The size of the global healthcare operational analytics market is estimated to be growing at a CAGR of 9.1% during the forecast period.
Analytics in healthcare is becoming more prevalent, and it will significantly impact the future of medicine and care delivery. Analytics has many applications, including improving healthcare efficiency while improving quality of care, mining genetic data, effectively responding to disasters, reducing costs, and achieving various other goals. There will be numerous stumbling blocks along the way. Among these concerns are privacy concerns, the collection and availability of high-quality data, data standards, data communication to end-users, and even the availability of qualified personnel to deliver on such promises. Nevertheless, these technologies are changing how society manages healthcare, resulting in healthier citizens with longer survival rates.
Healthcare providers have recognized the actual potential of cloud-based healthcare solutions all around the world. Patients, doctors, and healthcare organizations benefit from the cloud regarding operational, functional, and economic benefits. Cloud computing is transforming patient care, diagnosis, data security, and more in the healthcare business. However, most service providers lack the resources to operate a robust security infrastructure. Hence, the growing acceptance and adoption of these technological solutions in healthcare are anticipated to drive the global healthcare operational analytics market.
In today's digital age, everyone appears to be concerned with using the in-built pedometer of their portable and wearable gadgets, such as smartphones, smartwatches, fitness trackers, or tablets, to track their fitness and health data. However, Apple and Google provide dedicated platforms for developing fitness and health statistics research applications, such as Apple's ResearchKit and Google Fit.
Factors such as the growing adoption of IoT in healthcare, increased amount of data generated by electronic health records (EHRs), claims, and patients, rising focus on real-world evidence, and big data in healthcare improve patient outcomes. In addition, a growing emphasis on value-based care and the application of analytics to precision and personalized treatment is expected to promote the growth rate of the global healthcare operational analytics market.
Y-O-Y growth in the prevalence of chronic diseases, pressure to reduce healthcare costs, the rising elderly population, and the life expectancy growing worldwide are further expected to accelerate the global healthcare operational analytics market. According to the World Health Organization, CVDs killed nearly 17.9 million people in 2016, accounting for 31% of all human deaths. Heart attacks and strokes account for approximately 85 percent of these fatalities. In addition, in 2016, there were nearly 251 million COPD cases worldwide, according to the World Health Organization's Global Burden of Disease Study. Almost 90% of COPD deaths occur in the low and middle.
AI-powered log analytics and real-time monitoring of performance issues and cyber threats are just a few of the restraints. In addition, rising analytics solution costs, data privacy and theft concerns, and a scarcity of skilled IT professionals are expected to hamper the market's growth rate. Furthermore, poor scalability, the more significant infrastructure required, problems associated with data security, high costs associated with the maintenance, and risks related to latency and downtime are further expected to impact the global healthcare operational analytics market growth negatively.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 to 2029 |
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Base Year |
2023 |
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Forecast Period |
2024 to 2029 |
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Segments Covered |
By Type, Component, Deployment, End-user, and Region |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Regions Covered |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
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Market Leader Profiled |
IBM Corporation, Wipro Limited, Health Catalyst |
IBM Corporation, Wipro Limited, Health Catalyst, Allscripts, Cerner Corporation, Inovalon, MEDEANALYTICS, INC., McKesson Corporation, Oracle, Optum, Inc., IQVIA, SAS Institute Inc., Verscend Technologies Pvt. Ltd, Vitreous Health, CitiusTech Inc., and GENERAL ELECTRIC are notable companies in the global healthcare operational analytics market.
This research report on the global healthcare operational analytics market has been segmented and sub-segmented based on type, component, deployment, end-user, and region.
By Type
By Component
By Deployment
By End-user
By Region
Frequently Asked Questions
The North American region was the largest regional market in 2023 and is anticipated to be leading in the first spot among all the regions in the global market for the upcoming years as well.
Companies playing a significant role in the global healthcare operational analytics market are IBM Corporation, Wipro Limited, Health Catalyst, Allscripts, Cerner Corporation, Inovalon, MEDEANALYTICS, INC., McKesson Corporation, Oracle, Optum, Inc., IQVIA, SAS Institute Inc., Verscend Technologies Pvt. Ltd, Vitreous Health, CitiusTech Inc., and GENERAL ELECTRIC.
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