Market Trends of Healthcare Analytics Industry
The Predictive Analytics Segment is Expected to Witness High Growth Over the Forecast Period
Predictive analytics is expected to witness significant growth. Predictive analytics tools are helping healthcare organizations stay ahead of poor outcomes, resource shortages, and other impacts of COVID-19. In June 2020, Cleveland Clinic researchers created a predictive model that can forecast patient volume, bed capacity, ventilator availability, and other metrics. The model provides timely, reliable information to optimize care for COVID-19 and other patients. The predictive analytics segment is expected to show significant growth during the forecast period, owing to the increasing adoption of cloud platforms and their advantages in terms of cost and availability. Thus, the advantages of predictive analytics are expected to drive the market.
Furthermore, other advantages the cloud-based segment offers over its counterpart include flexibility, disaster recovery, loss prevention, sustainability, and others. It also maintains and analyzes a vast amount of data from various industries. The prescriptive analytics market is driven by the increasing need for real-time accessibility of structured and unstructured data to forecast outcomes for better decision-making. In addition, an increasing rate of cybercrimes has resulted in an increasing need for crime detection and prevention, which is expected to fuel market growth. Therefore, the above-mentioned factors are expected to drive segmental growth in the market during the forecast period.
However, the cost and complexity of software, data integrity and privacy concerns, and a lack of properly skilled labor are the factors expected to restrain market growth.
North America is Expected to Dominate the Healthcare Analytics Market
The United States has held a significant share of the market in North America owing to technological advancement, a high awareness rate among patients, and rising investments in healthcare IT solutions. According to the 2022 statistics published by the American Heart Association, the prevalence rate of heart failure in the United States was 6 million in 2021, or 1.8% of the total populationT solutions. According to the 2022 statistics published by the American Heart Association, the prevalence rate of heart failure in the United States was 6 million in 2021, or 1.8% of the total population. Thus, the high burden of heart failure cases in the country is expected to increase the demand for clinical decision support systems to assist healthcare professionals and physicians. This is further expected to boost the market's growth over the forecast period. Moreover, according to the Organization for Economic Co-operation and Development (OECD), in June 2022, US healthcare spending in 2021 was 17.8% of the country's total GDP. Because of the country's high healthcare expenditure, rising demand to reduce healthcare expenditure has a positive impact on the market.Additionally, as per the Centers for Medicare and Medicaid Services, national health spending was projected to grow at an average annual rate of 5.4% from 2019-2028 and reach USD 6.2 trillion by 2028. Because national health expenditure is expected to grow 1.1% faster than average annual GDP from 2019 to 2028, the health share of the economy is expected to increase by 19.7% in 2028.Thus, the increasing healthcare spending is anticipated to create opportunities for developing an innovative healthcare analytics market.
Similarly, strategic initiatives by key market players and government initiatives undertaken in various other countries that have the potential to help patients by improving the quality of healthcare are driving the healthcare analytics market. For instance, in August 2022, Syntellis Performance Solutions acquired Stratasan Healthcare Solutions, a healthcare market intelligence and data analytics company. Through the acquisition, Syntellis expanded its solutions for healthcare organizations with data and intelligence solutions to improve operational, financial, and strategic growth planning. Thus, strategic initiatives by key market players are expected to drive regional markets.
Therefore, owing to the previously mentioned factors, the growth of the market studied is anticipated in the North American region.
