Patient Data Analytics Market Size & Share, by Product Type (Descriptive, Predictive, Prescriptive, Cognitive); Application (Operations Management, Financial Management, Population Health Management, Clinical Management); Deployment Type (On-Demand, On-Premise) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

Global Patient Data Analytics Market Definition

Patient data analytics facilitates the early identification of disease and helps in providing faster, more precise and a safe treatment to patient. By employing patient data analytics in healthcare helps in managing and reducing the healthcare cost, predicting avoidable ailments, and improve the all over the experience of patient. Patient data analytics enables to consolidate all the healthcare institution and provide immediate help to the patient in case of emergency.

Patient data analytics manages both financial and administrative data of the hospitals, clinics, and research institutes as well. It gathers information of patient health, analyze it, and map out pattern for providing better services and prompt care to the patients. Patient data analytics has the potential to improve people's quality of life in general.

Patient data analytics provide a precise account of patients’ history and requirements, it ensures that patient gets the most suitable doctors to assist them. With the help of the important data that has been extracted by patient data analytics, doctors are able to give faster and better treatments to the patient, patients with complicated medical records are particularly benefitted by this.

Patient data analytics requires digitized or electronic health records for better functioning, it give them a personalized treatment solution. The use of a data analytics solution is fundamental in healthcare when it comes to keeping high-risk patients secure since adequate data becomes a must.

Moreover, patient data analytics reduced the chances of human errors, which reduces the health issues and faulty insurance claims. Any small errors in patient health records can lead to inaccurate prescriptions of medicines. Therefore, patient data analytics has become of utmost important for improving healthcare systems.

Global Patient Data Analytics Market: Key Insights

Global Patient Data Analytics  Market Size, Forecast, and Trend Highlights Over 2023 - 2035

The global patient data analytics market is estimated to garner a revenue of ~USD 125 Billion by the end of 2035 by growing at a CAGR of ~16% over the forecast period, i.e., 2023 – 2035. Further, the market generated a revenue of ~USD 30 Billion in the year 2022. The growth of the market can be attributed to rising usage of digital healthcare facilities, tele-health apps, and others. There are almost 4 million Americans who use the over 350,00 mobile health apps that are available in app stores. Furthermore, the United Nations along with the World Health Organization, launched a General Program of Work, 2019-2023, to achieve the development goals of healthcare, that includes, increasing the development, scaling and adoption of digital health solutions.

In addition to these, factors that are believed to fuel the market growth of patient data analytics include the 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.

Global Patient Data Analytics Market: Growth Drivers and Challenges

Growth Drivers

• Rising Popularity of Digital Healthcare – patient data analytics helps find hidden patterns of users and trends in the digital world of healthcare. Using modern, digital information and communication technology in healthcare is likely to give around 1 billion people better healthcare services and improved attention at the time of emergencies.

• Higher Data Generation in Healthcare Sector– Huge data generated by healthcare admission can leverage patient data analytics for organizing and analyzing this data. By the end of 2020, the healthcare data massively increased from 500 petabytes in 2012 to 25,000 petabytes.

• Growing Prevalence of Chronic Disease – Rising cases of chronic illness, lead to higher hospital admission, therefore it is likely to boost the demand for patient data analytics. It was discovered that between 300,000 and 500,000 people worldwide experience spinal cord injuries every year. Around 15 million people between the ages of 30 and 69 pass away from noncommunicable or chronic diseases, according to the World Health Organization.

• Rising Use Electronic Medical Records – Growing adoption of electronic health records is expected to drive the market growth. In 2021, 97% of doctors recorded BDOH data electronically and 85% of doctors recorded SDOH data electronically. Primary care physicians recorded SDOH and BDOH data electronically at slightly higher rates than other medical professionals

• Increasing Use of Smart Healthcare Devices – The patient data recorded on smart diagnostic and monitoring medical devices can be analyzed by experts with the integration of patient data analytics. Around 80% of people who use wearable health devices and are at risk for cardiovascular disease say they would be prepared to improve their care by sharing the health data collected by the device with their medical team.

Challenges

• Increasing risk of data theft- Healthcare organizations’ prime concern is data security, in the light of digitization of medical services, the risk of breaches, data thefts , scams has increase. Any sort of cyber breach can lead to theft of sensitive and personal data on patient health. Therefore rising concern associated with data theft is expected to hamper the market growth.
• Lack of IT professionals in the industry
• High cost of implementation of patient data analytics

Global Patient Data Analytics Market Segmentation

The global patient data analytics  market is segmented and analyzed for demand and supply by product type into descriptive, predictive, prescriptive, and cognitive. Out of the four types of product, the descriptive segment is estimated to gain the largest market share over the projected time frame. The growth of the segment can be attributed to the increasing cases of chronic issues, such as cancer, diabetes, cardiovascular problems, and others. Given that chronic diseases persist throughout the patient's life, descriptive analytics provides a historical examination of the patient's circumstances. The World Health Organization estimates that 2.21 million cases of lung cancer and 2.26 million cases of breast cancer will be diagnosed in 2020. Additionally, around 18 million people worldwide die from cardiovascular diseases each year.

The global patient data analytics  market is also segmented and analyzed for demand and supply by application into operations management, financial management, population health management, and clinical management. Amongst these four segments, the financial management segment is expected to garner a significant share. the segment growth is primarily expected on the back of rising need to reduce the healthcare cost. Patient data analytics helps in finding the best healthcare service for the patient in the lowest cost. It helps both insurance company and patient to find the best policy to help patient to afford the expensive treatment.

Our in-depth analysis of the global patient data analytics market includes the following segments:

Global Patient Data Analytics Market Regional Synopsis

The Asia Pacific patient data analytics  market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2035. The growth of the market can be attributed majorly to the increasing use of digital health facilities and healthcare application in the region. As of December 2021, Ping An Good Doctor, which had about 12 million active monthly users, was the most popular medical app in China. In India, there were 76 million downloads of health apps between 2020 and 2021, an increase of 38% year over year. Moreover, between Q1 and Q2 2020, India experienced the highest growth of 156% for health and fitness app.

The North America patient data analytics  market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2035. The market growth in the region is attributed to the rising use of telehealth in the region, and increasing cases of chronic illness. From around 51% in February 2019 to over 62% in March 2021, the United States saw an increase in the usage of telehealth. Moreover, the adoption of telehealth increased by three times more in 2020 than it did in 2019. Furthermore, every sixth adult in America has a chronic condition, according to the Centers for Disease Control and Prevention.

Top Featured Companies Dominating the Global Patient Data Analytics Market

• IBM Corporation
  • Company Overview
  • Business Strategy
  • Key Product Offerings
  • Financial Performance
  • Key Performance Indicators
  • Risk Analysis
  • Recent Development
  • Regional Presence
  • SWOT Analysis

• Allscripts Healthcare Solutions Inc.
• Cerner Corporation
• McKesson Corporation
• Optum, Inc.
• CitiusTech Inc.
• Health Catalyst, Inc.
• Inovalon, Inc.
• MedeAnalytics, Inc.
• Oracle Corporation
• SAS Institute Inc.
• SCIOInspire, Corp.
• Verscend Technologies, Inc.
• VitreosHealth, Inc.