US Healthcare Analytics market was valued at USD 2.9 billion by 2020, growing with 24.89% CAGR during the forecast period, 2022-2030.
Healthcare analytics is a collection of analytical solutions that includes all data-driven healthcare analysis operations. The information is acquired from a variety of critical areas of the healthcare business, including clinical data, patient treatment/behavior data, pharmaceutical and R&D data, and claims and cost data. Healthcare analytics aid in the improvement of clinical treatment while decreasing unnecessary healthcare expense. The primary goals of healthcare analytics are to increase user trust in healthcare IT by fostering collaboration among all stakeholders, safeguarding the security and privacy of patients' personal information, and improving user confidence in healthcare IT.
It isconcerned with the technology and procedures used to collect, manage, and analyse health-related data. Using healthcare analytics effectively allows you to make more efficient and lucrative operational and clinical decisions. Examples of findings generated from health data analyses will assist you in better understanding the elements of operational and clinical performance, medical results, benefit costs, and what elements of those outcomes you can change to achieve better outcomes.
Market Dynamics and Factors:
Growing healthcare expenditures, incentives for productive use, and EHR adoption, along with the accessibility of big data in healthcare and technology developments, are driving the need for Healthcare Analytics. Healthcare Analytics is seeing an increase in venture capital financing. The rise of big data in the healthcare sector will have a significant influence on the industry's growth. Big data is a term used to describe large amounts of complicated data that cannot be handled using standard data processing technologies. The transition in healthcare from written scripts and paper charts to real-time monitoring and electronic health records has resulted in increased digital data accumulation. Furthermore, data gathering from genetic sequencing, billing, medical research findings, claims, and practise recommendations is continually growing the digital data universe.
Market Segmentation:
US Healthcare Analytics Market can be segmented on the basis of By Product Type (Healthcare Payers,HealthcareProviders, Life science Companies)By Application (Clinical analytics, Financial analytics, Operational analytics , Population health analytics),By Deployment (On Premise, Cloud based) By Market Location (Northeast USA, By Midwest USA, South USA, By East USA ).
Geographic Analysis:
North America dominates the mass US Healthcare Analytics market due to the presence of advanced technology and favourable government funding programmes for research studies which are using mass US Healthcare Analytics. These are the factors that will contribute to the region's mass US Healthcare Analytics market growth during the forecast period. Asia Pacific is projected to witness substantial development in the mass US Healthcare Analytics market due to rising usage rates of mass US Healthcare Analytics in pharmaceutical sectors and food testing procedures, which would drive the region's mass US Healthcare Analytics market growth during the forecast period.
Competitive Scenario:
The high implementation costs associated with healthcare analytics are expected to limit industry expansion. Industry growth, mergers and acquisitions, partnerships and collaborations, product launches, and government efforts promoting the adoption and implementation of healthcare analytics, on the other hand, are pushing market expansion. For example, in January 2019, IBM announced a partnership with eQHealth Solutions to enhance eQHealth's analytics capabilities in digesting and deriving value and deep insight from structured and unstructured healthcare data such as clinician notes, care coordinator's health risk evaluation, and other forms of unstructured data. Some of the major competitor in US Healthcare Analytics market isIBM Corp., OptumHealth, Inc., Wipro Limited, Allscripts, Oracle Corp.
US Healthcare Analytics Market Report Scope
| Report Attribute | Details |
| Analysis Period | 2020–2030 |
| Base Year | 2021 |
| Forecast Period | 2022–2030 |
| Market Size Estimation | Billion (USD) |
| Growth Rate (CAGR%) | 24.89% |
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| By US Healthcare Analytics Market can be segmented on the basis of By Product Type (Healthcare Payers, Healthcare Providers, Life science Companies) By Application (Clinical analytics, Financial analytics, Operational analytics , Population health analytics),By Deployment (On Premise, Cloud based) |
| Geographical Segmentation | North America (U.S., Canada, Mexico) Europe (UK, Germany, Italy, France, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of APAC), South America (Brazil, Argentina, Rest of SA), MEA (UAE, Saudi Arabia, South Africa) |
| Key Companies Profiled | US Healthcare Analytics market isIBM Corp., OptumHealth, Inc., Wipro Limited, Allscripts, Oracle Corp. |
