Healthcare data analytics combines real-time and historical data to predict trends, reveal actionable insights, and improve clinical, financial, and operational performance.
Shift towards Evidence-based Care Model
Data and analytics have been central to healthcare for decades. However, a major shift in how data is generated, aggregated and utilized is being witnessed as the healthcare industry moves from a fee-for-service to value-based care model.
Key Growth Drivers: Healthcare Analytics Market
The adoption of healthcare analytics is anticipated to grow rapidly worldwide as it can potentially reduce the cost of treatment, predict disease outbreaks, avoid preventable illnesses and improve the overall quality of care and life of patients.
Key Challenges: Healthcare Analytics Market
Healthcare data security and patient privacy issues, unstructured/fragmented data, ever-changing data, interoperability and data science skills gap are some of the key challenges to be addressed to witness exponential growth.
US Leads in terms of Adoption of Healthcare Analytics Market
The US is the largest market for healthcare analytics with >60% share, followed by Europe. In 2020, the US healthcare expenditure reached an all-time high accounting for 19.7% of its GDP. With skyrocketing costs, rising demand for value-based care and growing regulatory reporting requirements, the healthcare stakeholders are increasingly adopting data-driven solutions like analytics. This trend is evident by significant VC funding/PE investments in this field. Healthcare analytics companies raised $1.5 billion VC funding in the 1H of 2021, ~90% increase YOY.
Growing focus on Advanced Analytics
Based on our research & interviews with industry experts, currently, healthcare analytics companies derive most of their revenues from descriptive analytics however, increasingly the healthcare providers and payers are implementing predictive and prescriptive analytics.
On-premise Model still Prevailing
â€œCloud offers a flexible, scalable environment at a lower cost than on-premise deployments but still majority of healthcare analytics solutions are currently implemented on-premise due to security, control and privacy reasons. However, the trend is towards hybrid cloud storage model.â€ – Founder, Executive Chairman, Healthcare Analytics Company, US
Competitive Landscape Analysis: Healthcare Analytics Market
The global healthcare analytics market is fragmented with no clear leader. Some of the key players having a strong foothold in the global healthcare analytics market include IBM, Optum, Cerner, SAS Institute, Allscripts, Change Healthcare, MedeAnalytics, Inovalon, Oracle, Health Catalyst, SCIO Health Analytics, Cotiviti, VitreosHealth, Dedalus, LOGEX, Clanwilliam Group, Evolucare and Clinithink.
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