Healthcare Payer Analytics Market Size, Share and Analysis By Type (Predictive, and Integrated), By Mode-Of-Delivery (Cloud-Based, Web-Based, and On-Premises), By Application (Clinical, Financial, and Operational& Administrative), and Regional Forecast, 2024-2032

Healthcare Payer Analytics Market is mainly used to support population health, improve patient experience and reduce care costs. The adoption of healthcare analytical systems has increased the efficiency of healthcare infrastructure. It has also improved the utilization management and enhancement of the patient and clinical experience. Strategic initiatives by the government to support the adoption of digitization and the increasing prevalence of diseases are some of the factors contributing to the growth of the market.

• The University of Michigan health system used analytics in the administration of blood transfusions to keep a track for further analysis. This resulted in a 31% reduction in transfusions and a USD 200,000 reduction in monthly expenses. 

The growth of healthcare payer analytics market is also attributed to rising demand for population health management systems and increasing awareness about the benefits of digitization systems in healthcare. Additionally, adoption of advanced technology by key players resulted in the growth of this healthcare payer analytics market.

• For instance, Lucerna Health uses Amazon QuickSight embedded analytics to support customers with health engagement and makes the process smoother for payers and providers.

Impact of COVID-19 on Healthcare Payer Analytics Market 

The COVID-19 pandemic has positively impacted the healthcare payer analytics market. During the pandemic, healthcare payer analytics adoption grew throughout the market, irrespective of the unfolding of the virus. Increasing patient admissions during COVID-19 along with huge patient data in the healthcare portal systems created a challenge for the healthcare payers to manage these data. This is resulting in the increasing demand and adoption of these analytics and contributed to the growth of the market during the pandemic.

Additionally, the market noticed growth in the adoption of digital analytics platforms such as mHealth, electronic medical, and health records (EMR, EHR). Due to the amount of data generated during COVID-19, many key players in the healthcare payer analytics market had started focusing on upgrading the record-retaining systems and contributed to the demand and adoption of this software.

• For instance, in 2021, according to an article published by OECD, approximately 93% of primary care practices used EMRs across 24 OECD countries.

Key Insights: 

• Impact of COVID-19 on the Healthcare Payer Analytics Market.


• Technological advancements in Healthcare Payer Analytics Market.


• New product launches, By Key Players.


• Key Industry developments- Partnerships, Mergers, and Acquisitions.

Analysis by Product:

Based on product, the healthcare payer analytics market is bifurcated into descriptive, predictive, and prescriptive analytics. The descriptive form of analytics has dominated the healthcare payer analytics market due to its ability to analyze historical data, which helps to gain actionable insights about the future market. 

Predictive analytics is anticipated to grow with a significant CAGR because of its ability to predict trends and behavior in the future, which can provide the best treatment plan for the patients for better outcomes. It helps businesses do a structured analysis to find, explore and determine essential data. Thus, key players are focusing on developing healthcare payer analytics systems with predictive algorithms.

• For instance, In June 2019, CloudMedx and Barrow Neurological Institute (Dignity Health) collaborated to create new predictive analytics tools for managing patients with Amyotrophic Lateral Sclerosis (ALS).

Regional Analysis: 

North-America market is holding the largest share in the market because of its adoption of IT in healthcare. A well-established healthcare infrastructure and a developed economy contribute to this market's growth. The other factors, which are driving the market, are the adoption of advanced technology across healthcare organizations in this region. The rising spending capability of payers has also led to the growth of this market in this region.

European countries is holding the second-largest share in Healthcare Payer Analytics Market. Asia Pacific is pacing fast in this market. This has resulted in rising awareness about the use of digital systems in healthcare. The other factors resulting in the growth of this market in European Countries are strategic government initiatives and investment by several market players by widening the distribution network in this region. 

Key Players: 

The report will include the profiles of key players such as CloudMedx, DataSmart Solutions, Amitech Solutions, Altegra Health, Caserta Concepts, Greenway Health, LLC, IMAT Solutions, Health Catalyst, Indegene, IBM, Optum, Oracle, HMS, Citius Tech, MedeAnalytics.

Segmentation:

Key Industry Developments:

• In Aug 2021, CitiusTech launches Medictiv, a healthcare AI model directory to drive healthcare industry collaboration. Medictiv will deliver significant value to data science, analytics, and digital innovation by providing a collaborative ecosystem and helping support the incorporation of AI into healthcare.


• CitiusTech has announced Machine-readable file Analytics for Payers to provide an end-to-end solution with AI-augmented decisions across payer operational workflows complemented with MRF data architecture, data-science, and payer consulting in order to increase the efficiency.