Global Healthcare Cloud Based Analytics Market Size

Healthcare Cloud Based Analytics Market Analysis

The healthcare cloud-based analytics market is projected to register a CAGR of 10.2% during the forecast period (2022-2027).

The role of analytics increased significantly during the COVID-19 pandemic in the healthcare sector. For example, the analytics tools were widely used during the pandemic in the prediction of the incidence and severity of the infection in different parts of the world and, they played a crucial role in the containment of the pandemic and vaccine development against COVID-19. For instance, according to the research study published in March 2021, titled 'Applications of Big Data Analytics to Control COVID-19 Pandemic', the big data analytics technologies are essential for developing the knowledge needed to make judgments and take preventative action against any disease or pandemic, and amount of data grows significantly over time, particularly the data produced regarding the global epidemic brought on by COVID-19 and to make sense of the epidemic and quickly stop its spread, a large volume of data necessitates the use of big data analytics tools and artificial intelligence techniques. Further, the role of analytics tools is expected to increase as new variants of COVID-19 are being found and it is expected that COVID-19 would have a significant impact on the healthcare cloud-based analytics market.

The increasing digitalization in the healthcare industry (such as electronic health records, clinical data, and medical claims among others) is generating a huge amount of data, due to which the adoption and integration of big data analytics are increasing as the data generated need to be processed so that actionable insights can be generated and in this process, the data analytics tools play a significant role and hence, the demand for healthcare analytics tools is expected to increase over the forecast period, in which the cloud-based solutions would be a major one as they offer significant advantages over non-cloud solutions.

For instance, according to the research study published in July 2022, titled 'Big Data Analytics in Sustainable Healthcare Systems', big data analytics (BDA) can identify trends and transform highly voluminous electronic healthcare data into usable information so that informed decisions can be made to enhance patient care and further, the healthcare becomes a sustainable platform as a result of the development of data analytics and flexible techniques for handling, storing, and controlling user healthcare data.

Similarly, according to the research study titled 'The Use of Big Data Analytics in Healthcare', published in January 2022, the study was conducted in Poland on whether medical facilities in Poland use big data analytics and it was observed that the medical facilities work on both structured and unstructured data and in both the administrative and business realms as well as the clinical one, they turn to analytics for better insights. Also, as per the same source, big data analytics can improve healthcare globally and have a significant impact on improving patient care and the functioning of any medical facility. Hence, owing to the significant advantages of big data analytics in healthcare, their adoption is expected to increase over the forecast period and that is expected to fuel growth in the healthcare cloud-based analytics market.

Moreover, the technological advancement in the area is leading to the launch of new products from the companies operating in the market and, they are engaged in various other business activities for the development and expansion of their such as mergers and acquisitions, collaborations, licensing agreements, and others. These activities are further expected to boost market growth over the forecast period. For example, in March 2022, COPE Health Solutions and its Analytics for Risk Contracting (ARC) subsidiary signed a partnership agreement with CareJourney, and with this agreement, with the help of CareJourney's suite of cost and utilization benchmarks derived from Medicare and Medicaid datasets, COPE Health Solutions and its Analytics for Risk Contracting (ARC) subsidiary can offer health analytics platforms and solutions that integrate claims, electronic health records, lab, social determinants, and other data from a healthcare organization.

In addition, government initiatives in the area of adoption and use of big data analytics in healthcare are further expected to augment the growth of the studied market. For instance, a public dashboard for near real-time information on the Ayushman Bharat Digital Mission (ABDM), the National Health Authority's (NHA) flagship program, has been established by the Government of India, and the Ayushman Bharat Health Account (ABHA) numbers, Healthcare Professionals Registry (HPR), and Health Facility Registry are all displayed in detail on the ABDM public dashboard (HFR). Therefore, due to the above-mentioned factors, the healthcare cloud-based analytics market is expected to grow during the forecast period. However, security concerns regarding data privacy, initial deployment cost, and complexity of software are expected to restrain the growth of the studied market over the forecast period.