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North American Healthcare Analytic Market size to hit $50.3 Bn by 2028
Published Date: 2022-03-29
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North American Healthcare Analytic Market size is predicted to surpass USD 50.3 billion by 2028, according to a latest forecast report by Graphical Research.
Increasing technological advancements owing to rising demand for efficient management in healthcare sector is boost the market growth. The use of mhealth and related mobile technology serves as a significant starting point for data collection and providing analytical insights to its users. Other advantages include better care management, schedule appointment with healthcare provider and access health information, among others. Moreover, variety of technologically advanced healthcare products such as smart watches, heath monitoring apps as well as various sensors and other wearable devices contribute to the industry growth. The use of electronic health records (EHR) plays a crucial role to increase quality care in healthcare sector.
Healthcare monitoring systems analyze patients’ data obtained from various healthcare applications and devices. The data is collected by monitoring patients’ vitals such as heart rate, respiratory rate, electrocardiogram, body temperature, blood pressure, among others, and assist understanding the health and opt for suitable medical treatment. Healthcare analytics also predicts upcoming risk factors and raises alerts to avoid medical emergencies. Thus, the adoption of healthcare analytics enables a better understanding of patients health records and ensures optimum patient interventions are provided for improved patient outcome.
The descriptive analytics segment accounted over 48% market share in 2021 attributed to the increasing demand for descriptive analysis based on data sets and historic trends to a obtain insightful information to understand the current scenario more precisely. For instance, in 2020, Accenture and Trifecta collaborated to provide high-quality data mining solutions for improved drug discovery procedures. Descriptive analytics is commonly used to understand the analyzed historic data and improves decision making. Moreover, the cost associated with procuring descriptive dataset is relatively lower as compared to prescriptive and predictive analyzed data sets.
The operation management segment held more than USD 1.5 billion revenue in 2021. Operations management is important for efficient operation and functionality of a healthcare institute in controlling costs and enhancing the quality of care provided to patients. Healthcare operations management mainly include administrative, inventory, legal and quality improvement activities. The application of healthcare analytics tools in operation management enables to understand the needs and suffices the requirements thus, enables smooth functioning of a healthcare organization. Healthcare analytics tools allow a better management of hospital staff, beds availability and other resources such as high-tech equipment and related consumables in the hospitals and thus avoid shortages.
Browse detailed statistical insights from the report, “North America Healthcare Analytics Market Forecast 2028 By Application (Operations Management, Financial Management, Population Health Management, Clinical Management) By Product (Descriptive Analytics, Predictive Analytics, Prescriptive Analytics), By End-Use (Hospitals, Clinics), Research Report, Country Outlook (U.S., Canada), COVID-19 Impact Statistics, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share” along with the table of contents (ToC) @
The hospital segment dominated around USD 2 billion revenue in 2021 owing to factors such as multifunctionality, large scale operations and accumulation of huge data such as patients health records. Hence, a higher adoption rate of healthcare analytics in hospitals is propelling the segmental growth. The analytical tools understand the complex data patterns and assist the healthcare practitioners with fact-based decision making while minimizing the patient’s hospital stay. Healthcare analytics improves the operational functionality and financial performance of the hospitals. The analytical tools predict the spread of disease and also assist the hospitals in controlling the spread and efficiently manage the same.
Canada healthcare analytic market will exceed USD 6 billion by 2028 on account of increasing adoption of novel modalities such as Big Data and other health analytics technologies. Moreover, rising government funding for adoption of novel healthcare technologies is further expected to proliferate the industry growth. For instance, the government of Canada offered an investment grant of approximately USD 49 million under its Digital Health and Discovery Platform (DHDP) that refers to an extensive network of partners that intend to set-up a health data platform across Canada. This platform is anticipated to accelerate the development of novel and personalized therapeutic solutions to assist in designing effective treatment solutions against major diseases inflicting public health burden.
The North American healthcare analytic market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2017 to 2028, for the following segments:
North America Market, By Product
- Descriptive analytics
- Predictive analytics
- Prescriptive analytics
North America Market, By Application
- Operations management
- Financial management
- Population health management
- Clinical management
North America Market, By End-use
The above information has been provided for the following countries:
- North America