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Global Healthcare Analytics Market Expected to Grow at a CAGR of 17.5% during 2021-2026, Driven by Major Developments in the Healthcare Sector

According to a new report by EMR titled, 'Global Healthcare Analytics Market Report and Forecast 2021-2026', the global market for healthcare analytics reached a value of about USD 13.6 billion in 2020. The market is expected to grow at a CAGR of 17.5% in the forecast period of 2021-2026 to reach approximately USD 35.8 billion by 2026.

The healthcare analytics industry has witnessed significant demand for on-premises deployment model in the previous years. This could be attributed to the on-premises deployment model's high degree of security and control, as well as its ease of customisation. The cloud-based deployment model, on the other hand, is expected to be the fastest-growing segment during the forecast period, owing to its secure infrastructure, extreme bandwidth availability, and pay-as-you-go pricing facility. Due to numerous schemes, such as FPS, which helps in preventing frauds and improper payments while also saving costs, the financial application category accounted for a significant revenue share in the historical period.

The market growth of healthcare analytics is boosted by the aggressive competition among the industry key players, such as IBM Corporation (NYSE: IBM) and Oracle Corporation. The former company, IBM Corporation’s subsidiary, IBM Watson Health, is transfiguring the healthcare industry by fulfilling business and clinical needs with data, cloud, analytics, and artificial intelligence solutions. IBM Watson Health is expanding its product range and establishing itself as a market leader. The growing advancements in smart technology and the surging healthcare sector is bolstering the growth rate of the healthcare analytics industry during the forecast period.

Market Analysis by Type, Component, Deployment Model, Application, End User, and Region:

  • On the basis of type, the healthcare analytics industry is divided into descriptive, predictive, and prescriptive.
  • In terms of component, the market is segmented into hardware, software, and services.
  • With respect to deployment model, the market is categorised into on-premises, web-based, cloud-based.
  • Based on application, the market is classified into clinical, financial, and operational and administrative.
  • The market is segregated on the basis of end users into healthcare providers, pharmaceuticals, biotechnology, and academic organisation.
  • Regionally, the market is divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The rise in big data and the healthcare sector is bolstering the market growth of healthcare analytics.
  • The increasing initiatives and programmes of healthcare analytics are aiding the growth of the industry.
  • The market growth is also boosted by the increasing demand for descriptive analytics.
  • The rising popularity of on-premises healthcare analytics is expected to propel the market growth of healthcare analytics.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for healthcare analytics for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the types, components, deployment models, applications, end users, and regions of healthcare analytics.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

Epic Systems Corporation, McKesson Corporation, SAS Institute, Inc, UnitedHealth Group, Oracle Corporation, IBM Corporation, MedeAnalytics, Inc., Optum, Inc., Health Catalyst, and SAP SE, among others, are the key players in the global healthcare analytics market. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

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