Healthcare Descriptive Analysis Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Healthcare Descriptive Analysis market is segmented By Application (Clinical, Financial, Administrative, and Research Data Analytics), Component (Software, Hardware, Services), Deployment (On-Premise, Web-based, Cloud-based) End-User (Hospitals, Physicians, Clinics, Others), and Geography (North America, Europe, Asia-Pacific, Middle East and Africa and South America). The report offers the value (in USD million) for the above segments.

Market Snapshot

Healthcare Descriptive Analysis Market - 4
Study Period: 2019-2027
Base Year: 2021
Fastest Growing Market: Asia-Pacific
Largest Market: North America
CAGR: 27 %

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Market Overview

The Healthcare Descriptive Analysis market is likely to grow at a CAGR of 27%, over the forecast period (2022-2027).

The international battle against the coronavirus has benefited greatly from the use of advanced healthcare data analytics. The healthcare industry has been able to track the pandemic's spread, monitor population health, predict disease severity and resulting demand, and offer the general public optimized medical solutions by utilizing data during the pandemic. According to the study titled "Descriptive Analysis of COVID-19 among Health Care Workers in a Tertiary Center in Iran" published in the Journal of Respiratory Diseases, Thoracic Surgery, Intensive Care and Tuberculosis in March 2021, calls and questionnaires were used to collect epidemiologic and disease-related data for the study, which was then descriptively analyzed. The descriptive analysis was carried out after all the data had been entered into the SPSS program (version 26.0). Thus, research activity increased during the pandemic, which had a big impact on the market expansion.

Increasing need to reduce healthcare expenditure, including cost associated with medical product flaws and hospital workflow inefficiencies, is anticipated to increase the usage of big data in the healthcare sector. According to the study title “China’s data-driven dream to overhaul health care,’ published in Nature in October 2021, the central government invested more than CNY 10 billion (USD 1.5 billion), reaching USD 19.6 billion over the period 2016–2020 to use of information technology to improve healthcare data analysis. The digitalization of healthcare data is also one of the primary drivers of healthcare analytics. According to the British Medical Journal, the German healthcare system's largest digitalization project, the electronic patient health record (elektronische Patientenakte – ePA) began on January 1, 2021. The ePA's goal is to provide extensive digital connectivity inside the German healthcare system, including between patients and clinicians, as well as between providers in both hospital and primary care settings.These systems collect a lot of data, which can be analyzed using various types of healthcare analytics to develop personalized medicine.

Advanced methods such as predictive analytics are widely used in various organizations such as healthcare financing systems primarily to avoid frauds in payments. For instance, in June 2021, Artivatic launched the Alfred- AI Health Claims platform. This platform automates the entire health claims process, and it has an almost 30% or higher capacity for detecting abuse and fraud. Additionally, it enables users to self-learn and create a system for judgement, risk assessment, and fraud detection. The rise in healthcare costs is to blame for this expansion in software availability because it forces businesses to develop a good or service to satisfy consumer demand.

Thus, all above mentioned factors expected to boost the market growth. However, data privacy and security concern and high cost of initial investment expected to restraint the market growth over the forecas

Scope of the Report

Analytics has had a significant impact on the healthcare business. It refers to the analysis of data collected regarding patients’ behavior and diagnoses, clinical data, and other healthcare activities. The data is usually collected from electronic health records and are further used to make informed clinical and business decisions. It also increases the patient experience and provides real-time data. The Healthcare Descriptive Analysis market is segmented By Application (Clinical, Financial, Administrative, and Research Data Analytics), Component (Software, Hardware, Services), Deployment (On-Premise, Web-based, Cloud-based) End-User (Hospitals, Physicians, Clinics, Others), and Geography (North America, Europe, Asia-Pacific, Middle East, and Africa and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions, globally. The report offers the value (in USD million) for the above segments.

By Application
Clinical Data Analytics
Financial Data Analytics
Administrative Data Analytics
Research Data Analytics
By Component
Software
Hardware
Services
By Deployment
On-Premise
Web-based
Cloud based
By End-user
Private organization
Hospitals
Physicians
Clinics
Others
Geography
North America
United States
Canada
Mexico
Europe
Germany
UK
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

Cloud-based Segment Expected to Dominate the Market in the Forecast Years

Cloud computing has been defined as the practice of using remote servers in place of local servers or networks to store, manage, and process data. Therefore, the use of the cloud moves the data center infrastructure outside of the organization.

According to a survey by the Ministry of Internal Affairs and Communications (Japan) in 2020, close to 53% of business enterprises in Japan, have cloud computing services for file storage and data sharing, and around 33% said that they had already implemented cloud computing in all their departments. More than 50% of the surveyed companies used cloud-based email services during the measured period. The rise in adoption is therefore expected to drive market growth.

A number of major players are putting plans into action and releasing new healthcare descriptive analysis products on the market. For instance, in July 2021, Amazon Web Services, Inc. (AWS) reported the availability of Amazon HealthLake, a cloud-based health IT solution that leverages machine learning to extract, organize, and store structured patient health data. Additionally, in March 2022, Microsoft Cloud for Healthcare program, Microsoft announced the general availability of Azure Health Data Services, a platform for managing and analyzing various forms of patient data.

Thus, all aforementioned factors expected to boost the segment growth over the forecast period.

Health Expenditure and Financing (% GDP), by Country, 2021

North America is expected to dominate the Healthcare Descriptive Analysis Market

North America is expected to dominate the market followed by Europe. Factors, such as growing federal healthcare mandates to curb rising healthcare costs and provide quality care; increasing regulatory requirements; growing EHR adoption; and rising government initiatives focusing on personalized medicine, population health management, and value-based reimbursements are expected to drive market growth in North America. Also, the increasing funding from the United States government for supporting healthcare is an attributing factor to the growth of the market in the United States. For instance, the Congressional Budget Office,2021, published that in the past few decades, federal funding for the National Institute of Health (NIH) has totaled over USD 700 billion. Thus, increasing healthcare spending in the United States is expected that the research and development activity is increasing thereby boosting the healthcare descriptive analysis market.

Several companies are collaborating in order to support Big Data and improve healthcare analytics. For instance, in May 2020, Blue Health Intelligence (BHI) and Datavant partnered to enable Big Data and analytics, which will improve the healthcare sector. Similarly, in February 2020, Ottawa hospital in Canada partnered with Israeli data analytics provider (MDClone), which will democratize the data across the organization and will provide greater visibility.

Thus, all aforementioned factors expected to boost the market growth in the North America region over the forecast period.

Healthcare Descriptive Analysis Market

Competitive Landscape

The Healthcare Descriptive Analysis market is moderately competitive and many of the global players are into the market. For instance - IBM, Inovalon, Cerner Corporation, Oracle Corporation, McKesson Corporation, MedeAnalytics, Inc., Optum, Inc., Allscripts Healthcare Solutions, Inc., etc. are providing healthcare descriptive analysis products across the globe.

Major Players

  1. IBM

  2. Oracle Corporation

  3. McKesson Corporation

  4. MedeAnalytics, Inc.

  5. Cerner Corporation

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Recent Development

  • In January 2022, IBM and Francisco Partners signed a definitive agreement under which Francisco Partners has acquired healthcare data and analytics assets from IBM that are currently part of the Watson Health business.
  • In April 2022, ComplianceQuest, one of the leading providers of 100 percent cloud-native, AI-powered Enterprise Clinical, Quality, Health, Safety, and Environmental Management solutions, has partnered with EZEN, a provider of digital transformation services to the Life Sciences and Healthcare Industry, to support the digital transformation needs of its clients in the healthcare industry

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 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 Need for Comprehensive Analytics

      2. 4.2.2 Integration of Big Data into Healthcare

    3. 4.3 Market Restraints

      1. 4.3.1 Data Privacy and Security Concerns

      2. 4.3.2 High Costs of Initial Investment

    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 (Market Size by Value - USD million)

    1. 5.1 By Application

      1. 5.1.1 Clinical Data Analytics

      2. 5.1.2 Financial Data Analytics

      3. 5.1.3 Administrative Data Analytics

      4. 5.1.4 Research Data Analytics

    2. 5.2 By Component

      1. 5.2.1 Software

      2. 5.2.2 Hardware

      3. 5.2.3 Services

    3. 5.3 By Deployment

      1. 5.3.1 On-Premise

      2. 5.3.2 Web-based

      3. 5.3.3 Cloud based

    4. 5.4 By End-user

      1. 5.4.1 Private organization

        1. 5.4.1.1 Hospitals

        2. 5.4.1.2 Physicians

        3. 5.4.1.3 Clinics

        4. 5.4.1.4 Others

    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 UK

        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 IBM

      2. 6.1.2 Allscripts Healthcare Solutions, Inc

      3. 6.1.3 Cerner Corporation

      4. 6.1.4 Inovalon

      5. 6.1.5 McKesson Corporation

      6. 6.1.6 MedeAnalytics, Inc.

      7. 6.1.7 Optum

      8. 6.1.8 Oracle Corporation

    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 Global Healthcare Descriptive Analysis Market market is studied from 2019 - 2027.

The Global Healthcare Descriptive Analysis Market is growing at a CAGR of 27% over the next 5 years.

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

North America holds highest share in 2021.

IBM, Oracle Corporation, McKesson Corporation, MedeAnalytics, Inc., Cerner Corporation are the major companies operating in Global Healthcare Descriptive Analysis Market.

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