CHICAGO, Sept. 8, 2021 /PRNewswire/ -- According to the new market research report "Healthcare Analytics Market by Type (Descriptive, Prescriptive, Cognitive), Application (Financial, Operational, RCM, Fraud, Clinical), Component (Services, Hardware), Deployment (On-premise, Cloud), End-user (Providers, Payer) - Global Forecast to 2026", published by MarketsandMarkets, the market is projected to reach USD 75.1 billion by 2026 from an estimated USD 21.1 billion in 2021, at a CAGR of 28.9%.
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The Growth in this clinical analytics market can be primarily attributed to the need for laboratory automation, development of integrated healthcare analytics, need to comply with regulatory requirements, rising prevalence of chronic diseases, and growing adoption of to enhance lab efficiency.
Healthcare analytics is the efficient use of data and related business insights developed through statistical, quantitative, predictive, comparative, cognitive, and other emerging applied analytical models. Healthcare analytics tools help reveal and understand historical data patterns, predict future outcomes, and provide actionable insights to drive fact-based decision-making for improved clinical, financial, and operational performance of healthcare organizations.
The COVID-19 pandemic has had a significant impact on the world's population and economy. As a result of the pandemic, there has been an increase in the importance of big data in healthcare industry. The predictive and prescriptive analytics has been used to develop prediction models to estimate the emergence of subsequent waves of COVID-19 infection spread in different regions of the world. The increase in the adoption of EHR in developing and developed countries during the pandemic has further influenced the growth of the market in 2020. Operational analytics has proven beneficial in the management of patient data and COVID-19 bed allocation in ICU units during the pandemic. Claim management and risk assessment analytics were widely used in healthcare reimbursement for COVID-19 patients. Healthcare analytics has also witnessed various innovations and developments in the market space owed to the outbreak of the pandemic.
Cognitive analytics to register the highest growth in the type market
Based on type, the market is segmented into cognitive analytics, descriptive analytics, predictive analytics, and prescriptive analytics. Cognitive analytics uses artificial intelligence (AI) technologies such as machine learning, deep learning, natural language processing (NLP), and reasoning or logic systems to provide analysis. It automates the decision-making process and provides insights and suggestions to enhance human decisions. The descriptive analytics segment is expected to account for the largest share of 52.3% of the healthcare analytics market in 2021. Descriptive analytics help healthcare payers and providers to better monitor and manage their business practices. It categorizes, characterizes, consolidates, and classifies the past data to convert it into useful information. Most organizations prefer descriptive/retrospective analytics since it can be implemented with the standard aggregate functions built into most databases.
On-premise to hold the largest segment of the market
Based on the deployment model, the market is segmented into on-premise and on-premise. The on-premise segment accounted for the largest share of 62.8% of the healthcare analytics market in 2020. On-premise delivery allows end users to use solutions from multiple vendors, which enables customizations as per end user requirements. While on-premise solutions hold the larger share of this market, a growing number of healthcare providers are opting for cloud-based due to its advantages, such as cost-effectiveness and ease of use.
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North American healthcare analytics market to dominate the market during the forecast period
North America dominated the market in 2020 and is expected to grow at a 31.4% CAGR during the forecast period. The large share of North America in the global clinical analytics market can be attributed to the implementation of federal health mandates that encourage the adoption of HCIT solutions, increasing focus on PHM, a significant amount of VC investments, growing pressure to reduce healthcare costs, technological advancements, and high product and service availability in this region. Moreover, most of the leading players in the market have their headquarters in North America.
Some of the prominent players operating in the healthcare analytics market are IBM (US), Optum (US), Cerner (US), SAS Institute (US), Allscripts (US), McKesson (US), MedeAnalytics (US), Inovalon (US), Oracle (US), Health Catalyst (US), SCIO Health Analytics (US), Cotiviti (formerly Verscend Technologies) (US), CitiusTech (US), Wipro (India), and VitreosHealth (US) among others, among others.
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