Healthcare Cloud-Based Analytics Market

Global Healthcare Cloud-Based Analytics Market Size (2024 to 2029)

During the forecast period, the size of the global healthcare cloud-based analytics market is estimated to be growing at a CAGR of 9.87%.

Cloud analytics is a service that analyses the rapid growth of cloud business models and displays cloud service ideas and approaches. Healthcare cloud computing analytics aids in gathering, integrating, analyzing, and presenting insights to improve health decision-making in hospitals. Cloud-based analytics in healthcare is being utilized to obtain real-time, evidence-based decision-making power. The healthcare industry can use cloud-based analytics to create data (used in EHR/EMR/RFID, primary care setting, home monitoring solutions), data acquisition (used for cloud storage, remote server, data warehousing), information processing (used for clinical research, forecasting) and for the business process (clinical decision support and workflow automation.)

Global Healthcare Cloud-Based Analytics Market DRIVERS:

The growing adoption of big data analytics in healthcare is one of the significant factors driving the global healthcare cloud-based analytics market. The primary driver for the healthcare cloud-based analytics market is the growing adoption of big data in healthcare. The expanding use of big data analytics in healthcare assists in the processing and interpreting of data from multiple sources, resulting in better patient treatment. The usage of Electronic Health Records (EHRs) or Electronic Medical Records (EMRs), as well as other data analytics tools, has increased rapidly in recent years. According to data from Definitive Healthcare 2020, about 95% of crucial access hospitals have an EHR system set up. Predictive analytics, which tries to notify physicians and providers of the possibility of events and consequences before they arise, has also grown in popularity, assisting them in preventing and curing health issues. Consequently, according to a 2019 poll by the Society of Actuaries, 60% of organizations have implemented predictive analytics. Predictive analytics has enhanced patient satisfaction by 42 %, and it has saved money by 39 %. In addition, cloud-based analytics places a higher emphasis on healthcare quality due to the precision provided by machine learning algorithms. It's also easier to set up and scale across departments. As a result, the healthcare cloud-based analytics industry is growing.

Rising demand for value-based patient care further drives the global healthcare cloud-based analytics market. Another factor driving the healthcare cloud-based analytics market is the growing demand for enhanced patient care and experience. Patients are increasingly demanding improved treatment and service. Only through customizing the experience and getting to know patients better, i.e., analyzing patient data, can this be accomplished. Organizations could use cloud-based analytics to make data-driven decisions that result in improved service. The data integration and modeling capabilities of cloud analytics enable the inclusion of structured and unstructured data from several primary and secondary sources, allowing for better decision-making. It would also give information on future trends and patient preferences. Cloud-based analytics aids in the creation of a better pathway to reach the patient and identify new methods to give treatment as people become more digital and accept technology. Also, Predictive learning is aided by cloud analytics. With huge data numbers, and innovative and well-designed algorithms, it can continue to provide analytical approaches in a different dimension. All of these things help to improve patient care, forecasting, and operations. As a result, there is a growing need for cloud-based analytics in the healthcare market.

Global Healthcare Cloud-Based Analytics Market MARKET RESTRAINTS:

The healthcare cloud-based analytics business is being held back by security concerns. Data is mostly contained in cloud-based analytics. Data breaches, account hijacking, virus injections, and data loss can all occur because cloud-based analytics deals with many sensitive data. As a result, software suppliers and organizations should constantly monitor the current trends and new designs for their software to function with various security standards. As a result, the market for cloud-based healthcare analytics is declining.

Impact of COVID-19 on the global healthcare cloud-based analytics market:

Cloud-based data analytics is gaining traction to enhance the safety, quality, and efficiency of health care by allowing data storage and computing resources to be controlled by third-party service providers. The COVID-19 pandemic gave insights into how this technology may enhance hospital operations. Cloud-based analytics technologies have played a critical role in healthcare institutions' management and prevention of the COVID-19 pandemic. Researchers and doctors have examined patterns, monitored patient groups, and begun to address long-standing challenges in the healthcare business because of the massive quantity of data created by the pandemic. Also, In the middle of a healthcare crisis, the capacity to forecast future occurrences is crucial, and predictive analytics technologies may assist healthcare organizations in accomplishing exactly that. It also aids in determining which people are most vulnerable to catching COVID-19, along with which patients are most likely to have negative effects from the virus. Furthermore, health organizations were able to interact and exchange data securely and safely using cloud-based analytics, which is crucial for researchers rushing to identify COVID-19 therapies and vaccinations. Many companies in the healthcare and pharmaceutical industries use cloud data analytics systems with built-in dataOps, data availability/accessibility modules, and improved data management procedures in Covid – 19. Additionally, descriptive analysis helps companies identify how client behavior has changed due to covid – 19. Finally, many governments have benefited from using descriptive and predictive analytics and the timely updating of COVID-19-related analytics data in creating public health policies and effectively engaging with the general public.

REPORT COVERAGE:

This research report on the global healthcare cloud-based analytics market has been segmented and sub-segmented based on type, component, deployment, and region.

Global Healthcare Cloud-Based Analytics Market – By Technology:

• Predictive Analytics
• Prescriptive Analytics
• Descriptive Analytics

Global Healthcare Cloud-Based Analytics Market – By Component:

• Software
• Services
• Hardware

Global Healthcare Cloud-Based Analytics Market – By Application:

• Clinical Data Analytics
• Administrative Data Analytics
• Research Data Analytics
• Others

Global Healthcare Cloud-Based Analytics Market – By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa

KEY MARKET PLAYERS:

Some of the noteworthy companies operating in the global healthcare cloud-based analytics market include Allscripts Healthcare Solutions, Cerner Corporation, Hp, Mckesson, Oracle, Citiustech, IBM, Optum Health, Verisk Analytics, CitiusTech, and others.

These players focus on launches, joint ventures and consolidations, and acquisitions to expand their global reach while improving their product portfolio.

RECENT MARKET DEVELOPMENTS:

• On 13 May 2021, Carahsoft Technology Corp., The Trusted Government IT Solutions Provider®, partnered with Splunk, Inc., provider of the Data-to-Everything Platform, to provide Splunk® Enterprise Transformation with Azure for the public sector customers. This solution combines the full capabilities of Splunk® Enterprise, Microsoft Azure, and partner-led services to enable real-time data analytics in the cloud.
• On 10 December 2020, Amazon Web Services (AWS) has launched Amazon HealthLake, a HIPAA-compliant service aimed at advancing the use of big data analytics in healthcare by supporting interoperability standards.