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.
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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.
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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
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
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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