The U.S. healthcare payer analytics market size is expected to reach USD 13.3 billion by 2027, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 24.1% from 2020 to 2027. The rising digitization of healthcare data is one of the key factors supporting market growth. In addition, the increasing shift from volume-based to value-based care is driving the market in the country. According to a report titled “2019 Payer Analytics Market Trends Report” published by IBM, payers have started adopting analytics technology for supporting the shift from Fee-for-Service (FFS) models to Value-based Care (VBC) models.
Based on analytics type, the descriptive segment accounted for the highest revenue share in 2019 owing to its increasing adoption in gaining actionable insights by analyzing historical data. On the other hand, the predictive segment is expected to exhibit the fastest growth during the forecast period owing to the benefit offered by this segment in enabling healthcare decision-makers to optimize healthcare delivery and reduce costs by recommending the best course of action for patients or providers.
In 2019, the services segment accounted for the highest revenue share owing to the ongoing trend of outsourcing due to the lack of resources and skill set required for the deployment of analytics. This segment is expected to be the fastest-growing segment during the forecast period. In addition, increasing EHR adoption, the surge in the adoption of big data in healthcare, growing adoption of data-driven decision-making, increasing pressure to curb healthcare spending & improve patient outcomes, and an increasing number of patient registries is further bolstering the segment growth.
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Based on the delivery model, the on-premises segment accounted for the largest revenue share in 2019 owing to the ease of customization and the level of security and control offered by this delivery model. On the other hand, the cloud-based segment is anticipated to be the fastest-growing segment during the forecast period owing to extreme capacity flexibility, safe storage, and the pay-as-you-go pricing offered by this model.
In 2019, the financial application segment accounted for the highest revenue share owing to various initiatives, such as FPS that aids in saving costs and helps in avoiding fraud. This segment is expected to be the fastest-growing segment during the forecast period. Moreover, the increasing adoption of healthcare analytics to reduce healthcare spending coupled with increasing access to clinical data is further driving the market in the country.
U.S. Healthcare Payer Analytics Market Report Highlights
• The descriptive segment dominated the market in 2019 owing to its benefits in gaining actionable insights
• The services component type segment dominated the market in 2019 owing to the increasing adoption of outsourcing various services due to a lack of skilled professionals
• The on-premises delivery model segment dominated the market in 2019 owing to enhanced security and control offered by the delivery model
• The financial services segment dominated the market and accounted for the largest revenue share in 2019
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U.S. Healthcare Payer Analytics Market Segmentation
Grand View Research, Inc. has segmented the U.S. Healthcare Payer Analytics Market based on analytics type, component type, delivery model, and application:
U.S. Healthcare Payers Analytics Type Outlook (Revenue, USD Million, 2016 - 2027)
• Descriptive
• Predictive
• Prescriptive
U.S. Healthcare Payers Analytics Component Type Outlook (Revenue, USD Million, 2016 - 2027)
• Software
• Hardware
• Services
U.S. Healthcare Payers Analytics Delivery Model Outlook (Revenue, USD Million, 2016 - 2027)
• On-Premises
• Web Hosted
• Cloud-Based
U.S. Healthcare Payers Analytics Application Outlook (Revenue, USD Million, 2016 - 2027)
• Clinical
• Financial
• Operational and Administrative
List of Key Players in U.S. Healthcare Payer Analytics Market
• CitiusTech, Inc.
• Oracle
• Cerner Corporation
• SAS Institute, Inc.
• Allscripts Healthcare, LLC
• McKesson Corporation
• MedeAnalytics, Inc.
• HMS
• IBM
• Optum, Inc.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.