In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
The global patient data analytics market is estimated to grow with a moderate CAGR during the forecast period, i.e., 2022-2030. Healthcare companies are increasingly focusing on cost-cutting and adopting procedures that guarantee the sustainability of operations. This is anticipated to create a rapid demand for patient data analytics as it can help hospitals lower administrative costs, provide improved coordination of treatment, and minimize erroneous and fraudulent payments. Furthermore, improvements in healthcare infrastructure in emerging economies and rising awareness about advantages of patient data analytics are also assessed to fuel market growth. According to the report of US National library of Medicine, as of June 2021, United States alone accounted for the submission of 35% of the total clinical studies of the organization, which were offered for the purpose of patient data analytics. In addition, increasing collaborations among medical companies and rising number of ongoing clinical studies across the world are further expected to boost the market growth in the upcoming years. Moreover, coronavirus pandemic is predicted to positively affect the market growth as a result of growing number of patient studies related to COVID-19.
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The market is segmented on the basis of product type into descriptive, predictive, prescriptive, and cognitive, out of which, the descriptive segment is anticipated to occupy the largest share in the market owing to its importance in effective application of prescriptive and predictive analytics. Additionally, based on application, the segment for financial management is projected to acquire a notable share in the market, which can be credited to the growing applications of analytics to control high healthcare costs and provide quality patient care. Moreover, growing usage of analytics to detect and prevent healthcare fraud is further estimated to boost the growth of this market segment.
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa. The market in the Asia Pacific is predicted to grow at the highest CAGR over the forecast period owing to the increasing spending by non-governmental and governmental agencies on improving healthcare infrastructure in the region. According to the World Bank, for China, the share of health expenditure as percentage of GDP has increased to 5.35% in 2018 from 4.2% in 2010. Furthermore, the market in North America is evaluated to occupy the largest share during the forecast period, ascribing to the presence of highly established healthcare infrastructure, increasing venture capital funding in the medical sector and widespread adoption of electronic healthcare records in the region. Additionally, Europe is also expected to acquire significant share in the market, which can be credited to superior healthcare infrastructure and increasing advancements in medical technologies.
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The global patient data analytics market is further classified on the basis of region as follows:
Our in-depth analysis of the global patient data analytics market includes the following segments:
Ans: Growing government initiatives to curb medical costs and rise in awareness about personalized medicines are the key factors estimated to drive market growth.
Ans: The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2022-2030.
Ans: Data safety issues and lack of IT professionals in healthcare sector are estimated to hamper market growth.
Ans: The market in Asia Pacific region will provide ample growth opportunities owing to the increasing technological advancements in the healthcare industry and rising government initiatives to curb medical costs.
Ans: The major players dominating the global patient data analytics market are IBM Corporation, Allscripts Healthcare Solutions Inc., Cerner Corporation, Health Catalyst, Inc., Inovalon, Inc., and others.
Ans: The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by product type, application, deployment type, and by region.
Ans: With respect to application, the financial management segment is anticipated to hold the largest market share owing to the rising need to curb medical costs.