Healthcare Clinical Analytics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The market is segmented by Technology Type (Predictive Analytics, Prescriptive Analytics and Descriptive Analytics), Application, Mode of Delivery, Product, Geography

Market Snapshot

CAGR
Study Period: 2018 - 2026
Base Year: 2020
Fastest Growing Market: Asia Pacific
Largest Market: North America
CAGR: 7.4 %

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Market Overview

The factors such as the emergence of clinical analytics in the healthcare industry, increased focus on collection and analysis of data from different sources for better customer service, technological advancements and the advent of social media and its impact on the healthcare industry are driving the healthcare analytics market. Also, increasing funding to healthcare technology companies that developed mHealth apps, big data analytics, and the Internet of Things (IoT) offerings will boost the global market. 

Technological advances facilitating information sharing and improved compliance to Health Insurance Portability and Accountability Act (HIPAA) patient data confidentiality standards are expected to accelerate business growth. 

Scope of the report

As per the scope of the report, clinical analytics in healthcare makes use of real-time medical data to generate insights, take decisions, increase revenues, and save on costs. The implementation of clinical analytics in organizations leads to reduced medication errors, improved population health, and cost savings for many organizations.

By Technology Type
Predictive Analytics
Prescriptive Analytics
Descriptive Analytics
By Application
Quality Healthcare
Client Relationship Management
Healthcare Workers Performance Evaluation
Hospital/Clinical Data Management and Curation
By Mode of Delivery
On-Premise
Web and Cloud Based
By Product
Hardware
Services and Software
Geography
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
Middle-East and Africa
GCC
South Africa
Rest of Middle East and Africa
South America
Brazil
Argentina
Rest of South America

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Key Market Trends

Predictive Analytics Sub-Segment is Estimated to Grow at a High CAGR

Predictive analytics is the process of learning from historical data in order to make predictions about the future. Predictive analytics is a category of data analytics aimed at making predictions about future outcomes based on historical data and analytics techniques such as statistical modelling and machine learning. For health care, predictive analytics is used to enable the best decisions to be made, allowing for care to be personalized to each individual.

Predictive analytics is poised to reshape the health care industry by achieving the Triple Aim of improved patient outcomes, quality of care and lower costs. These favourable and efficient technologies have helped may healthcare professionals and as a result are being used by more than 50% of the health payer and provider executives, as per a 2019 report by the Society of Actuaries. Hence, as a result, the market is expected to grow in future as well.

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North America is Expected to Dominate the Healthcare Clinical Analytics Market

The US is found to hold the largest market share in the North America region due to the healthcare infrastructure experiencing a positive trend in the healthcare analytics domain. 

The implementation of the Health Insurance Portability and Accountability Act of 1996 (HIPAA) regulation in the US has also led to the growth of the market. For example, in the US, the federal government is encouraging the use of its healthcare data through various policies and initiatives. Affordable Care Act (ACA), the most important healthcare legislation in the United States, has authorized the Department of Health and Human Services to release data that promote transparency in the markets for healthcare and medical insurance.

Similarly, government initiatives were undertaken in various other countries that have the potential to help patients by improving the quality of healthcare is driving the healthcare analytics market.

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Competitive Landscape

Majority of the healthcare clinical analytics services are being provided by the global key players. Market leaders with more funds for research and better distribution system have established their position in the market. Moreover, Asia-pacific is witnessing an emergence of some small players due to the rise of awareness. This has also helped the market grow.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 High adoption rate of e-health record system

      2. 4.2.2 Technological advancements in Data Analytics

      3. 4.2.3 Favorable government initiatives

    3. 4.3 Market Restraints

      1. 4.3.1 Data Privacy And Security Concern

      2. 4.3.2 Initial Cost and Complexity of Software

    4. 4.4 Porter's Five Force Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Technology Type

      1. 5.1.1 Predictive Analytics

      2. 5.1.2 Prescriptive Analytics

      3. 5.1.3 Descriptive Analytics

    2. 5.2 By Application

      1. 5.2.1 Quality Healthcare

      2. 5.2.2 Client Relationship Management

      3. 5.2.3 Healthcare Workers Performance Evaluation

      4. 5.2.4 Hospital/Clinical Data Management and Curation

    3. 5.3 By Mode of Delivery

      1. 5.3.1 On-Premise

      2. 5.3.2 Web and Cloud Based

    4. 5.4 By Product

      1. 5.4.1 Hardware

      2. 5.4.2 Services and Software

    5. 5.5 Geography

      1. 5.5.1 North America

        1. 5.5.1.1 United States

        2. 5.5.1.2 Canada

        3. 5.5.1.3 Mexico

      2. 5.5.2 Europe

        1. 5.5.2.1 Germany

        2. 5.5.2.2 United Kingdom

        3. 5.5.2.3 France

        4. 5.5.2.4 Italy

        5. 5.5.2.5 Spain

        6. 5.5.2.6 Rest of Europe

      3. 5.5.3 Asia-Pacific

        1. 5.5.3.1 China

        2. 5.5.3.2 Japan

        3. 5.5.3.3 India

        4. 5.5.3.4 Australia

        5. 5.5.3.5 South Korea

        6. 5.5.3.6 Rest of Asia-Pacific

      4. 5.5.4 Middle-East and Africa

        1. 5.5.4.1 GCC

        2. 5.5.4.2 South Africa

        3. 5.5.4.3 Rest of Middle East and Africa

      5. 5.5.5 South America

        1. 5.5.5.1 Brazil

        2. 5.5.5.2 Argentina

        3. 5.5.5.3 Rest of South America

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 Allscripts Healthcare Solutions

      2. 6.1.2 Cerner corporation

      3. 6.1.3 IBM

      4. 6.1.4 McKesson

      5. 6.1.5 Medeanalytics, Inc.

      6. 6.1.6 Medical Information Technology Inc (Meditech)

      7. 6.1.7 Optum Health

      8. 6.1.8 Oracle

      9. 6.1.9 Verisk Analytics

    2. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability
**Competitive Landscape covers- Business Overview, Financials, Products and Strategies and Recent Developments

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Frequently Asked Questions

The Healthcare Clinical Analytics Market market is studied from 2018 - 2026.

The Healthcare Clinical Analytics Market is growing at a CAGR of 7.4% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

North America holds highest share in 2020.

IBM, Cerner corporation, Allscripts Healthcare Solutions, McKesson, Oracle are the major companies operating in Healthcare Clinical Analytics Market.

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