Healthcare Analytics Market to Reach USD 80.21 Billion by 2026; Need to Enhance Patient Engagement will Drive Growth: Fortune Business Insights™

Market Overview-

The global healthcare analytics market is set to grow astonishingly on account of its ever-increasing usage by healthcare professionals to grab the opportunities for enhancing the health system management, diagnosis, expenditure, and patient engagement. Also, healthcare analytics blends historical and real-time information to propel long-term growth, exhibit actionable insights, and predict trends. As per a new report by Fortune Business Insights™, titled, “Healthcare Analytics Market Size, Share & Industry Analysis, By Product (Descriptive, Predictive, and Prescriptive), By Application (Financial Analytics, Population Health Analytics, Clinical Analytics, and Operations and Administrative Analytics), By End User (Payers, Providers, and Others) and Regional Forecast, 2019-2026,” the healthcare analytics market size was USD 11.59 billion in 2018 and is projected to reach USD 80.21 billion by 2026, exhibiting a CAGR of 27.5% during the forecast period.

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This Report Answers the Following Questions:

  • Which region is set to lead the market in the coming years?
  • Which segment is expected to dominate the market?
  • What are the current market trends?
  • Which are the top players in the market?
  • How will the healthcare analytics providers compete in the market?

Drivers & Restraints-

Rising Usage of Big Data to Augment Growth

There has been a tremendous change in the way data is gathered and analyzed owing to the emergence of big data. It consists of vast amounts of data collectedby digitizing several sources. It is then blended and analyzed by advanced technologies. Big data makes use of individual-or population-specific health information. It is capable of theoretically reducing costs, treating complex disorders, and eliminating the risks of epidemics. In addition to that, the governments of many countries are investing huge sums in the development of the healthcare sector. These factors are anticipated to drive the healthcare analytics market growth during the forthcoming period.

However, this sector is currently facing a challenge of collecting data from various sources in real-time. One of the reports by Protenus Breach Barometer mentions that more than 25 million patient records were breached in 2019, as compared to 2018. It proves that the rising cases of confidential data breaches in the industry a reset to decline the demand for healthcare analytics.

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Descriptive Segment to Lead Stoked by its Ability to Analyze Historical Data Efficiently

Based on product, the market is divided into prescriptive analytics, predictive analytics, and descriptive. Out of these, the descriptive segment generated 47.4% healthcare analytics market share in 2018 and is likely to dominate throughout the forecast period. This growth is attributable to their ability to analyze past data and provide actionable insights for the near future. It is considered to be the most widely accepted forms of healthcare analytics.

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Regional Analysis-

Adoption of Electronic Health Record to Favor Growth in North America

In 2018, North America procured USD 53.44 billion in terms of revenue. The region is set to lead the market backed by the increasing venture capital funding, presence of well-established healthcare infrastructure, adoption of electronic health records by several healthcare organizations, and recognition of unique technologies.

Asia Pacific, on the other hand, is anticipated to showcase considerable growth in the coming years owing to the increasing investment by prominent companies, rising awareness about healthcare analytics, surging spending capabilities of providers and payers, as well as rapid acceptance of advanced solutions.

Competitive Landscape-

Key Players Launch Novel Healthcare Analytics Solutions to Gain Competitive Edge

The market houses several companies that are persistently striving to gain a competitive edge by following the strategies of mergers and acquisitions, agreements, new product launches, investments, and partnerships. Below are a couple of the latest industry developments:

  • August 2019: Clarivate Analytics announced the launch of its new solution called Cortellis Digital Health Intelligence. It would help the technology, device, and drug developers to use digital technology to the fullest.
  • February 2018: Infor unveiled its latest solution named In for Healthcare Enterprise Analytics. It will help the healthcare organizations in transforming complex information into a detailed picture of population and patient health.

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Author’s Bio –

Name: Reeti Banerjee

Reeti Banerjee is currently working as a content writer in a prominent market research firm named Fortune Business Insights™. She specializes in writing articles, press releases, blogs, and news reports. She believes in maintaining simplicity throughout her content to provide the clients with a seamless reading experience.