Healthcare Descriptive Analysis Market Size

Healthcare Descriptive Analysis Market Analysis

The Healthcare Descriptive Analysis Market size is estimated at USD 18.36 billion in 2024, and is expected to reach USD 52.76 billion by 2029, growing at a CAGR of 23.5% during the forecast period (2024-2029).

The global battle against the COVID-19 pandemic benefited greatly from the use of advanced healthcare data analytics. The healthcare industry was 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 published in NCBI in May 2021, calls and questionnaires were used to collect epidemiologic and disease-related data for the study, which were then descriptively analyzed. Thus, research activity increased during the pandemic, which had a big impact on market expansion. Post-pandemic, the market is seeing uniform growth due to the rising digitalization, increased adaptation of analytics, increased healthcare infrastructure, and technological advancements in healthcare descriptive analytics.

The increasing need to reduce healthcare expenditure, including the cost associated with medical product flaws and hospital workflow inefficiencies, is anticipated to increase the usage of big data in the healthcare sector. For instance, according to a study published in 'Health Informatics' in January 2021, healthcare descriptive analytics employs recent and old data to produce macro and micro insights that help in business and patient decision-making. According to the same source, the use of health data analytics allows for improvements in patient care, faster and more accurate diagnoses, preventive measures, and more personalized treatment. Such advantages of descriptive analysis in healthcare are expected to drive the market's growth.

The digitalization of healthcare data is a primary driver of the healthcare descriptive analytics market. Many developed countries are implementing electronic medical records to digitalize healthcare. For instance, the German healthcare system's largest digitalization project, the electronic patient health record (Elektronische Patientenakte - ePA), began on January 1, 2021. The ePA aims to provide extensive digital connectivity inside the German healthcare system, including between patients and clinicians, as well as between providers in hospital and primary care settings. The objective of the project is to create a central location for all patient information such as test results, diagnosis, medications, and personal health data from wearable devices. Such developments are expected to drive the market.

The rising demand for descriptive analysis in the assessment of clinical data is expected to drive the market's growth over the forecast period. For instance, in June 2021, IQVIA launched Clinical Data Analytics Suite (CDAS), a SaaS-based clinical data analytics platform that transforms clinical data analytics from descriptive reports, which improve trial safety for patients and quicken drug development. Such launches and the increased adoption of descriptive analytics in drug discovery are expected to drive the market.

However, data privacy and security concerns are expected to restrain the market's growth over the forecast period.