North America Healthcare Analytics Market Insights Forecasts to 2032
- The North America Healthcare Analytics Market Size was valued at USD 17.7 Billion in 2022.
- The Market Size is Growing at a CAGR of 20.6% from 2022 to 2032.
- The North America Healthcare Analytics Market Size is expected to reach 115.2 Billion by 2032.
- Canada is expected to Grow the fastest during the forecast period.
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The North America Healthcare Analytics Market Size is expected to reach USD 115.2 Billion by 2032, at a CAGR of 20.6% during the forecast period 2022 to 2032.
Healthcare analytics is the collection and analysis of real-time and historical data to forecast patterns, uncover actionable insights, and enhance medical science. It enables healthcare personnel to identify opportunities for improving operations, patient engagement, care delivery, and clinical outcomes. The large amount of data generated through healthcare analytics assists healthcare organizations in making fact-based decisions, hence improving planning, management, measurement, and learning. The global healthcare industry is undergoing a fundamental revolution as it transitions from a volume-based to a value-based business strategy. Consumers' increased need for higher-quality medical services has put this service delivery sector on edge to offer better results. Healthcare businesses all over the world are under effort to save costs, do more with less, and improve the patient care system. However, North America, particularly the United States, boasts state-of-the-art healthcare facilities, which, combined with the adoption of these platforms and improved technology availability, has resulted in the region's dominance of the healthcare analytics industry. Furthermore, having a number of important competitors in the market has contributed to the region's substantial share of business income.
This research report categorizes the market for North America Healthcare Analytics Market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the North America Healthcare Analytics Market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the North America Healthcare Analytics Market.
North America Healthcare Analytics Market Report Coverage
|Market Size in 2022:||USD 17.7 Billion|
|Forecast Period 2022-2032 CAGR:||20.6%|
|2032 Value Projection:||USD 115.2 Billion|
|Historical Data for:||2018-2021|
|No. of Pages:||200|
|Tables, Charts & Figures:||90|
|Segments covered:||By Product, By Application, ), By End-Use, By Country, North America Healthcare Analytics and COVID-19 Impact Analysis|
|Companies Covered:||IBM Corporation, GE Healthcare, McKesson Corporation, Evolent Health, Inc., Athenahealth Inc., Health Catalyst, SAS Institute Inc., Optum, Inc., Cerner Corporation, Allscripts Healthcare, LLC, Cotiviti, Inc., CitiusTech Inc., CVS Health, Inovalon, MedeAnalytics, Inc., Oracle, ExlService Holdings, Inc., Gainwell, and Others.|
|Pitfalls & Challenges:||COVID-19 Empact, Challenges, Future, Growth, & Analysis|
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The North America Healthcare Analytics Market is an amalgamation of modern analytics techniques and the region's vast healthcare sector. The market encompasses a wide range of analytics solutions, such as predictive analytics, prescriptive analytics, and descriptive analytics, all of which are targeted toward serving the distinctive demands of the healthcare sector. These analytics techniques are useful in a variety of domains, including revenue cycle management, population health management, clinical data analysis, and fraud detection. North America, with its tech-forward standpoint, particularly in the United States and Canada, employs cutting-edge technologies in healthcare analytics such as artificial intelligence (AI), machine learning, and big data approaches. The growing emphasis on value-based care, rising healthcare costs, improvements in big data technology, and the need for optimal resource usage are important aspects driving market expansion. The significance of robust data networks will only grow as the push for tailored care, telehealth, and remote monitoring adopts their pace. Real-time analytics and the integration of Internet of Things (IoT) devices in patient care are examples of innovations that are going to determine the market's future development.
- In 2022, the descriptive analytics segment accounted for the largest revenue share of more than 32.8% over the forecast period.
Based on the product, the North America Healthcare Analytics Market is segmented into descriptive analytics, predictive analytics, and prescriptive analytics. Among these, the descriptive analytics segment has the largest revenue share of 32.8% over the forecast period. During the global pandemic, for example, descriptive analytics was widely employed during the pandemic for analyzing historical data and patient histories to study virus spread, which has been a crucial driver driving growth in this particular sector. By accessing historical data and converting it into valuable insights, descriptive analytics has proven to be a valuable tool for comprehending precisely what happened in detail. Hospitals use it to monitor the performance of insurance claims by detecting abnormalities and inaccuracies in the claims. A growing number of firms are utilizing descriptive analysis technologies to boost market growth potential.
- In 2022, the financial management segment dominated the largest share of the North America Healthcare Analytics market.
Based on the application, the North America Healthcare Analytics Market is segmented into operations management, financial management, population health management, and clinical management. Among these, the financial management segment has the largest revenue share of 41.3% over the forecast period. Healthcare institutions and organizations are constantly attempting to reduce treatment costs while providing better care to patients, which has contributed to the expansion of this industry. The financial side of management is still the most important, as it helps organizations function better by lowering expenses and preventing fraud.
- In 2022, the hospitals segment accounted for the largest revenue share of more than 68.5% over the forecast period.
On the basis of end-use, the North America Healthcare Analytics Market is segmented into hospitals and clinics. Among these, the hospitals segment has the largest revenue share of 68.5% over the forecast period. Hospitals are frequently outfitted with cutting-edge technical equipment that aids in the recording, storing, maintaining, and analyzing of patient health records while providing correct treatment and healthcare services. The healthcare analytical tools allow for optimal hospital management in terms of patient volume, bed capacity, staff management, and inventory management, among other features.
The report offers the appropriate analysis of the key organizations/companies involved within the North America Healthcare Analytics Market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.
List of Key Companies
- IBM Corporation
- GE Healthcare
- McKesson Corporation
- Evolent Health, Inc.
- Athenahealth Inc.
- Health Catalyst
- SAS Institute Inc.
- Optum, Inc.
- Cerner Corporation
- Allscripts Healthcare, LLC
- Cotiviti, Inc.
- CitiusTech Inc.
- CVS Health
- MedeAnalytics, Inc.
- ExlService Holdings, Inc.
Key Target Audience
- Market Players
- Government Authorities
- Consulting and Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
This study forecasts revenue at global, regional, and country levels from 2021 to 2032. Spherical Insights has segmented the North America Healthcare Analytics Market based on the below-mentioned segments:
North America Healthcare Analytics Market, By Product
- Descriptive Analytics
- Predictive Analytics
- Prescriptive Analytics
North America Healthcare Analytics Market, By Application
- Operations Management
- Financial Management
- Population Health Management
- Clinical Management
North America Healthcare Analytics Market, By End-Use
North America Healthcare Analytics Market, By Country
- United States
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