that may assist decisions and give actionable information.

Implementing a healthcare analytics solution can assist healthcare professionals in leveraging data for insights in a variety of operational areas. The administration of hospital and charity donations and grants is one important area where analytics may be used to maximize efforts. Donations are the foundation of many healthcare providers' annual budgets, therefore planning and tracking spending and activities is critical for setting suitable goals. Furthermore, it can aid in the tracking of donor involvement, attrition, and prior donations.To know about the Research Methodology:-Request Free Sample Report

In this report, the Healthcare or Medical Analytics market's growth reasons, as well as the market's many segments (Type, Application, End-User, and Region), are discussed. Data has been given by market players, regions, and specific requirements. This market report includes a comprehensive overview of all the significant improvements that are presently prevailing in all market segments.

Key data analysis is presented in the form of statistics, infographics, and presentations. The study discusses the Healthcare or Medical Analytics market's Drivers, Restraints, Opportunities, and Challenges. The report helps to assess the market growth drivers and determines how to use these drivers as a tool. The report also helps to rectify and resolve issues related to the global Healthcare or Medical Analytics market situation.
Healthcare or Medical Analytics Market Dynamics:
The primary driver of the market is the rapid implementation of electronic health records in developing and developed countries. The deployment of such efforts is assisting clinicians in digitally collecting patient records, as well as enabling connectivity and chronic illness monitoring. This, in turn, decreases re-hospitalization and stays, eliminates claims fraudulent practices, improves care health, and lowers medical costs.

A major restraint of the market is the high cost of medical analytics solutions. Despite the demonstrated benefits of analytics in healthcare systems, engagement is low among cost-conscious end customers due to the expensive installation and membership prices of sophisticated analytics systems. Only the best clinics have the competence and money to properly use big data to give significant insights. Modern on-premise healthcare metrics can cost more than $250 thousand for deployment and around the same for yearly licensing fees. This makes it hard for hospitals to explain their investments in analytics solutions, at least in the short term, while they are fixated on integrating electronic health records.

Patient data comprises personal, private, or sensitive information that must be protected with stringent measures to avoid misuse. The increasing use of automated technology (for example, online medical records and health claims handling), as well as the evolving trend towards health data exchange, have transformed the medical user privacy environment. The electronic interchange of client records expands the reach and effectiveness of health care services, but it also increases information risk and responsibility owing to increased access, which can result in data leaks.
Healthcare or Medical Analytics Market Segment Analysis:
By Type, the predictive analytics segment is expected to witness the fastest CAGR of 8.2% in the previously mentioned forecast period. Predictive analytics in medicine has become a crucial element of enhancing care and optimizing outcomes as a result of the deployment of machine learning. Clinicians have utilized the technology to assist in the clinical decision-making procedure and to effectively examine huge data with the use of predictive analytics. Implementing predictive analytics into the medical system has benefited both doctors and patients.

Predictive analytics has shown to be a valuable tool in clinical decision-making. Consumers react differently to various forms of treatment, particularly those for chronic conditions. Researchers at the University Of Michigan Rogel Cancer Center are developing a blood test that can anticipate if a specific treatment technique for HPV-positive esophageal cancer is effective months before normal radiology scans. Currently, the only way doctors can tell if a treatment is effective is for patients to have imaging scans every few months to determine if their tumors are diminishing. And this isn't quite correct since certain cancers exhibit what physicians call pseudoprogression, in which a good therapy causes tumors to grow larger before shrinking them. Their objective was to create a test that would tell them if therapy was likely to work after only one round.
Regional Insights:
Throughout North America, the U.S has had a substantial market share. Analytics surpassed comparative and compliance management in the COVID-19 outbreak and then became a vital business strategy. The National Institutes of Health developed a centralized, secure facility in 2022 to collect and research massive volumes of health record data from persons diagnosed with COVID-19 illness throughout the United States. Numerous federal requirements in the United States, e.g. the American Recovery and Reinvestment Act are enabling medical organizations to adopt electronic health records, focus on the standard of care to conform with compensation initiatives, and improve data exchange between numerous health services.

Other government requirements in the United States, e.g. the Health Insurance Portability and Accountability Law and the Patient Protection and Affordable Treatment Act, compel medical businesses to focus on automation and care quality. The growing pressure on hospitals in the United States to meet government healthcare standards is prompting them to embrace advanced analytics for evaluation, enhancing service quality, and avoiding needless expenses. Because the United States is a significant contributor to the healthcare analytics industry, the adoption of these efforts is viewed as a favorable signal of the entire market's growth.

The objective of the report is to present a comprehensive analysis of the Healthcare or Medical Analytics market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Healthcare or Medical Analytics market dynamics, structure by analyzing the market segments and projecting the Healthcare or Medical Analytics market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Healthcare or Medical Analytics market make the report investor’s guide.
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Healthcare or Medical Analytics Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 29.73 Bn.


Forecast Period 2023 to 2029 CAGR:
23.4%
Market Size in 2029:
US $ 129.58 Bn.


 Segments Covered:
by Type
Descriptive Analytics
Predictive Analytics
Prescriptive Analytics


by Application
Clinical
Financial
Operational & Administrative


by End-User
Life science Companies
Healthcare Payers
Providers



Healthcare or Medical Analytics Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest)
Key Players are:
1.IBM
2.Optum
3.Cerner
4.SAS Institute
5.Allscripts
6.McKesson
7.MedeAnalytics
8.Inovalon
9.Oracle
10.Health Catalyst
11.SCIO Health Analytics
12.Cotiviti
13.CitiusTech
14.Wipro
15.VitreosHealth

FAQs:

1. Which is the potential market for Healthcare or Medical Analytics in terms of the region?
Ans. Throughout North America, the U.S has had a substantial market share.

2. What are the restraints for new market entrants?
Ans. A major restraint of the market is the high cost of medical analytics solutions.

3. What is expected to drive the growth of the Healthcare or Medical Analytics market in the forecast period?
Ans. The primary driver of the market is the rapid implementation of electronic health records in developing and developed countries.

4. What is the projected market size & growth rate of the Healthcare or Medical Analytics Market?
Ans. Healthcare or Medical Analytics Market size was valued at US$ 29.73 Bn. in 2022 and the total Healthcare or Medical Analytics revenue is expected to grow at 23.4% through 2023 to 2029, reaching nearly US$ 129.58 Bn.

5. What segments are covered in the Healthcare or Medical Analytics Market report?
Ans. The segments covered are Type, Application, End-User, and Region.