Healthcare Operational Analytics Market

Global Healthcare Operational Analytics Market Size (2023 to 2028)

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.

MARKET DRIVERS:

The growing popularity and usage of cloud computing, mobile devices, and Internet of Things (IoT) device are anticipated to promote the global healthcare operational analytics market growth.

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.

The growing global mHealth market will likely show acceleration in the worldwide 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.

MARKET RESTRAINTS:

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.

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

The current pandemic is influencing the future of healthcare analytics and health insurance. The amount of data collected and analyzed by hospitals and healthcare organizations worldwide was already increasing, but the outbreak has heightened the importance of data even further. During a pandemic, healthcare professionals struggle to monitor larger intensive care capacities, monitor staff safety/fatigue, and optimize every available resource. At the same time, the pandemic's urgency may push the healthcare industry to adopt data and analytics for decision-making more quickly.

The COVID-19 pandemic is delaying medical care changes, urging both innovation and growing technology that allows patients to interact with the healthcare system remotely. While the pandemic crisis may have accelerated the healthcare industry's cultural shift, it will be interesting to see what happens during the pandemic recovery and potential future outbreaks. The current healthcare crisis has pressured healthcare leaders to create high-quality, clean datasets for algorithm development. During the COVID-19 pandemic, healthcare settings used cloud technologies to enable rapid application deployment in individual organizations and data analytics integration across organizations.

REPORT COVERAGE:

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.

Healthcare Operational Analytics Market – By Type:

• Supply Chain Analytics
• Human Resource Analytics
• Strategic Analytics

Healthcare Operational Analytics Market – By Component:

• Software
• Hardware
• Services

Healthcare Operational Analytics Market – By Deployment:

• On-Premises
• Web and Cloud-based

Healthcare Operational Analytics Market – By End-user:

• Hospitals and Clinics
• Pharmaceutical and Biotechnology Companies
• Others

Healthcare Operational Analytics Market – By Region:

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

KEY MARKET PLAYERS:

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.