According to a new report, published by KBV research, The Global Healthcare Analytics Market size is expected to reach $93.3 billion by 2027, rising at a market growth of 28.8% CAGR during the forecast period.
The Services segment dominated the Global Healthcare Analytics Market by Component in 2020, thereby, achieving a market value of $41.4 billion by 2027. This is because healthcare and life science organizations lack the skills and resources to deploy analytics, they outsource these services to other premier analytical solutions companies. Moreover, multi-package services are being introduced by outsourcing businesses to life science companies, and this is projected to contribute to the segment's growth throughout the projection period.
The Prescriptive Analytics segment has shown grown rate of 29.2% during (2021 - 2027). Predictive analysis is important in healthcare since it helps to determine product acceptance rates, disease epidemiology, and changes in physician perception and purchasing behavior. Moreover, players can create appropriate plans and tactics to increase corporate performance due to the growing use of advanced analytical solutions in anticipating future market dynamics and results.
The Life science Companies segment acquired the maximum revenue share in the Global Healthcare Analytics Market by End-user in 2020, thereby, achieving a market value of $48.7 billion by 2027. This is due to life science companies are highly utilizing analytical solutions to improve product accuracy and efficacy. SAS Life Science Analytics Framework, for example, enabled Covid-19 vaccine clinical trial management in November 2020 by translating acquired data into real-time information and offering data-driven insights. In addition, life science companies are continuously investing in their R&D capabilities in order to enhance product quality and efficiency, which is likely to increase the penetration and use of healthcare analytics in the industry.
The On-demand segment is showcasing a CAGR of 30.7% during (2021 - 2027). The increased accessibility of the internet and better ease of access from remote locations are fueling the expansion of cloud computing and web-based apps, which are seeing a boom in usage. Cloud-based software solutions store data remotely, freeing up space on users' devices and enabling quick data retrieval. Platform as a Service (PaaS), Infrastructure as a Service (IaaS), and Software as a Service (SaaS) are three types of cloud-based technologies.
The Financial Analytics segment is leading the Global Healthcare Analytics Market by Application in 2020, thereby, achieving a market value of $30.7 billion by 2027. Financial and government businesses use these technologies for revenue cycle management, fraud prevention, claim settlement, and risk assessment. Due to the increased acceptance of these services in the prevention of fraud and the reduction of expenses paid by healthcare facilities, the financial services category is expected to develop at a higher rate for the foreseeable period.
North America is the fastest growing region in the Global Healthcare Analytics Market by Region in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $36.3 billion by 2027. The Europe market is estimated to witness a CAGR of 28.3% during (2021 - 2027). Additionally, The Asia Pacific market would display a CAGR of 29.5% during (2021 - 2027).
Full Report: https://www.kbvresearch.com/healthcare-analytics-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of IBM Corporation, Oracle Corporation, Verisk Analytics, Inc., IQVIA Holdings, Inc., AllScripts Healthcare Solutions, Inc., McKesson Corporation, UnitedHealth Group, Inc. (Optum, Inc.), Health Catalyst, Inc., Cerner Corporation, and SAS Institute, Inc.
By Component
By Type
By End-user
By Deployment Model
By Application
By Geography
Companies Profiled
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