The global healthcare analytics market was valued at US$ 35.3 billion in 2022 and is projected to reach US$ 167.0 billion by 2030, growing at a CAGR of 21.4% from 2023-2030.  The market growth is driven by the increasing demand for better healthcare outcomes, rising healthcare costs, and the growing availability of healthcare data.

Increasing demand for better healthcare outcomes: Healthcare analytics is being used to improve patient outcomes by providing more accurate diagnoses, personalized treatments, and proactive care. The increasing demand for better healthcare outcomes from patients and healthcare providers is driving the adoption of healthcare analytics.

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Healthcare costs are rising globally, which is leading to a greater focus on reducing costs while maintaining or improving the quality of care. Healthcare analytics can help identify areas of inefficiency and waste, and optimize resource utilization.

Market Dynamics

The adoption of electronic health records (EHRs) and other digital health technologies has led to a massive increase in healthcare data. Healthcare analytics is being used to extract insights from this data to improve patient care, clinical outcomes, and operational efficiency.

Healthcare data is sensitive and contains personal information about patients. As the volume of healthcare data continues to increase, concerns about data security and privacy are also rising. This could hinder the adoption of healthcare analytics if patients and healthcare providers are not confident that their data is secure.

Healthcare analytics requires a range of skills, including data science, analytics, and clinical expertise. There is currently a shortage of professionals with these skills, which could limit the growth of the healthcare analytics market.

The quality of healthcare data can vary widely, and it may be difficult to integrate data from different sources. This can make it difficult to perform accurate analytics and make informed decisions.

Healthcare data is subject to strict regulations, such as HIPAA in the United States. Healthcare analytics initiatives must comply with these regulations, which can be a challenge.

The global healthcare analytics market is a rapidly growing sector within the healthcare industry. Healthcare analytics refers to the use of data analysis tools and techniques to improve healthcare outcomes, reduce costs, and optimize clinical and operational performance. This includes the use of big data, machine learning, and artificial intelligence to analyze vast amounts of patient data, including clinical data, financial data, and operational data.

Precision medicine, which uses genomic data to tailor treatments to individual patients, is expected to drive demand for genomic testing and analysis in the healthcare industry. The growing adoption of precision medicine presents significant opportunities for companies offering genomics products and services.

Emerging markets, such as China, India, and Brazil, represent significant growth opportunities for the genomics market. These markets have large populations with increasing demand for personalized medicine, creating opportunities for companies to expand their products and services into these regions.

The healthcare analytics market is divided into several segments based on application, component, delivery model, end user, and region. Applications of healthcare analytics include clinical analytics, financial analytics, operational analytics, and population health analytics. Components of healthcare analytics include hardware, software, and services. Delivery models include on-premise, cloud-based, and web-based. End users of healthcare analytics include hospitals, clinics, payers, and others.

Mobile-based delivery refers to healthcare analytics solutions that are accessed through mobile devices such as smartphones and tablets. This delivery mode is becoming increasingly popular as it allows healthcare providers to access data and insights on the go.

The choice of delivery mode for healthcare analytics solutions depends on various factors such as the size and complexity of the healthcare organization, the level of IT expertise, the need for customization, and the budget. Cloud-based and web-based delivery modes are becoming increasingly popular due to their flexibility, scalability, and lower costs, but some healthcare organizations may prefer on-premise delivery to maintain greater control over their data.

Clinical analytics refers to the use of healthcare analytics solutions to improve patient outcomes by analyzing clinical data such as medical histories, lab results, and diagnostic imaging. Clinical analytics can help healthcare providers identify high-risk patients, predict disease progression, and optimize treatment plans.

Financial analytics refers to the use of healthcare analytics solutions to improve financial performance by analyzing financial data such as billing and claims data, reimbursement rates, and revenue cycle management. Financial analytics can help healthcare providers identify areas for cost reduction and revenue optimization.

Regional Analysis

North America is currently the largest market for healthcare analytics, followed by Europe and Asia-Pacific. The key players in the global healthcare analytics market include IBM Corporation, Optum, Inc., Cerner Corporation, SAS Institute Inc., Allscripts Healthcare Solutions, Inc., McKesson Corporation, Oracle Corporation, and Health Catalyst, Inc., among others.

Europe is the second-largest market for healthcare analytics. The region has a well-established healthcare system, with many countries having universal healthcare coverage. However, there are challenges related to data privacy and interoperability, which can hinder the adoption of healthcare analytics.

The Asia Pacific region is expected to grow at the fastest rate in the healthcare analytics market. The region has a large population and a growing middle class, which is increasing demand for healthcare services. The region also has a large number of emerging economies, which are investing in healthcare infrastructure and adopting new technologies. However, the region faces challenges related to data privacy and a shortage of skilled professionals.

Competitive Analysis

Allscripts offers a range of healthcare analytics solutions, including population health management, clinical analytics, and revenue cycle management. Allscripts also offers electronic health record (EHR) systems, which can be integrated with their analytics solutions.

In February 2021, Verily (an Alphabet company) announced a strategic partnership with Luminar Technologies to develop a new LiDAR-powered platform to improve patient care and clinical workflows using advanced 3D imaging and data analysis.

In August 2021, healthcare technology company Cognizant announced its acquisition of TQS Integration, an Ireland-based provider of data analytics and engineering solutions for life sciences companies.

In September 2021, healthcare analytics company Health Catalyst announced its acquisition of Twistle, a provider of patient engagement and care coordination solutions.

In October 2021, Cerner Corporation announced its acquisition of Vitalware, a provider of revenue cycle management solutions for healthcare providers.

In December 2021, healthcare analytics company Komodo Health announced its acquisition of Mavens, a provider of cloud-based technology solutions for life sciences companies.

In January 2022, healthcare technology company Cotiviti Holdings announced its acquisition of Apixio, a provider of artificial intelligence-powered analytics solutions for healthcare payers and providers.

In January 2022, healthcare analytics company Health Catalyst announced its acquisition of Vitalware, a provider of revenue cycle management solutions for healthcare providers.

Segmentation Analysis of The Global Healthcare Analytics Market 2016-2030

The report forecasts revenue growth at global, regional, and country matrics and analyzes the latest industry trends in each of the sub-segments ranging from 2016-2030. For this, CDI has segmented the global healthcare analytics market report based on capacity, vehicle, application, and propulsion type along with regional analysis. 

Type Outlook (Revenue, USD Million, 2017 - 2030)

• Descriptive Analysis
• Predictive Analysis
• Prescriptive Analysis

Component Outlook (Revenue, USD Million, 2017 - 2030)

• Software
• Hardware
• Services

Delivery Mode Outlook (Revenue, USD Million, 2017 - 2030)

• On-premises
• Web-hosted
• Cloud-based

Application Outlook (Revenue, USD Million, 2017 - 2030)

• Clinical
• Financial
• Operational and Administrative

End-use Outlook (Revenue, USD Million, 2017 - 2030)

• Healthcare Payers
• Healthcare Providers
• Life Science Companies

Regional Outlook (Revenue, USD Million, 2017 - 2030)

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
  • Germany
  • France
  • Italy
  • Spain
  • UK
  • Nordic Countries
    • Denmark
    • Finland
    • Iceland
    • Sweden
    • Norway
  • Benelux Union
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia-Pacific
  • Japan
  • China
  • India
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
• Rest of Asia-Pacific
• The Middle East & Africa
• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest of the Middle East & Africa
• Latin America
• Brazil
• Argentina
• Rest of Latin America