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Pulished Date May, 2021
ID: 11606
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Global Healthcare Descriptive Analytics Market Size, Share, Trends, COVID-19 Impact & Growth Analysis Report – Segmented By Product, Application, & Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa)- Industry Forecast (2021 to 2026)

Pulished: May, 2021
ID: 11606
Pages: 190

Healthcare Descriptive Analytics Market Size (2021 to 2026)

The global healthcare descriptive analytics market size is estimated to be worth USD 68.6 billion by 2026, growing at a CAGR of 24.8% between 2021 and 2026.

Descriptive analytics is a data analytics method that uses data mining to examine the number of positive tests in a given population over time to assess how infectious a virus is. Healthcare descriptive analytics can help determine what occurred in a given time span, such as how many patients were hospitalized last month, what number of patients choose home care facilities, or how many procedures for a specific disease were performed in the previous year. This data is analyzed and published in human-readable formats such as percentages, standard deviations, figures, and averages. Overall, the descriptive study summarises the medical condition over time and can turn large data into actionable observations. Healthcare descriptive analytics aids in task management of healthcare providers, benchmarking results against government standards and identifying opportunities for change Descriptive analytics offers useful insights on previous market failures and successes. Clinical data analytics, financial data analytics, institutional data analytics, and academic data analytics all use descriptive analytics.

MARKET DRIVERS:

Technological advancements are one of the primary factors driving the global healthcare descriptive analytics market growth.

The adoption of emerging technology is a major factor driving the market for healthcare descriptive analytics. The growing use of big data analytics in the healthcare sector aids in the processing and interpreting data from various sources, which improves patient service; the introduction of social media also affects the healthcare analytics sector. In recent years, the use of Electronic Health Records (EHRs) or Electronic Medical Records (EMR), and other data analytics resources has grown dramatically. According to Definitive Healthcare 2020 figures, almost % of vital access hospitals have an EHR system in operation. The majority of Member States with national EHR systems report EHR system integration with laboratories (77%), pharmacies (72%), and image archiving and communications systems (PACS) (56 %). In addition, wearable technology, which contains a range of sensors for tracking different tasks and conditions of the human body, is increasingly evolving. Clinical Decision Support (CDS) applications in hospitals analyses patient evidence on the spot and guides clinical professionals. These systems utilize a large amount of data, which can then be analyzed using different forms of healthcare analytics to create personalized medicine. With the rise of AI, Machine Learning, Natural Language Processing (NLP), and Blockchain, data collection has become a much simpler method.

Rising government funding propels the healthcare descriptive analytics market forward.

Many governments are funding data projects in the healthcare and life sciences sectors. This assistance improves accountability while still benefiting patients. As a result, there has been a lot of activity in healthcare data analytics in recent years, increasing the market for descriptive data analysis. For example, as part of a national cost-effectiveness initiative, the Italian Medicines Agency gathers and analyses clinical evidence on costly new medications. The government could revise prices and market access conditions based on the effects of this initiative. Furthermore, the federal government grants relevant stakeholders, including those in the private sector, access to the results. For reference, the HealthData.gov site provides federal databases with information on healthcare service quality, the most recent medical and scientific knowledge, customer product data, urban health outcomes, government spending data, and various other subjects. All of these activities are contributing to the development of the healthcare descriptive analytics market.

MARKET RESTRAINTS:

Lack of expertise and issues with data storage limits the healthcare descriptive analytics market growth.

However, a lack of expertise and data storage capacity can stymie the growth of the healthcare descriptive analytics market. In the healthcare descriptive analytics project, a large amount of data is gathered and analyzed. Data research necessitates the use of experts with a keen eye for detail. In addition, there is a scarcity of IT experts who can interpret digital evidence. Besides this, data storage is scarce, impeding the growth of the healthcare descriptive analytics market.

Impact of COVID-19 on the global healthcare descriptive analytics market:

COVID-19 accelerates the demand for the healthcare descriptive analytics market. Since the end of January 2020, when SARS-CoV-2 was declared a public health emergency. This covid – 19 pandemics increased the need for descriptive data analytics. The descriptive data analytics assess how the coronavirus spreads and aids in disease control planning. The real-time COVID-19 trackers that constantly collect data from sites all over the globe are assisting healthcare professionals, academics, epidemiologists, and politicians in collecting and analyzing event data on a global scale. The GPS data evaluates the movement of people in an area or region. The data resulting from GPS analyze the people movement in region or city. This data helps to view whether there is compliance with social distancing or not. Furthermore, the COVID-19 Real World Evidence (RWE) studies collect data from worldwide, which aids in advancing therapies that are more patient-centric and patient-friendly.

The descriptive study further reveals that male patients have a higher risk of coronavirus infection than female patients. It further determines the signs of coronavirus infection and demonstrates that the patients suffering from covid – 19 have various symptoms, such as flu, diarrhea, fatigue, cough, and sore throat. It assists the government in educating people to keep them from being sick. Moreover, descriptive analysis assists businesses in understanding how customer behavior has evolved as a result of covid – 19. The use of descriptive and predictive analytics and the prompt updating of COVID-19-related analytics data has assisted many governments in developing public health policy and successfully communicate with the general public.

REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2020 to 2026

Base Year

2020

Forecast Period

2021 to 2026

Segments Covered

By Product, Application & Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

North America, Europe, APAC, Latin America, Middle East & Africa

Market Leaders Profiled

C. R. Bard, Inc., Pnn Medical, Cook Medical Inc., Boston Scientific Corporation, and Medline Industries, Inc.

 

This market research report on the global healthcare descriptive analytics market has been segmented and sub-segmented into the following categories and analyzed market size and forecast until 2025.

Healthcare Descriptive Analytics Market – By Product:

  • On-premise
  • Cloud-based

Based on the product, On-premise was the most popular delivery option, accounting for more than half of all revenue. The installation of services and solutions on computers within the company is part of the on-premises delivery methodology. Even while the software is deployed on-site, it can also be accessed from afar, resulting in lower power usage, lower costs, and more efficiency.

During the forecast period, the Cloud-based delivery model is predicted to be the fastest-growing segment since it allows for the remote storage of huge amounts of data to free up space on devices and promotes data retrieval according to the client's needs. In addition, these cloud-based services provide a lot of storage, access, and security, which propels the segment forward.

Healthcare Descriptive Analytics Market – By Application:

  • Hospitals
  • Clinics
  • Diagnostic Centers
  • Academics and Research Institutes
  • Others

Based on the technology, Due to technologically improved solutions by healthcare providers and payers' increased attention on early detection of fraud and minimizing avoidable costs, the Financial segment is predicted to rise significantly throughout the forecast period. Healthcare analytics for financial applications is being driven by the increasing burden on financial teams at hospitals and health systems to identify ways to decrease costs without impacting the quality of treatment. Fraud analysis, risk adjustment and evaluation, and claim settlement are some of the most important financial applications.

Over the forecast period, the Clinical applications segment is predicted to increase at the fastest rate. Clinical application usage is expanding due to several benefits such as increased revenues, generating insights, and cost savings by utilizing real-time medical data. Furthermore, for many organizations, the increased use of clinical analytics has improved population health, fewer medication errors, and cost savings. Furthermore, technological improvements and the growing use of Electronic Health Records (EHRs) propel the market forward.  The data is usually collected from electronic health records and is further used to make informed clinical and business decisions. It also increases the patient experience and provides real-time data.

Healthcare Descriptive Analytics Market - By Region:

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • The Middle East and Africa

Based on region, North America accounted for over half of all revenue in 2020. The market in North America is growing due to the increased use of EHRs, increased regulatory requirements, and value-based reimbursements. Moreover, rising federal healthcare requirements aimed at reducing healthcare costs and delivering high-quality treatment and rising government programs primarily focused on personalized treatment drive the region's use of healthcare analytics. One of the key drivers of healthcare analytics is the digitization of healthcare data. According to Intel, about 80% of healthcare institutions in the United States have adopted Electronic Medical Records (EMR) systems. These systems capture a large amount of data, which may be examined using various healthcare analytics to generate personalized medicine.

Due to the development of healthcare and IT infrastructure, rising adoption of big data in various developing countries, and increasing public and private funding to support the adoption of advanced analytics solutions, the Asia Pacific segment is expected to grow faster during the forecast period.

KEY MARKET PARTICIPANTS:

Some of the noteworthy companies operating in the global healthcare descriptive analytics market profiled in this report are Allscripts Healthcare Solutions, Inc., IBM Corporation, Oracle Corporation, Cerner Corporation, McKesson Corporation, Optum, Inc., Truven Health Analytics, SAS Institute, Microsoft Corporation, SAP SE, TIBCO Software and MedeAnalytics, Inc.

These players focus on launches, joint ventures and consolidations, and acquisitions to expand their global reach while improving their product portfolio.

RECENT MARKET DEVELOPMENTS:

On 12 May 2021, THREAD, a platform and service provider that enables decentralized clinical trials (DCTs), has announced the launch of the industry's first analytics dashboards designed specifically to track, calculate, and forecast DCT output. The analytics dashboard offers real-time, actionable insights to researchers to minimize risk, simplify oversight, and optimize results.

  1. Introduction                                                          
    1. Market Definition                                               
    2. Scope of the report                                            
    3. Study Assumptions                                            
    4. Base Currency, Base Year and Forecast Periods                                                     
  2. Research Methodology                                                                    
    1. Analysis Design                                                   
    2. Research Phases                                                 
      1. Secondary Research                                       
      2. Primary Research                              
      3. Data Modelling                                 
      4. Expert Validation                              
    3. Study Timeline                                                    
  3. Report Overview                                                                 
    1. Executive Summary                                           
    2. Key Inferences                                                  
  4. Market Dynamics                                                                
    1. Impact Analysis                                                   
      1. Drivers                                  
      2. Restraints                              
      3. Opportunities                                    
    2. Regulatory Environment                                                  
    3. Technology Timeline & Recent Trends                                                      
  5. Competitor Benchmarking Analysis                                                             
    1. Key Player Benchmarking                                                
      1. Market share analysis                                    
      2. Products/Service                              
      3. Regional Presence                            
    2. Mergers & Acquisition Landscape                                                
    3. Joint Ventures & Collaborations                                                  
  6. Market Segmentation                                                                       
    1. Healthcare Descriptive Analytics Market, By Product
      1. On-premise
      2. Cloud-based
      3. Market Size Estimations & Forecasts (2021-2026)                               
      4. Y-o-Y Growth Rate Analysis                                         
      5. Market Attractiveness Index                                       
    2. Healthcare Descriptive Analytics Market, By Application
      1. Hospitals
      2. Clinics
      3. Diagnostic Centers
      4. Academics and Research Institutes
      5. Others
      6. Market Size Estimations & Forecasts (2021-2026)                               
      7. Y-o-Y Growth Rate Analysis                                         
      8. Market Attractiveness Index        
    3. Healthcare Descriptive Analytics Market, By End-User
      1. Hospitals & Clinics
      2. Dental Laboratories
      3. Other End-Users
      4. Market Size Estimations & Forecasts (2021-2026)                               
      5. Y-o-Y Growth Rate Analysis                                         
      6. Market Attractiveness Index        
  7. Geographical Landscape                                                                  
    1. Global Healthcare Descriptive Analytics Market, by Region                                            
    2. North America - Market Analysis (2021 to 2026)                                                      
      1. By Country                                         
        1. USA                      
        2. Canada               
    3. Europe                                                   
      1. By Country                                         
        1. UK                        
        2. France                 
        3. Germany                          
        4. Spain                   
        5. Italy                     
        6. Rest of Europe                 
    4. Asia Pacific                                             
      1. By Country                                         
        1. China                  
        2. India                    
        3. Japan                  
        4. South Korea                     
        5. South East Asia                
        6. Australia & NZ                  
        7. Rest of Asia-Pacific                        
    5. Latin America                                                      
      1. By Country                                         
        1. Brazil                   
        2. Argentina                         
        3. Mexico                
        4. Rest of Latin America                   
    6. Middle East and Africa                                                     
      1. By Country                                         
        1. Middle East                      
        2. Africa                  
  8. Key Player Analysis                                                             
    1. Allscripts Healthcare Solutions, Inc.
      1. Business Description                                      
      2. Products/Service                              
      3. Financials                             
      4. SWOT Analysis                                  
      5. Recent Developments                                    
      6. Analyst Overview                              
    2. IBM Corporation
    3. Oracle Corporation
    4. Cerner Corporation
    5. McKesson Corporation
    6. Optum, Inc.
    7. Truven Health Analytics
    8. SAS Institute
    9. Microsoft Corporation
    10. SAP SE
    11. TIBCO Software
    12. MedeAnalytics, Inc.
  9. Market Outlook & Investment Opportunities                                                          
  10. Appendix                                               
    1. List of Tables
    2. List of Figures
  • Global and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped.
  • Segment-level analysis in terms of product, application and end-user along with market size forecasts and estimations to detect key areas of industry growth in detail.
  • Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics.
  • Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis.
  • Study the micro environment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analysing the level of competition and business strategy development.
  • A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment.
  • Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies.
  • An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions.
  • Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market.

Healthcare Descriptive Analytics Market

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