The "Global Healthcare Data Analytics Market Size By Type (Descriptive Analysis, Predictive Analysis), By Component (Software, Hardware), By Delivery Mode (On-Premises, Web-Hosted), By End-Use (Healthcare Payers, Healthcare Providers), By Geographic Scope And Forecast" report has been published by Verified Market Research®. The report provides an in-depth analysis of the global Healthcare Data Analytics Market, including its growth prospects, market trends, and market challenges.
JERSEY CITY, N.J., July 11, 2023 /PRNewswire/ -- The Global Healthcare Data Analytics Market is projected to grow at a CAGR of 23.12% from 2023 to 2030, according to a new report published by Verified Market Research®. The report reveals that the market was valued at USD 26.70 Billion in 2022 and is expected to reach USD 122.20 Billion by the end of the forecast period.
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Browse in-depth TOC on "Healthcare Data Analytics Market"
202 - Pages
126 – Tables
37 – Figures
Healthcare Data Analytics Market Poised for Growth, Driven by Key Factors and Leading Players
The healthcare data analytics market is on the brink of significant expansion, fueled by the crucial role played by the collection and analysis of data in identifying improvement opportunities across various aspects of the health system. Healthcare professionals leverage this process to make informed judgments that benefit the industry as a whole. By utilizing real-time and historical data analysis, healthcare data analytics predicts trends, uncovers actionable insights, and fosters long-term growth.
Key Drivers for Market Growth
The global healthcare data analytics market is set for substantial growth, primarily driven by the following factors:
- Improved Care Quality: The integration of data analytics enables healthcare providers to enhance the quality of care delivery, leading to improved patient outcomes and satisfaction.
- Increased Utilization of Big Data Analytics: The growing utilization of big data analytics empowers healthcare organizations to derive valuable insights from vast amounts of data, improving decision-making processes and operational efficiencies.
- Growing Adoption of Electronic Health Records (EHR) in Developing Countries: The adoption of EHR systems in developing countries expands the data available for analysis, contributing to better patient care coordination and healthcare management.
- Prevention of Avoidable Costs: Data analytics assists in identifying areas where costs can be reduced and unnecessary expenditures can be avoided, leading to significant savings in healthcare spending.
- Venture Capital Investments and Rising Healthcare Expenditures: The market benefits from substantial venture capital investments and increasing healthcare expenditures, driving technological advancements and innovation in healthcare data analytics.
- Demand for Analytics in Sales and Marketing: Analytics plays a pivotal role in sales and marketing applications, enabling healthcare organizations to improve targeting, optimize marketing campaigns, and enhance overall sales performance.
- Rise in Chronic Illnesses and the Need to Reduce Healthcare Spending: The increasing prevalence of chronic diseases and the pressing need to curb healthcare spending further contribute to the growth of the healthcare data analytics market.
Market Outlook and Expansion
The healthcare industry is experiencing a significant shift in focus towards data collection and analysis, driven by advancements in customer service and technology. The emergence of big data in healthcare, influenced by the proliferation of social media, has created a vast market for healthcare analytics. Moreover, increased funding for medical technology firms, coupled with the development of mHealth apps, big data analytics, and Internet of Things (IoT) technologies, is expected to drive substantial expansion of the global healthcare data analytics market.
Market Challenges and Restraints
Despite the promising growth prospects, the healthcare data analytics industry faces certain challenges. The shortage of appropriately trained staff for data storage and raw data analysis highlights a growing talent gap. Limited skills, knowledge, expertise, and experience in data analytics operations hinder the market's potential. Increasing research and development initiatives pose obstacles to market demand. Additionally, high implementation costs, along with security and storage-related concerns, act as significant restraints in the market.
Key Players in the Market
Prominent companies driving the healthcare data analytics market include Allscripts, Cerner, Health Catalyst, IBM, Inovalon, McKesson, MedeAnalytics, Optum, Oracle, SAS, Wipro, Verscend, CitusTech, Cerner Corporation, and Koninklijke Philips N.V. These market leaders employ financial statements, product benchmarking, SWOT analysis, and key development strategies to maintain a competitive edge and drive innovation.
In conclusion, the healthcare data analytics market presents tremendous growth potential, leveraging improved care quality, big data utilization, and increased adoption of healthcare information technology solutions. Addressing challenges related to talent acquisition, research initiatives, implementation costs, and security is crucial for the sustained development of the market.
To get market data, market insights, financial statements and a comprehensive analysis of the Global Healthcare Data Analytics Market, please Contact Verified Market Research®.
Based on the research, Verified Market Research® has segmented the global Healthcare Data Analytics Market into Type, Component, Delivery Mode, End-Use, And Geography.
- Healthcare Data Analytics Market, by Type
- Predictive Analysis
- Descriptive Analysis
- Prescriptive Analysis
- Healthcare Data Analytics Market, by Component
- Software
- Hardware
- Services
- Healthcare Data Analytics Market, by Delivery Mode
- On-Premises
- Web-Hosted
- Cloud-Based
- Healthcare Data Analytics Market, by End-Use
- Healthcare Payers
- Healthcare Providers
- Life Science Companies
- Healthcare Data Analytics Market, by Geography
- North America
- U.S
- Canada
- Mexico
- Europe
- Germany
- France
- U.K
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- ROW
- Middle East & Africa
- Latin America
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