November 01, 2023
- The healthcare operational analytics market which was estimated to be USD 10.7 billion in 2022, is expected to reach USD 22.4 billion by 2028.
- It will be seeing a tremendous growth rate at a CAGR of 13.38% from 2023 to 2028.
The healthcare operational analytics market is expected to reach $22.4 billion from 2023 to 2028. The CAGR of this market is expected to grow to 13.38% from 2023–28. The factors that have contributed to this growth are as follows:
- Pandemic-Driven Data Transformation: The COVID-19 pandemic has significantly influenced healthcare operational analytics. In response to this crisis, there has been a heightened demand for real-time data to track the virus’s spread, predict resource requirements, and efficiently allocate resources. Furthermore, big data and artificial intelligence (AI) played a crucial role in monitoring and mitigating the pandemic’s impact and promoting data-driven decision-making in healthcare operations.
- Value-Based Care: One of the primary drivers of market expansion is the increasing demand for value-based care (VBC). To clarify, VBC reduces costs while enhancing the effectiveness and quality of healthcare services. The adoption of VBC is being accelerated by several factors. First and foremost, there is a focus on patient outcomes, cost control, and the management of chronic diseases. Furthermore, technological advancements and government initiatives play a significant role in this acceleration. For example, India’s PM-JAY Quality Certification Program, a collaborative effort between the National Health Authority (NHA) and the Quality Council of India (QCI), is a voluntary program aimed at improving the quality of healthcare services provided by hospitals in India. The program offers three levels of certification: Gold, Silver, and Bronze. Hospitals undergo assessments based on various criteria, including clinical quality, patient safety, and patient satisfaction.
- Government Support: Throughout the world, governments are actively supporting various digital health programs. For example, as part of the Ayushman Bharat Digital Mission, India’s National Health Authority has introduced the Digital Health Incentive Scheme. Under this initiative, the Digital Health Incentive Scheme (DHIS) offers incentives of up to Rs. 4 crores to eligible entities based on the number of digital transactions they complete.
- Technological Advancements: Market participants are continually enhancing healthcare operational analytics solutions through research and development. Furthermore, the integration of artificial intelligence (AI) and machine learning (ML) in these software solutions is boosting their effectiveness and adoption.
Healthcare Operational Analytics Market Trends
- Software Component: The software component of operational analytics in healthcare is poised for expansion. Furthermore, these software programs process and analyze large healthcare datasets, providing valuable insights to enhance facility operations. Moreover, integration efforts are further enhancing the functionality of AI and ML technologies.
- North America Is To Expect Significant Growth During This Period: The growth of the country’s healthcare sector can be attributed to various factors. First and foremost, there is the increasing use of operational analytics in healthcare. Additionally, the development of modern healthcare infrastructure, technological advancements, and strategic decisions made by market participants have played pivotal roles. Moreover, there has been a notable increase in the number of healthcare organizations, especially hospitals. For ex: The data from the American Hospital Association for 2023 reveals that the number of hospitals in the United States has increased to 6,129, a rise from 6,093 in 2022.
The growing need for value-based healthcare, the increasing adoption of big data and cloud computing technologies, and the growing desire to improve healthcare efficiency and quality are all likely to fuel the growth of the healthcare operational analytics market in the next years. It is projected that healthcare businesses of all sizes would implement healthcare operational analytics solutions to increase productivity and efficiency, lower costs, and enhance patient care.