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.
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.
Related Press Release@ Healthcare Analytics Market Report
Healthcare Analytics Market
Report Highlights
- 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
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Grand View Research, Inc. is a U.S. based market research
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in San Francisco. The company provides syndicated research reports, customized
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relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
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