U.S. Healthcare Payer Analytics Industry Overview
The U.S. healthcare payer analytics market size is valued at USD 3.2 billion as of 2021. It is expected to expand at a compound annual growth rate (CAGR) of 22.3% from 2022 to 2030. The increasing rate of digitization in the healthcare industry is the primary factor driving growth in the analytics for the payers’ market. The use of electronic medical records has been widespread, more so during COVID-19, the increase in adoption rates of such technologies is propelling growth. The digital records and digital technology being adopted by the health system across the U.S. create a huge amount of data that can be used to derive meaningful results and observations to decrease cost, optimize treatment and mitigate risks.
Increase in the healthcare expenditure has risen over the years, according to the National Health Expenditure for 2020 was $4.1 trillion, accounting for 19.7% of the total GDP. The increase is not only supporting the growing infrastructural needs but is also helping in accommodating the increasing patient volumes. The increase in the incidence of diseases and the growing need for better healthcare solutions are key drivers for the growth of the market. There has been a shift in the industry since the passing of the Affordable Care Act, under which the hospital systems are now more focused on value-based care rather than the volume of patients being treated.
Gather more insights about the market drivers, restraints, and growth of the U.S. Healthcare Payer Analytics market
The adoption of healthcare analytical solutions has also resulted in massive growth in the market. Advanced analytical techniques are helpful in better decision making, helping administrators to make informed decisions about the business and the patients with healthcare plans, improving their efficiency, and for the overall profitability of the organization. During the pandemic, the adoption of healthcare analytics grew across the industry, this not only help in identifying patients who were at greater risk but also identified potential risks related to the further spread of the virus by ensuring timely treatment of these individuals. Healthcare analytics also helps in analyzing the potential benefits and problems when implementing a new strategy for the organization, determining its chances of success.
The use of big data analytics has also propelled the growth of this market, the data generated with the high volume of patients through electronic records and various other sources like connected technologies and devices. All of this data is raw and unstructured, requiring analysis to derive meaningful observations. The industry is increasingly using business intelligence (BI) tools to make sense of this data. The digital form of data is being continually generated by pharma companies, healthcare providers, payers, patients, etc., use of BI tools not only recommends the best action to take in the treatment process but also helps mitigate the risk of disease.
The COVID-19 pandemic generated a huge opportunity for the healthcare payer analytics market. The industry saw an increase in adoption of digital solutions like telemedicine, adoption of EHRs grew, the plethora of data that was generated during the pandemic was overwhelming even for the healthcare analytics industry, the amount of data generated was unprecedented, and there have been improvements in the record-keeping and data analytics and the industry is continuously evolving and improving to accommodate all the challenges that the pandemic is presenting it with.
Browse through Grand View Research's Healthcare IT Industry Related Reports
AI In Life Science Analytics Market - The global AI in life science analytics market size was valued at USD 1.5 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 11.1% from 2023 to 2030.
Digital Health Market - The global digital health market size was valued at USD 211.0 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 18.6% from 2023 to 2030.
U.S. Healthcare Payer Analytics Industry Segmentation
Grand View Research has segmented the U.S. healthcare payer analytics market based on analytics type, component, delivery model, and application:
U.S. Healthcare Payer Analytics Analytics Type Outlook (Revenue, USD Million, 2016 - 2030)
- Descriptive Analytics
- Predictive Analytics
- Prescriptive Analytics
U.S. Healthcare Payer Analytics Component Outlook (Revenue, USD Million, 2016 - 2030)
- Software
- Hardware
- Services
U.S. Healthcare Payer Analytics Delivery Model Outlook (Revenue, USD Million, 2016 - 2030)
- On–Premises
- Web-Hosted
- Cloud-Based
U.S. Healthcare Payer Analytics Application Outlook (Revenue, USD Million, 2016 - 2030)
- Clinical
- Financial
- Operational & Administrative
Market Share Insights:
February 2021: IBM Watson Health and Humana Inc. collaborated on IBM’s artificial intelligence solution to enhance the member experience for Humana Employer Group members.
Key Companies profiled:
Some prominent players in the U.S. Healthcare Payer Analytics Industry include
- CloudMedx
- DataSmart Solutions
- Amitech Solutions
- Altegra Health
- Caserta Concepts
- Greenway Health, LLC
- IMAT Solutions
- Health Catalyst
- Indegene
- IBM
- Optum
- Oracle
- HMS
- Citius Tech
- MedeAnalytics
Order a free sample PDF of the U.S. Healthcare Payer Analytics Market Intelligence Study, published by Grand View Research.
No comments:
Post a Comment