The healthcare analytics market is projected to expand significantly, with its size expected to rise from USD 42.90 billion in 2023 to approximately USD 241.16 billion by 2032. This growth reflects a compound annual growth rate (CAGR) of 19.1% from 2024 to 2032.
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Report Highlights:
- Software components played a major role in the market, holding a 60% share in 2023.
- Clinical applications led the market with a 40% share in 2023.
- Healthcare providers were the largest market segment in 2023, accounting for 40% of the market.
- In 2021, the demand for Electronic Health Record (EHR) systems saw a significant increase, driven by a growing adoption among office-based physicians. Data from the Centers for Disease Control and Prevention revealed that 88.2% of office-based physicians were using an EHR system, with 77.8% of them having a certified system.
Healthcare Analytics: Overview and Importance
Healthcare analytics uses data analysis tools to extract meaningful insights from healthcare data. It involves collecting, processing, and interpreting large volumes of information to improve decision-making, patient care, and operational efficiency in healthcare organizations. By identifying patterns, trends, and connections within the data, healthcare analytics helps healthcare providers, administrators, insurers, and policymakers make informed decisions.
This data can come from a variety of sources, such as Electronic Health Records (EHRs), medical imaging, patient demographics, billing records, and clinical trials. The value of healthcare analytics lies in its ability to drive evidence-based decisions, which lead to better patient outcomes, disease prevention, and personalized treatment plans tailored to individual patient needs.
Recent Developments:
- Microsoft introduced Microsoft Cloud for Healthcare in March 2022, a platform designed to improve communication and provide valuable insights between patients and healthcare providers. This innovation aims to enhance patient care by streamlining interactions and providing better tools for healthcare professionals.
- Syntellis Performance Solutions expanded its offerings in August 2022 by acquiring Stratasan, a leading provider of healthcare market intelligence and data analytics solutions. This acquisition allows Syntellis to enhance its portfolio, offering healthcare organizations better data-driven tools to support financial, strategic, and operational growth.
- Oracle made a significant move in June 2022 by acquiring Cerner Corporation, a well-known player in the clinical healthcare space. This acquisition combines Cerner’s expertise in clinical solutions with Oracle’s strength in analytics, automation, and enterprise platforms, creating a more comprehensive solution for healthcare organizations.
Key Companies in the Healthcare Analytics Market:
- Optum Inc.: A healthcare solutions company that provides analytics, software, and services to help improve healthcare efficiency and patient outcomes. Optum integrates healthcare data, technology, and expertise to help organizations make data-driven decisions.
- McKesson Corporation: A leader in healthcare supply chain management and pharmacy solutions. McKesson provides data analytics tools to improve healthcare processes, patient care, and operational efficiency across the healthcare sector.
- Elsevier: A global information analytics company that specializes in science and health data. Elsevier offers a wide range of healthcare analytics solutions designed to support evidence-based decision-making and improve patient outcomes.
- MedeAnalytics Inc.: A provider of cloud-based healthcare analytics solutions that empower healthcare organizations with data-driven insights. MedeAnalytics focuses on helping organizations improve financial, operational, and clinical performance.
- Francisco Partners (IBM): Through its acquisition of IBM’s healthcare analytics division, Francisco Partners has become a key player in the healthcare analytics space, offering robust data analysis solutions to healthcare providers and organizations.
- Allscripts Healthcare Solutions Inc.: A leading provider of electronic health records (EHR) and other healthcare technology solutions. Allscripts uses data analytics to improve clinical workflows, patient engagement, and healthcare outcomes.
- Cerner Corporation: A major provider of healthcare technology and solutions, specializing in electronic health records, population health management, and data analytics to improve healthcare delivery.
- IQVIA: A global leader in healthcare analytics, IQVIA offers advanced data and insights solutions for life sciences, healthcare providers, and payers. Their analytics tools support clinical development, commercial operations, and real-world evidence generation.
- Oracle: A tech giant that, through its acquisition of Cerner, is strengthening its presence in healthcare analytics. Oracle provides cloud-based healthcare solutions that leverage data analytics to improve operational efficiency and patient care.
- SAS Institute, Inc.: A software company specializing in analytics, SAS offers powerful data analytics solutions to the healthcare industry, helping organizations improve decision-making and achieve better patient outcomes.
Our Table of Content (TOC) covers key healthcare market segments, materials, technologies and trends—helping you navigate market shifts and make informed decisions: https://www.towardshealthcare.com/table-of-content/healthcare-analytics-market-sizing
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