Healthcare Analytics Market to Grow at a Significant CAGR of 24.1% over 2024 to 2032; Technological Advancements and Efforts to Enhance EHR Systems to Propel Market Growth

The healthcare analytics market size was valued at USD 22.38 billion in 2023. The market is projected to grow from USD 25.89 billion in 2024 to USD 145.81 billion by 2032, exhibiting a CAGR of 24.1% during the forecast period. Fortune Business Insights™ presents this information in its report titled “Healthcare Analytics Market Size, Share & Industry Analysis, By Product (Descriptive Analysis, Predictive Analysis, and Prescriptive Analysis), By Application (Financial Analytics, Clinical Analytics, Operations and Administrative Analytics, and Population Health Analytics), By End-User (Payers, Providers, and Others), and Regional Forecast, 2024-2032”.

Healthcare analytics involves analyzing healthcare data to enhance patient treatment, diagnosis, and outcomes using specialized tools and software. The soaring demand for such tools and advancements in technology are leading to greater product adoption among healthcare providers.

The global market for healthcare analytics faced a negative impact due to the COVID-19 pandemic with decreased demand for tools as healthcare focused on pandemic treatment. However, the pandemic increased adoption of these tools in 2021 and ongoing technological advancements are expected to drive future demand.   

Health Data Analytics Institute Announced USD 31.0 Million Funding Round to Boost Patient Outcomes

In October 2023, an Artificial Intelligence (AI) firm, Health Data Analytics Institute (HDAI), emphasized on optimizing care pathways, improving patient outcomes, and empowering clinicians. With an aim to scale its predictive risk analytics platform, the company announced a USD 31.0 million funding round.

Increasing Adoption of Analytic Tools Among Healthcare Facilities to Propel Market Growth

The expansion of healthcare facilities globally and rise in patient data drive the demand for advanced analytics tools to efficiently store, analyze, and interpret this information. Moreover, ongoing technological advancements and efforts to enhance EHR systems, as indicated by the AHA survey in 2021, are increasing the uptake of healthcare analytics tools and supporting market growth.

However, the lack of comprehensive regulations and guidelines for using analytics tools, along with challenges such as data standardization and bias, impede the healthcare analytics market growth.

Industry Participants Focus on Expansions to Boost their Product Offerings

The global market is highly fragmented with numerous players such as Veradigm LLC, UNITEDHEALTH GROUP, Oracle, and McKesson Corporation, focusing on expanding their portfolios through strategic mergers and acquisitions. For instance, Oracle’s June 2022 acquisition of Cerner Corporation aimed to broaden its product offerings. New entrants like Health Catalyst, Inc. and Epic Systems are also driving growth through innovative product launches, such as Health Catalyst Ignite in May 2024.

List of Key Players Mentioned in the Report:

• Merative (U.S.)


• Health Catalyst, Inc. (U.S.)


• Veradigm LLC (U.S.)


• Oracle (U.S.)


• Epic Systems Corporation (U.S.)


• UNITED HEALTHGROUP (U.S.)


• FLATIRON HEALTH (F. Hoffmann-La Roche Ltd.) (U.S.)


• MCKESSON CORPORATION (U.S.)

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/healthcare-analytics-market-102641

Key Industry Development:

• June 2024: Arcadia Solutions, LLC bought CareJourney to expand its customer reach and strengthen value-based care with AI-driven healthcare data analytics.

Further Report Findings:

• North America reached USD 10.65 billion and held the dominant position in the market in 2023. Rising use of different analytics tools and software among healthcare providers and payers in the U.S. and Canada supports the region’s market position in 2023.


• Asia Pacific is projected for the highest growth rate during the study period, driven by enhanced healthcare infrastructure, company expansion in China, Australia, and India, and rising application of analytical tools in clinical research.


• On the basis of application, the market is classified into clinical analytics, financial analytics, operations and administrative analytics, and population health analytics. The financial analytics segment led the key healthcare analytics market share in 2023. Collaborations between UnitedHealth Group and Owensboro Health in January 2023, aimed at enhancing revenue cycle management and IT services, support the growth of the segment.


• On the basis of end-user, the market is fragmented into payers, providers, and others. The payer segment’s growth is driven by the adoption of analytics tools by healthcare providers to enhance patient care and service quality.

Table of Segmentation