North America Healthcare Analytics Market size crossed USD 14.5 billion in 2021 and is anticipated to expand at a CAGR of 19.8% from 2022 to 2028.
Healthcare analytics is the process of collecting, organizing, and analyzing large amounts of data to provide users with actionable insights. This analyzed data helps the organizations to predict trends, enhance patient outcome and provide more personalized treatment.
Get more details on this report - Request Free Sample PDF
Advent of big data in healthcare will fuel the healthcare analytics market growth in North America. The application of big data in healthcare coupled with a variety of data analysis methods and tools enables efficient maintenance of health records, develop better treatment plans, and predict at-risk patient population while enhancing the overall quality of care provided. Several technological improvements allow big data in healthcare to convert from static datapoints to insightful information while upgrading the overall efficiency of the healthcare sector. Big data plays a prominent role in value-based healthcare and presents opportunities for technological advancements while lowering costs. This is prominently achieved by leveraging appropriate software tools. Big data analytics in healthcare is a complex process and the application of various analytical tools has enabled optimum process-oriented operations coupled with effective functioning of the healthcare institutions.
North America Healthcare Analytics Market, By Product
The predictive analysis segment accounted for over 33% market share in 2021, attributed to the prominence of personalized and evidence-based medicine and increasing efficiency of the healthcare sector. For instance, in 2020, the Cleveland Clinic researchers developed a predictive analysis model that determined an individual’s chance of testing positive for COVID-19 disease and the possible outcomes from the disease including disease severity. Furthermore, the implication of predictive analysis determines in evaluating disease treatment pattern and reduce readmission rates.
North America Market, By Application
The North America healthcare analytics market size from population health management segment exceeded USD 3,642.4 million in 2021, due to increasing demand for improved care management and reduced re-admission rate. The application of healthcare management enables patient-centric care that curtails the healthcare costs and results in improved patient outcome.
North America Market, By End-use
The hospitals segment dominated around 70% North America healthcare analytics market share in 2021. Hospitals are commonly equipped with advance technological tools that helps tracking, storing, maintaining, and analyzing patient health records while providing accurate treatment and healthcare services. The healthcare analytical tools enable optimum hospital management pertaining to patient volume, bed capacity, staff management as well as inventory management, among others.
North America Market, By Country
U.S. healthcare analytics market will register around 19.4% growth rate to surpass USD 44 billion revenue by 2028. The U.S. market is expected to show increasing growth rate owing to rising adoption of advance analytical tools for efficient healthcare management along with increased patient demand for effective treatment and reduced healthcare cost.
For instance, several federal regulations in the U.S. have enforced healthcare organizations to focus on digitalization and maintain electronic health record (EHR). The EHR enables to understand the patient’s health pattern and improves patient outcome by delivering optimized care, reduces hospital stay, thus reduce total cost. The administration of healthcare analytics delivers customized patient care that in turn improves patient satisfaction rate.
Competitive Industry Landscape
Some of the leading companies operating in the North America healthcare analytics market are IBM Corporation, GE Healthcare, McKesson Corporation, Evolent Health, Inc, Athenahealth Inc., and Health Catalyst. These companies implement strategies such as merger, acquisition, partnership, collaborations, business expansion to expend their geographical footprint and strengthen their market position.