Healthcare Analytics Market Growth
Rising awareness of personalized medicines and the growing genomics market is expected to expand the healthcare analytics market growth.
PORTLAND , PORTLAND, OR, UNITED STATE, September 14, 2022 /EINPresswire.com/ — According to the report published by Allied Market Research, the global healthcare analytics market size was estimated at $23.51 billion in 2020 and is expected to hit $96.90 billion by 2030, registering a CAGR of 15.3% from 2021 to 2030.
Rise in the adoption of big data in healthcare organizations and a surge in government initiatives to increase the adoption of electronic health records (EHRs) among healthcare organizations boost the healthcare analytics market growth. In addition, pressure among healthcare organizations to curb unnecessary expenses positively impacts the growth of the market.
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However, factors such as high implementation costs and lack of skilled labor are expected to hamper the market growth. On the contrary, the use of cloud-based analytics across various healthcare providers and the rise in adoption of augmented analytics in the healthcare industry are expected to offer remunerative opportunities for the expansion of the market during the forecast period.
Depending on the application, the financial analysis segment dominated the market share in 2020, and is expected to continue this trend in the upcoming years. This is attributed to the rising need to improve the claims response time among healthcare organizations and to reduce fraudulent activities across the healthcare sector.
However, the clinical analysis segment is expected to witness the highest growth rate during the forecast period, owing to the rapid adoption of artificial intelligence and machine learning technology among healthcare providers and the rise in the need to reduce medical errors among healthcare professionals.
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Region-wise, the healthcare analytics market was dominated by North America in 2020, and is expected to retain its position during the forecast period. The key factors that drive the North American market include growth in demand for healthcare analytics solutions among large organizations and rise in investment in healthcare analytics across the region.
However, Asia-Pacific is expected to witness a significant growth rate during the forecast period, owing to the development of healthcare and IT infrastructure, and increasing public & private funding to support the adoption of advanced analytics solutions.
The healthcare analytics market is projected to prosper in the COVID-19 situation owing to various government, public, and other organizations adopting healthcare analytics to help organizations in navigating the complexities through advanced analytics solutions and support optimal outcomes. In addition, the enormous amount of data generated during the pandemic has given researchers and healthcare providers the opportunity to analyze trends, monitor patient populations and begin to rectify longstanding issues in the healthcare industry.
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Furthermore, with the rapid spread of COVID-19, many hospitals and health systems were faced with the possibility of sudden surges in patient volume, resulting in limited resources and an increased burden on staff. In addition, to better plan for these potential surges, organizations have implemented predictive tools that can help allocate resources, and various government, public and private healthcare organizations across the globe have adopted analytical tools, which are positively impacting the growth of the healthcare analytics market.
Impact of COVID-19 on Healthcare Analytics Market-
• The outbreak of the pandemic led to increasing in demand for upgraded analytics solutions among healthcare organizations to support the establishments during critical situations in the pandemic. This, in turn, has driven the global healthcare analytics market.
• This trend is most likely to continue till the pandemic is completely not over.
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The key players profiled in the healthcare analytics market analysis are Allscript Healthcare Solution, Cerner Corporation, Health Catalyst, HMS (Vitreoshealth)IBM Corporation, McKesson Corporation, MedeAnalytics, Inc., Oracle Corporation, Optum, Inc., and SAS, Institute. These players have adopted various strategies to increase their market penetration and strengthen their position in the healthcare analytics industry.
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