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HEALTHCARE & PHARMACEUTICAL

Patient Data Analytics Market Segmentation by Product Type (Descriptive, Predictive, Prescriptive, and Cognitive); by Application (Operations Management, Financial Management, Population Health Management, and Clinical Management); by Deployment Type (On-Demand, and On-Premise) – Global Demand Analysis and Opportunity Outlook 2030

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Extensive insights into the Growth of Patient Data Analytics Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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IN THE NEWS

  • April 2021: UF Health collaborated with NVIDIA researchers to create GatorTron, which is an artificial intelligence transformer natural language processing model. It is aimed at fast-tracking research and medical decision-making by digging out insights from huge volumes of clinical data with efficiency and exceptional speed.
  • March 2021: Health Catalyst, Inc., a leading provider of data and analytics technology and services to healthcare organizations, launched new Healthcare.AI, which can address business opportunities and challenges associated with quality, cost, and revenue.

Global Patient Data Analytics Market Highlights 2022-2030

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.

Global Patient Data Analytics Market

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. CLICK TO DOWNLOAD SAMPLE REPORT

Major Macro-Economic Indicators Impacting the Market Growth

Healthcare Expenditure

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.

Global Patient Data Analytics Market Regional Synopsis

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.

Global Patient Data Analytics Market

The global patient data analytics market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis

Market Segmentation

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

By Product Type

  • Descriptive
  • Predictive
  • Prescriptive
  • Cognitive

By Application

  • Operations Management
  • Financial Management
  • Population Health Management
  • Clinical Management

By Deployment Type

  • On-Demand
  • On-Premise

Growth Drivers

  • Rise in Government Initiatives to Curb Medical Costs
  • Increasing Technological Advancements in the Medical Sector

Challenges

  • Data Integrity and Safety Issues Associated with Patient Data Analytics
  • Lack of Skilled IT Professionals in Healthcare Industry

Top Featured Companies Dominating the 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.

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