The North American Healthcare analytics market size was worth USD 4.05 Billion in 2021 and is set to reach USD 14.79 Billion by 2026 with an annual growth rate of 29.54% during the forecast period 2021 to 2026.
Analytics in healthcare is an evidence-based approach to collecting the data and analyzing it to depict patterns and trends in healthcare for improvised and effective interventions. The usage of IT in the healthcare sector has been exponentially increasing over the previous year’s aiding the market's growth, which uses chronological data in estimating the future trends, evaluating the decisions, and measuring the performance that helps improve business processes and outcomes.
This analysis helps in improving the accuracy, service delivery of the health system, and efficiency with increased quality patient care and clinical outcomes laterally to the reduced cost and hospital readmission. It has also helped to tackle several challenges in the healthcare industry: health insurance companies, resource crunches, regulatory pressure on healthcare providers, and population identification at risk amidst the global pandemics.
With the Integration of healthcare mandates worldwide, there is an emergence of big data, increasing adaptation of IT in the healthcare sector, emerging fields of prescriptive, predictive analytics, the digitization of world commerce, and capital investments are powering the growth of this market sector. However, security issues, breach of confidential information, technological and cultural hurdles at the data source point, and low skilled workforce is causing concerns among the individuals and may confine the growth of this market across the globe. Besides, in creating an analytics network, it has to overcome barriers regarding fragmented political and economic relations among the countries, which may also be a significant factor hindering the market growth.
The healthcare providers segment among the end-users is predicted to grow at the highest CAGR during the forecast period. Federal mandates for implementing EHRs and ICD-10 code sets swing towards value-based medicine; also, the increased focus on reduced costs and quality care are excelling the growth of this segment.
This research report on the North American Healthcare Analytics Market has been segmented and sub-segmented into the following categories:
By End Users:
Geographically, North America currently had the largest share in the market in 2020. Furthermore, it is estimated to dominate the market during the forecast period, owing to the federal mandates reassuring Healthcare IT acceptance in this region.
The U.S. Healthcare Analytics Market is considered to lead the healthcare analytics market and is expected to continue its dominance throughout the period. This region's growth is attributed to improved healthcare quality, reducing extended stay in hospitals, fueling the market growth. Moreover, the digitization of healthcare systems, particularly in the US, is surging growth during the foreseen period.
The Canadian Healthcare Analytics Market is expected to grow with the quickest growth rate and highest CAGR over the period. The existence of several Niche players, increasing EHR adoption, and value-based reimbursement policies are accelerating the market growth. However, the lack of inadequate reimbursements may also hamper the market.
KEY MARKET PLAYERS:
A few of the prominent companies operating in the North American healthcare analytics market profiled in the report are SAS Institute, Inc., Optum, Inc., IBM Corporation, Truven Health Analytics Inc., Cerner Corporation, Verisk Analytics, Inc., McKesson Corporation, Allscripts Health Solutions, Oracle Corporation, MedeAnalytics, Inovalon, Inc., and Health Catalyst.
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3.1 Executive Summary
3.2 Key Inferences
3.3 New Developments
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 By Type
5.1.1 Predictive Analytics
5.1.2 Descriptive/Restrospective Analytics
5.1.3 Prescreptive Analytics
5.2 By Application
5.2.1 Financial Analytics
5.2.2 Clinical Analytics
5.2.3 Operational & Administrative Analytics
5.3 By End-user
5.3.1 Public Health Systems
5.3.2 Healthcare Providers
5.3.3 Private Healthcare Providers
5.3.4 Monitoring Agencies
5.3.5 Health Insurance Companies
5.3.6 Clinical and Medical Research Bodies
5.3.7 Technology Vendors
6. Geographical Analysis
6.2 United States
7.1 PESTLE analysis
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8.Market Leaders' Analysis
8.1.2 Product Analysis
8.1.3 Strategic Evaluation and Operations
8.1.4 Financial analysis
8.1.5 Legal issues
8.1.6 Recent Developments
8.1.7 SWOT analysis
8.1.8 Analyst View
8.2 SAS Institute Inc
8.3 Optum Inc.
8.4 IBM Corporation
8.5 Truven Health Analytics Inc.
8.6 Cerner Corporation
8.7 Verisk Analytics Inc.
8.8 Allscripts Health Solutions
8.9 Oracle Corporation
8.10 MedeAnalytics Inovalon Inc.
8.11 Health Catalyst
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10.1 Market Outlook
10.2 Investment Opportunities
a) List of Tables
b) List of Figures