The global healthcare analytics market is projected to reach USD 85.9 billion by 2027 from USD 27.4 billion in 2022, at a CAGR of 25.7% during the forecast period. Healthcare analytics is the efficient use of data and related business insights built through statistical, quantitative, predictive, comparative, cognitive, and other emerging applied analytical models. Increasing venture capital investments, big data in healthcare and government initiatives to increase EHR adoption are driving the market growth. However, high costs of healthcare analytics software and services and rising data security concerns are likely to restrain the market growth in the coming years.
The prominent players in healthcare analytics market include IBM (US), SAS Institute Inc. (US), Optum, Inc. (US), Cerner Corporation (US), Allscripts Healthcare, LLC (US), Cotiviti, Inc. (US), CitiusTech Inc (US), Health Catalyst (US), CVS Health (US), Inovalon (US), McKesson Corporation (US), MedeAnalytics, Inc. (US), Oracle (US), ExlService Holdings, Inc. (US), Gainwell (US), Wipro (US), Flatiron (US), Apixio (US), Enlitic, Inc. (US), Komodo Health, Inc. (US), HealthEC, LLC, Sema4 OpCo, Inc. (US), Evidation Health, Inc. (US), Insilico Medicine (US), Exscientia (UK), Aetion, Inc.(US), and Premier (US).
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IBM (US) is one of the prominent players in the healthcare analytics market. The company’s strong position in this market can be recognized for its robust healthcare analytics product portfolio, including IBM Content, Predictive Analytics for Healthcare, and IBM Cognos. The company also provides quality services such as business analytics, optimization services, and analytics consulting services. IBM has a strong existence in the commercial and government healthcare payer markets. It also has a robust sales and distribution network across more than 175 countries. IBM invests a substantial amount of its revenue in research activities to continuously enhance its product portfolio. The firm develops advanced solutions and invested ~USD 6.48 billion in R&D in 2021. The company has licensed software to more than 6,000 clinics & labs, 1,500 hospitals, 250 medical device manufacturers, and leading pharmaceutical companies globally.
SAS Institute Inc. (US) is one of the leading player in the healthcare analytics market. The company is well-known for its innovative analytics, business intelligence, and data management software & services. With a wide product portfolio and large geographic presence, SAS Institute Inc. has created a rare identity in the healthcare analytics market. The company provides a variety of analytics solutions for healthcare payers and providers, such as Advanced Analytics, SAS Visual Analytics, SAS Claims Analytics, Data Management Software, SAS Fraud Framework for Health Care, and SAS Episode Analytics. SAS focuses on organic and inorganic strategies, such as partnerships and agreements, to enhance its market presence.
Optum, Inc. (US) is another prominent player in the healthcare analytics market. With around 40 years of experience, the company provides high-quality solutions for analytics in the healthcare industry. Its products consist of Optum One, population management tools, RCM solutions for hospitals, RCM solutions for physicians, impact intelligence, and health management and population analytics. The company offers these products to healthcare payers, care providers, employers, and government agencies across 150 locations worldwide. The company has a strong presence in North America, South America, Europe, the Asia Pacific, and the Middle East. Optum focuses on acquisition, partnerships, and collaborations to maintain and grow its share in the healthcare analytics market. For instance, in October 2022, Optum acquired Change Healthcare. This acquisition will connect and simplify the core clinical, administrative, and payment processes of healthcare providers and payers to serve patients, resulting in lesser costs and a better experience for all stakeholders. Additionally, in November 2019, the company collaborated with the Advisory Board Company to combine the latter’s research and advisory services with its own data analytics and technology capabilities.
Healthcare Analytics Market by Type (Descriptive, Predictive, Cognitive), Application (Financial, RCM, Fraud, Clinical, Operational), Component (Services, Software), Deployment (on premise, Cloud), End-user (Hospitals, Payer) - Global Forecast to 2027
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