The global Healthcare Analytics Market is estimated to be valued at USD 14.0 billion in 2019. This market is projected to grow at a CAGR of 28.3% during the forecast period to reach USD 50.5 billion by 2024. The growing adoption of data-driven decision-making and the implementation of initiatives to increase EHR adoption by governments in several countries are the major factors driving the growth of this market. Some of the other major factors supporting market growth include the emergence of big data in healthcare, rising pressure to reduce healthcare spending while improving patient outcomes, and the increasing number of patient registries.
The financial analytics application segment is estimated to be the largest segment in the healthcare analytics market in 2019
Clinical analytics, financial analytics, operational & administrative analytics, and population health analytics are the four major application segments in the healthcare analytics market. Globally, healthcare organizations are increasingly focusing on cutting costs and implementing processes that ensure the profitability of their operations. This has created a significant demand for financial analytics as it provides healthcare organizations with relevant knowledge about effective budgeting, forecasting, and revenue cycle management. As a result, the financial analytics segment is expected to account for the largest share of the market in 2019. However, the clinical analytics segment is estimated to grow at the highest CAGR during the forecast period and would be the largest application segment in this market by 2024
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The on-demand healthcare analytics segment is expected to witness high growth during the forecast period
Based on the delivery model, the healthcare analytics market is segmented into on-premise and on-demand models. The on-demand delivery model segment is estimated to grow at a higher CAGR during the forecast period owing to the advantages associated with this model over on-premise models. On-demand delivery models are highly adaptable, easy to use, affordable, and reliable; require no upfront capital investment for hardware; have extreme capacity flexibility, and involve pay-as-you-go pricing.
On-premise solutions to account for the largest share of the healthcare analytics market in 2019
Based on the deployment model, the market is segmented into on-premise and on-demand models. In 2019, the on-premise models segment is expected to account for the largest share of the global market. This can be attributed to the easily customizable nature of on-premise solutions, as compared to on-demand models.
North America is estimated to be the largest regional market for healthcare analytics in 2019
The healthcare analytics market is segmented into six major regions, namely, North America, Europe, Asia, the Pacific region, Latin America, and the Middle East and Africa. In 2019, North America is expected to account for the largest share of the market, followed by Europe. The large share of the North American market can majorly be attributed to the high and growing adoption of healthcare analytics solutions and services by healthcare providers (especially in the US) in the region.
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The prominent players operating in this market include IBM (US), Optum, Inc. (US), Cerner (US), SAS Institute, Inc. (US), Allscripts Healthcare Solutions (US), McKesson (US), MedeAnalytics, Inc. (US), Inovalon (US), Oracle (US), and Health Catalyst (US).