The Healthcare Analytics Market is projected to reach USD 75.1 billion by 2026, at a CAGR of 28.9% during the forecasted period. Healthcare analytics is defined as the effective utilisation of data and related business insights built through predictive, comparative, qualitative, cognitive, and other upcoming employed analytical models. Healthcare analytics software and services enable to understand and divulge on factors such as predict future, historical data patterns, and provide actionable insights to lead information-based decision-making for improve financial, operational performance of healthcare facilities. The incorporation of analytics aids healthcare systems to decrease healthcare expenditure and enhance the value of care.

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COVID-19 Impact on the Healthcare Analytics Market
The outbreak of COVID-19 virus has had a predominanat effect on the economics and business of major countries of the world. As a consequence of the outbreak, there has been an rise in the significance of big data in healthcare sector. The prescriptive and predictive analytics solutions have been used to create prediction models to assess the advent of following waves of COVID-19 infection spread in various countries of the world. The rise in the acceptance of electronic health record in developed and developing nations during the pandemic has further fueled the expansion of the market in 2020. Claim management and risk assessment analytics were extensively adopted in healthcare reimbursement for COVID-19 patients. Operational analytics has proven valuable in the management of patient data and COVID-19 bed allocation in ICU units during the pandemic. The healthcare analytics has also witnessed significant developments and innovations in the market space owed to the outbreak of the pandemic. The company have also adopted inorganic and organic strategies to sieze the immense growth opportunity the COVID-19 has provided to the market. All these aforementioned factors have aided the growth of the market in the year 2020.

Drivers: Increasing adoption of EHRin developing and developed countries
In the US, various federal mandates, such as the American Recovery and Reinvestment Act of 2009 (ARRA) and the implementation of ICD-10 code sets are encouraging healthcare organizations to adopt EHRs, focus on the quality of care to comply with pay-for-performance initiatives, and enhance information exchange between various health systems. The implementation of such initiatives is helping providers gather patient data electronically and supporting data integration and chronic disease management. This ultimately helps prevent hospital readmissions and reduces hospital stays, minimizes claims fraud and abuse, improves patient health, and reduces healthcare costs.

Several other federal regulations in the US compel healthcare organizations to focus on digitization and care quality; these include the Health Insurance Portability and Accountability Act (HIPAA) and the Patient Protection and Affordable Care Act (PPACA). The growing need for hospitals in the US to comply with federal healthcare mandates is encouraging them to use data analytics tools for decision-making, improving care quality, and preventing avoidable costs. Since the US is a major contributor to the healthcare analytics market, the implementation of these initiatives is considered a positive indicator of the growth of the overall market.

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North America holds the largest share in this market
North America dominated the healthcare analytics market, with a share of 61.0% in 2020, followed by Europe and the Asia Pacific. The large share of North America in the global market can be attributed to the implementation of federal health mandates that encourage the adoption of HCIT solutions, increasing focus on PHM, a significant amount of VC investments, growing pressure to reduce healthcare costs, technological advancements, and high product and service availability in this region. Moreover, most of the leading players in the market have their headquarters in North America.

Key Market Players
The key players have a strong foothold in the market and offer a wide range of products & services. Some of the key players in healthcare analytics market are IBM (US), Optum (US), Cerner (US), SAS Institute (US), Allscripts (US), McKesson (US), MedeAnalytics (US), Inovalon (US), Oracle (US), Health Catalyst (US), SCIO Health Analytics (US), Cotiviti (formerly Verscend Technologies) (US), CitiusTech (US), Wipro (India), and VitreosHealth (US) among others.

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Recent Developments
In June 2021, Flatiron (US) Partnered with Foundation Medicine, Inc. to integrate its solutions with OncoEMR to offer integrated genomic profiling to customers.
In July 2021, Enlitic (US) partnered with NMC Healthcare (UAE). This is a multi-faceted partnership with private healthcare companies to incorporate Enlitic’s solutions in GCC countries.
In May 2020, APIXIO (US) Launched HCC Complete, which uses AI to support a comprehensive chart review experience for Medicare Advantage and Affordable Care Act organizations
In November 2020, Centene (US) announced its plans to acquire Apixio (US). Post the acquisition, Apixio will continue to operate independently.
In December 2019, Enlitic (US) partnered with MLP Care to bring clinical AI solutions to Turkey and neighboring countries in East Europe and Central Asia

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