Healthcare Descriptive Analytics Market

Healthcare Descriptive Analytics Market Size (2023 to 2028)

The global healthcare descriptive analytics market is estimated to be worth USD 40.42 billion by 2028 from USD 13.35 billion in 2023, growing at a CAGR of 24.8% from 2023 to 2028.

Descriptive analytics is used for data mining to examine the number of positive tests in each population over time to assess how infectious a virus is. In addition, Healthcare descriptive analytics can help determine what occurred in a given period, such as how many patients were hospitalized last month, what number of patients chose home care facilities, or how many procedures for a specific disease were performed in the previous year. This data is analyzed and published in human-readable formats such as percentages, standard deviations, figures, and averages. Overall, the descriptive study summarises the medical condition over time and can turn extensive data into actionable observations. Healthcare descriptive analytics aids in the task management of healthcare providers, benchmarking results against government standards, and identifying opportunities for change. In addition, descriptive analytics offers useful insights into previous market failures and successes. Clinical data analytics, financial data analytics, institutional data analytics, and academic data analytics all use descriptive analytics.

MARKET DRIVERS:

Technological advancements are propelling the global healthcare descriptive analytics market.

The adoption of emerging technology is a significant factor driving the market for healthcare descriptive analytics. The growing use of big data analytics in the healthcare sector aids in the processing and interpreting of data from various sources, improving patient service; the introduction of social media also affects the healthcare analytics sector. In recent years, Electronic Health Records (EHRs), Electronic Medical Records (EMR), and other data analytics resources have grown dramatically. According to Definitive Healthcare 2020 figures, almost % of vital access hospitals have an EHR system. Most of the Member States with national EHR systems report EHR system integration with laboratories (77%), pharmacies (72%), and image archiving and communications systems (PACS) (56 %). In addition, wearable technology, which contains a range of sensors for tracking different tasks and conditions of the human body, is increasingly evolving. Clinical Decision Support (CDS) applications in hospitals analyze patient evidence on the spot and guide clinical professionals. These systems utilize a large amount of data, which can then be analyzed using different forms of healthcare analytics to create personalized medicine. Data collection has become a much simpler method with the rise of AI, Machine Learning, Natural Language Processing (NLP), and Blockchain.

Rising government funding propels the healthcare descriptive analytics market forward.

Many governments are funding data projects in the healthcare and life sciences sectors. This assistance improves accountability while still benefiting patients. As a result, there has been a lot of activity in healthcare data analytics in recent years, increasing the market for descriptive data analysis. For example, as part of a national cost-effectiveness initiative, the Italian Medicines Agency gathers and analyses clinical evidence on costly new medications. The government could revise prices and market access conditions based on the effects of this initiative.

Furthermore, the federal government grants relevant stakeholders, including those in the private sector, access to the results. For example, the HealthData.gov site provides federal databases with information on healthcare service quality, the most recent medical and scientific knowledge, customer product data, urban health outcomes, government spending data, and various other subjects. All of these activities contribute to developing the healthcare descriptive analytics market.

MARKET RESTRAINTS:

Lack of expertise and issues with data storage limit the healthcare descriptive analytics market growth.

However, a lack of expertise and data storage capacity can hamper the growth of the healthcare descriptive analytics market. In the healthcare descriptive analytics project, a large amount of data is gathered and analyzed. Data research necessitates the use of experts with a keen eye for detail. In addition, there is a scarcity of IT experts who can interpret digital evidence. Besides this, data storage is scarce, impeding the growth of the healthcare descriptive analytics market.

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

COVID-19 accelerates the demand for the healthcare descriptive analytics market. Since the end of January 2020, when SARS-CoV-2 was declared a public health emergency. This COVID-19 pandemic increased the need for descriptive data analytics. Descriptive data analytics assess how the coronavirus spreads and aids in disease control planning. The real-time COVID-19 trackers that constantly collect data from sites all over the globe are assisting healthcare professionals, academics, epidemiologists, and politicians in collecting and analyzing event data on a global scale. The GPS data evaluates the movement of people in an area or region. The data resulting from GPS analyze the people moving in a region or city. This data helps to view whether there is compliance with social distancing. Furthermore, the COVID-19 Real World Evidence (RWE) studies collect data from worldwide, which aids in advancing therapies that are more patient-centric and patient-friendly.

The descriptive study further reveals that male patients have a higher risk of coronavirus infection than female patients. It additionally determines the signs of coronavirus infection and demonstrates that the patients suffering from covid – 19 have various symptoms, such as flu, diarrhea, fatigue, cough, and sore throat. It assists the government in educating people to keep them from being sick. Moreover, descriptive analysis helps businesses understand how customer behavior has evolved because of covid – 19. The use of descriptive and predictive analytics and the prompt updating of COVID-19-related analytics data has assisted many governments in developing public health policy and successfully communicating with the public.

REPORT COVERAGE:

This market research report on the global healthcare descriptive analytics market has been segmented and sub-segmented into the following categories.

Healthcare Descriptive Analytics Market – By Product:

• On-premises
• Cloud-based

Based on the product, the On-premises segment was the most popular delivery option, accounting for more than half of the share of the global healthcare descriptive analytics market. Tcompany'sy's installation of services and solutions on computers is part of the on-premises delivery methodology. Therefore, even while the software is deployed on-site, it can be accessed from afar, resulting in lower power usage, costs, and efficiency.

During the forecast period, the cloud-based delivery model is predicted to be the fastest-growing segment since it allows for the remote storage of vast amounts of data to free up space on devices and promotes data retrieval according to end-user needs. In addition, these cloud-based services provide a lot of storage, access, and security, which propels the segment forward.

Healthcare Descriptive Analytics Market – By Application:

• Hospitals
• Clinics
• Diagnostic Centres
• Academics and Research Institutes
• Others

Over the forecast period, the Clinical applications segment is predicted to increase the fastest. Clinical application usage is expanding due to several benefits, such as increased revenues, insights, and cost savings by utilizing real-time medical data. Furthermore, the increased use of clinical analytics has improved population health, fewer medication errors, and cost savings for many organizations. Again, technological improvements and the growing use of Electronic Health Records (EHRs) propel the market forward.  The data is usually collected from electronic health records to make informed clinical and business decisions. It also increases the patient experience and provides real-time data.

Healthcare Descriptive Analytics Market - By Region:

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

Based on region, North America accounted for more than 50% of the global healthcare descriptive analytics market in 2022, and the increased use of EHRs, increased regulatory requirements, and value-based reimbursements majorly drive this regional market. Moreover, rising federal healthcare requirements aimed at reducing healthcare costs and delivering high-quality treatment and growing government programs primarily focused on personalized medicine drive tregion'sn's use of healthcare analytics. One of the key drivers of healthcare analytics is the digitization of healthcare data. According to Intel, about 80% of healthcare institutions in the United States have adopted Electronic Medical Records (EMR) systems. These systems capture a large amount of data, which may be examined using various healthcare analytics to generate personalized medicine.

Due to the development of healthcare and IT infrastructure, the rising adoption of big data in various developing countries, and increasing public and private funding to support the adoption of advanced analytics solutions, the Asia Pacific segment is expected to grow faster during the forecast period.

KEY MARKET PARTICIPANTS:

Some of the noteworthy companies operating in the global healthcare descriptive analytics market profiled in this report are Allscripts Healthcare Solutions, Inc., IBM Corporation, Oracle Corporation, Cerner Corporation, McKesson Corporation, Optum, Inc., Truven Health Analytics, SAS Institute, Microsoft Corporation, SAP SE, TIBCO Software and MedeAnalytics, Inc.

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

RECENT MARKET DEVELOPMENTS:

• In May 2021, THREAD, a platform and service provider that enables decentralized clinical trials (DCTs), announced the launch of tindustry'sy's first analytics dashboards explicitly designed to track, calculate, and forecast DCT output. The analytics dashboard offers real-time, actionable insights to researchers to minimize risk, simplify oversight, and optimize results.