The U.S. Healthcare Payer Analytics Market is expected to reach USD 19.4 billion by 2030, registering a CAGR of 22.3% from 2022 to 2030, according to a new report by Grand View Research, Inc. The digital advancements in the healthcare field, and the digitization of records, are one of the key factors driving the growth of this market. Adoption of such technologies is on an upward trend thus propelling the market. Digital data is being used to derive meaningful results, cost reduction, and minimize fraudulent insurance claims.
The U.S. government has been increasingly spending on
healthcare and focusing on improving digital infrastructure, which is boosting
technological advancements in the field. Due to technological advancements,
decision-making for payers and healthcare providers has become easier with the
help of analytical tools. The overall increase in healthcare expenditure has
amounted to more than USD 4 trillion in the year 2020. It is not only helping
the healthcare industry develop faster but has also made healthcare more
affordable and precise.
The healthcare analytical tools are helping
administrators and policymakers in determining what is the best course of
action, how successful is it going to be, and how much cost can be saved by
cutting unnecessary expenditures. For insurance companies, analytical tools
have helped in recognizing patterns of insurance fraud and in turn saving
billions of dollars per year. Doctors’ analytical tools have helped to
determine the best treatment plans for a particular patient by studying and
analyzing their history.
In the analytics type, the descriptive analysis held
the largest market share of 37.4% in 2021. Descriptive analytics has been
widely used during COVID by various research organizations as well as
laboratories, to determine how contagious the virus is by studying the past and
present tests being conducted for coronavirus. Descriptive analytics analyzes
data to derive meaningful results and can significantly impact future decisions.
The fastest-growing was the predictive analytics segment, this helps in
charting the best treatment plan for a personalized treatment plan, it can help
the doctor to find out what works best for a patient and can give better
treatment outcomes.
In the components, the service segment dominated the
market in 2021. Since the majority of establishments do not have an analytics
department, it is generally outsourced to industry experts which saves the cost
of training and teaching the staff about tools and methods. The fastest-growing
component was the hardware, with rapid investment in healthcare IT, the need
for better computers and hardware components has been responsible for the
growth of the market.
Currently, the largest market share is held by the
on-premises delivery model. Healthcare organizations have been opting for the
installment of analytical tools and software. The on-premises installation
results in less theft of data and provide easier access and maintenance of data
and patient records. However, cloud-based storage has been gaining popularity
due to ease of storage, and minimum requirement of setup, which has been a key
driving factor for the growth of the market.
In the applications segment, the largest market
share is currently held by financial applications. Private and government
facilities have been increasingly adopting analytics for financial
applications. Healthcare analytics is being used for claim
settlement, risk analysis, and identifying frauds in insurance claims. The
fastest-growing application is also financial applications, for use in
identifying frauds related to insurance which cost the payers billions of dollars
per year. These factors have contributed significantly to the growth of the
healthcare payer analytics market.
The COVID-19 pandemic created a huge opportunity for
the healthcare analytics market. The amount of patient data generated during
the pandemic has greatly helped in studying how the disease spreads, how
contagious it is, and what implications it can have on people. Economies around
the world have suffered gravely due to supply chain disruptions saw a decline
in the market, but the usage and rate of adoption of analytics have increased
overall. Telehealth, a means to communicate with patients and doctors saw 38
times increase in adoption from pre-COVID times, as per McKinsey.
Related Press Release@ U.S. Healthcare Payer Analytics Market Report
U.S. Healthcare Payer Analytics
Market Report Highlights
- The largest market share was held by descriptive analysis in the
analytics type segment, it was used by laboratories and research
organizations for studying the spread of the virus during the COVID outbreak
- The largest component was serviced, to cut down on costs incurred
by training staff on healthcare analytics tools
- The on-premise delivery model had the largest share due to its ease
of use and security of patient data; the cloud-based delivery model is
gaining momentum due to its higher capacity
- The financial application segment has been the largest in 2021, due
to its far-reaching implications in minimizing risks, identifying frauds
in insurance claims, etc.
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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