SAN FRANCISCO, Sept. 23, 2021 /PRNewswire/ -- The global healthcare analytics market size is expected to reach USD 129.7 billion by 2028 and is expected to expand at a CAGR of 23.8% over the forecast period, according to a new report by Grand View Research, Inc., The rising need to enhance patient outcomes simultaneously focusing on reducing expenses is supporting the growing need for analytical solutions in the industry. Moreover, analytical solutions developers and providers are introducing advanced analytical solutions, which is further boosting revenue growth.

Key Insights & Findings:

• The market is expected to grow well over the forecast period due to the growing adoption rates of analytical solutions and the emergence of advanced analytical solutions designed for the healthcare industry
• The services segment dominated the market in 2020 owing to the rising trend of outsourcing analytical solutions and services
• The descriptive analysis segment dominated the market in 2020, owing to the growing demand for descriptive analysis to understand business performance based on historic data
• The financial application segment dominated the market in 2020, owing to the increasing adoption of analytical solutions to curb frauds and assess risk
• The on-premise delivery mode segment dominated the market in 2020 owing to easy access to these analytical solutions from remote locations
• The life science companies segment dominated the market in 2020 owing to the growing demand for analytical solutions in the pharmaceutical, medical devices, and biotechnology sectors
• North America dominated the market in 2020 owing to the emergence of advanced analytical solutions and advancements in infrastructure

Read 110 page market research report, "Healthcare Analytics Market Size, Share & Trends Analysis Report By Component, By Type, By Application, By Delivery Mode, By End User, By Region, And Segment Forecasts, 2021 - 2028", by Grand View Research

The covid-19 pandemic has strained the global healthcare systems and is supporting the growing demand for analytical solutions. Furthermore, during the pandemic analytical solutions providers have made technological advancements allowing healthcare systems to overcome the physical restrictions of labor and capital, and venture new sources of growth. The industry uses these solutions in tracking facility capacity, evaluating and identifying high-risk patients.

The services segment dominated the market owing to the growing trend of healthcare and life science companies outsourcing these analytical services since they lack the capabilities and resources for the same. Descriptive analysis dominates the analytics industry due to the growing demand for quantifiable and descriptive analysis to holistically analyze historic business performances and trends. On the other hand, predictive analysis is anticipated to grow lucratively owing to the growing adoption rates of advanced analytical solutions in predicting future outcomes.

Financial systems using analytical solutions dominated the market with the growing trend of integrating analytical solutions in government and private healthcare settings to prevent frauds and maximize cost savings. Although on-premises deployment dominated the market due to ease of accessibility and minimum costs, cloud deployment is expected to grow tremendously with the growth of web-based and internet services enhancing accessibility. Life science companies extensively use analytical solutions in improving the accuracy and efficacy of their products and services. Healthcare providers are witnessing a rise in adoption rates of analytics with the growing use of analytical solutions in hospitals and clinics especially.

North America dominated the market in 2020 owing to the significant growth in adoption rates of advanced analytical solutions, increasing geriatric population coupled with rising prevalence of chronic diseases, growing economic development supporting the development of infrastructure and facilities. The Asia Pacific on the other hand is anticipated to grow at a lucrative growth rate over the forecast period owing to advancements in infrastructure, rapidly growing healthcare industry, rising government and private investments, and availability of highly skilled labor is supporting the growth of the market in the region.

Grand View Research, Inc. has segmented the global healthcare analytics market on the basis of component, type, application, delivery mode, end-user, and region:

• Healthcare Analytics Component Outlook (Revenue, USD Million, 2014 - 2028)
• • Software
  • Services
  • Hardware
• Healthcare Analytics Type Outlook (Revenue, USD Million, 2014 - 2028)
• • Descriptive Analysis
  • Predictive Analysis
  • Prescriptive Analysis
• Healthcare Analytics Application Outlook (Revenue, USD Million, 2014 - 2028)
• • Clinical
  • Financial
  • Operational & Administrative
• Healthcare Analytics Delivery Mode Outlook (Revenue, USD Million, 2014 - 2028)
• • Web Hosted
  • Cloud Based
  • On-premise
• Healthcare Analytics End-user Outlook (Revenue, USD Million, 2014 - 2028)
• • Life science Companies
  • Healthcare Payers
  • Healthcare Providers
• Healthcare Analytics Regional Outlook (Revenue, USD Million, 2014 - 2028)
• • North America
  • • U.S.
    • Canada
  • Europe
  • • U.K.
    • Germany
    • Spain
    • France
    • Italy
  • Asia Pacific
  • • China
    • Japan
    • India
    • South Korea
  • Latin America
  • • Brazil
    • Mexico
  • Middle East & Africa
  • • South Africa
    • Saudi Arabia
    • UAE

List of Key Players of Healthcare Analytics Market

• McKesson Corporation
• Optum, Inc
• IBM
• Oracle
• SAS Institute, Inc
• IQVIA
• Verisk Analytics, Inc
• Elsevier
• Medeanalytics, Inc
• Truven Health Analytics, Inc
• Allscripts Healthcare Solutions, Inc
• Cerner Corporation

Browse through Grand View Research's coverage of the Global Healthcare IT Industry:

• Biosimulation Market – The global biosimulation market size was valued at USD 2.1 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 15.9% from 2021 to 2028. The rising incidence of drug relapse cases due to drug resistance in diseases, including cancer, tuberculosis, and other bacterial infections, is among the key trends stimulating the market growth.
• Fitness Tracker Market – The global fitness tracker market size was valued at USD 34.6 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 18.9% from 2021 to 2028. The market growth is extensively attributed to the rising health & fitness awareness, growing penetration of the internet & smartphones, and increased consumer disposable income levels.
• ePharmacy Market – The global ePharmacy market size was valued at USD 60.8 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 18.4% from 2021 to 2028. Rising penetration of the internet across the globe, improving digitalization of healthcare services, and an increasing number of tech-savvy consumers are the key factors boosting the market growth.

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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SOURCE Grand View Research, Inc.