North America Healthcare Analytics Market

North American Healthcare Analytics Market Size (2024 to 2032)

The North American healthcare analytics market was worth USD 4.05 Billion in 2023 and is set to reach USD 41.63 Billion by 2032 from USD 5.25 Billion in 2024, growing at a CAGR of 29.54% from 2024 to 2032.

Analytics in healthcare is an evidence-based approach to collecting data and analyzing it to depict patterns and trends in healthcare for improvised and effective interventions.

The usage of I.T. in the healthcare sector has been exponentially increasing over the previous year, aiding the market's growth, which uses chronological data in estimating future trends, evaluating decisions, and measuring performance that helps improve business processes and outcomes. This analysis helps improve the accuracy, service delivery of the health system, and efficiency with increased quality patient care and clinical outcomes laterally to reduce cost and hospital readmission. It has also helped to tackle several challenges in the healthcare industry: health insurance companies, resource crunches, regulatory pressure on healthcare providers, and population identification at risk amidst global pandemics.

The increasing use of EHR among healthcare organizations is the primary factor driving the healthcare analytics market in North America. The increasing use of actual data in the healthcare industry is a primary factor driving North America's healthcare analytics market forward.

The growing adoption of personalized medicine is accelerating the market's growth rate. Due to the increasing incidence of diseases such as cancer and other chronic diseases, most people prefer personalized treatment and medicine to recover fast from the disease or increase their life span. To manufacture personalized medicine, healthcare providers and researchers need to study the patient's complete health details, such as the antibodies and genes in the patient's body. Furthermore, the YOY increase in the number of people suffering from chronic diseases from the North American countries is further boosting the market growth in this region.

However, security issues, breach of confidential information, technological and cultural hurdles at the data source point, and a low-skilled workforce is causing concerns among individuals and may confine the growth of the healthcare analytics market in North America. In addition, in creating an analytics network, it must overcome barriers regarding fragmented political and economic relations among the countries, which may also be a significant factor hindering the market growth. Furthermore, collecting data from different sources is a significant task, and data redundancy impedes market growth in North America. Lack of skilled professionals for the analysis, lack of awareness, and increasing maintenance cost of the data storing software are other factors hampering the market growth in this region.

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

North American Healthcare Analytics Market - By Type

• Predictive

• Prescriptive

• Descriptive/Retrospective

North American Healthcare Analytics Market - By Application

• Financial
• Clinical
• Operational and Administrative

North American Healthcare Analytics Market - By End Users

• Public Health Systems
• Healthcare Providers
• Private Healthcare Providers
• Monitoring Agencies
• Health Insurance Companies
• Clinical and Medical Research Bodies
• Technology Vendors

North American Healthcare Analytics Market - By Country

• The United States
• Canada
• Rest of North America

Geographically, North America currently had the largest share of the market in 2023. Furthermore, it is estimated to dominate the market during the forecast period, owing to the federal mandates reassuring Healthcare I.T. acceptance in this region.

The U.S. healthcare analytics market is considered to lead the healthcare analytics market and is expected to continue its dominance throughout the period. This region's growth is attributed to improved healthcare quality, reduced extended stay in hospitals, and fuelling market growth. Moreover, the digitization of healthcare systems, particularly in the U.S., is surging growth during the foreseen period.

The Canadian healthcare analytics market is expected to grow at a healthy CAGR over the forecast period.

The existence of several Niche players, increasing EHR adoption, and value-based reimbursement policies are accelerating the market growth. However, the lack of inadequate reimbursements may also hamper the market. The Canadian government has increased its investment allocation on collecting a large amount of data yearly. Most healthcare providers focus on giving the best in their work by analyzing the data to overcome errors in the previous data. There are training programs conducted for healthcare analytics that help them excel in the field. These professionals will gather information from different sources and give effective results after analyzing the data.

KEY MARKET PLAYERS

A few of the prominent companies operating in the North American healthcare analytics market profiled in the report are SAS Institute, Inc., Optum, Inc., IBM Corporation, Truven Health Analytics Inc., Cerner Corporation, Verisk Analytics, Inc., McKesson Corporation, Allscripts Health Solutions, Oracle Corporation, MedeAnalytics, Inovalon, Inc., and Health Catalyst.