Healthcare Analytics Market

The healthcare analytics market is expected to grow from USD 44.83 billion in 2024 to USD 133.19 billion by 2029, with a CAGR of 24.3%. The major factors accelerating the growth of healthcare analytics market include the government initiatives to promote EHR adoption, increased venture capital investment in analytics startups, and the adoption of advanced technologies. The HITECH Act (2009), the 21st Century Cures Act (2016), and the MyHealthEData Initiative (2018) have significantly increased EHR adoption in the United States, these systems are now used by more than 90% of outpatient clinics and 95% of hospitals.  Moreover, venture capital investment in AI healthcare companies will reach USD 7.2 billion in 2023, accounting for 21% of total VC healthcare investments, with USD 2.8 billion already invested in 2024 and USD 11.1 billion projected for the year.

The Healthcare analytics market is dominated by key players. The major players operating in this market are, Merative (US), Optum, Inc.(US), SAS Institute Inc. (US), Oracle (US), Citiustech Inc (US), Inovalon (US), Mckesson Corporation (US), MedeAnalytics, Inc.(US), Cotiviti, Inc. (US), Exlservice Holdings, Inc. (US), Wipro (India), Apixio. (US), Komodo Health, Inc. (US), Health Catalyst (US), CVS Health (US), Veradigm (US), Enlitic (US), HealthEC LLC (US), IQVIA (US), Arcadia Solutions, Llc. (US), Evidation Health, Inc. (US), HealthCorum (US), Aetion, Inc. (US), Tredence Inc (US), Sisense Ltd. (US) .

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Optum, Inc.

Optum, Inc. a part of UnitedHealth Group, is one of the top providers in healthcare analytics solutions and services market. With more than 30 years of experience, the company offers analytics managed services to support healthcare organizations, physician practices, hospitals, health systems, and health plans, enabling them to make well-informed, data-driven decisions. Their multidisciplinary team of clinical, financial, actuarial, and operational professionals uses advanced data assets and analytics technology to help clients achieve their clinical, operational, and financial objectives. The company, serves its solutions and services to more than 280 healthcare payers, 5,000 hospitals, and over 100,000 healthcare facilities in the US. The company prioritizes strategic partnerships and innovations in digital health solutions to improve patient care and lower costs, particularly in value-based care and population health management.

For instance,  Optum has completed its USD 7.8 billion merger with Change Healthcare (US), allowing access to data from millions of healthcare transactions and enhancing its analytics capabilities across the US population. Moreover, according to the article published by Beckers Health IT, in May 2024, Optum has spent USD 31 billion on acquisitions in the last two years. By taking these strategic moves, Optum has strengthened its position for rapid growth and increased capacity to deliver better patient care and operational effectiveness throughout the US healthcare system.

Oracle

Oracle Corporation, a global technology leader, reported USD 53 billion in revenue for fiscal year 2024. To strengthen its healthcare presence, Oracle Health paid USD 28.4 billion for Cerner in June 2022, allowing it to integrate advanced analytics and artificial intelligence (AI) into electronic health records (EHR). Oracle Health extended its EHR contract with the Veterans Affairs (VA) until 2024 and announced new collaborations aimed at improving patient care and operational efficiency through cybersecurity and interoperability initiatives. Oracle's Health Data Warehouse is the best healthcare analytics solution, with users reporting a 417% return on investment (ROI) over five years, assist to boost the growth of company in the healthcare sector.

Merative

Merative, formerly IBM Watson Health, is a healthcare data and analytics company acquired by Francisco Partners for more than USD 1 billion in 2022; serves over 4,500 clients in the healthcare and government sectors around the world and is focused on driving growth through partnerships and acquisition. Merative’s Truven healthcare data and analytics solutions backed by 40 years of experience, serves seven of the top US health plans and more than 40% of the Fortune 500, with a client retention rate exceeding 90%, this has helped the company to enhance its value proposition, drive growth, and solidify its position in the healthcare data and analytics market.

Related Reports:

Healthcare Analytics Market by Type (Predictive, Diagnostic), Application (Claim, RCM, Fraud, Precision Health, RWE, Imaging, Supply Chain, Workforce, Population Health), EndUser (Payer, Hospital, ACO, ASC, Govt, Clinic), & Region: Global Forecast to 2029

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