The Global Predictive Analytics In Healthcare Market report includes a global opportunity analysis and industry forecasts for the period 2023-2032. The global Predictive Analytics market was valued USD 11.45 Billion in 2022 and registering a CAGR of 19.51% from 2023 to 2032. The base year considered for the study is 2021, and the forecast has been provided for the period 2023 to 2032.
Predictive analytics adopts data mining, machine learning, predictive modeling and statistical techniques, and other advanced computing techniques, to envisage the probable future, based on the available descriptive data.
Using AI and machine learning, predictive models can ingest huge amounts of diverse data for a single patient and forecast a patient’s response to certain treatments or devices, their risk of contracting a specific disease, and their diagnosis for a given condition. Predictive analytics is a cornerstone of personalized healthcare. The growth of personalized healthcare is driving the growth of the market.
Predictive Analytics In Healthcare Market
LATEST TRENDS
Predictive modeling, a subset of clinical data analytics, is being used by the healthcare providers to estimate the risk percentage to an individual’s health. The clinical data analytics help the patients and caregivers with post-operation travails, such as surgical site infections, poor physical function, and reaction to medicines and allergies. This is due to healthcare providers having less clarity by being in possession of patients’ historical medical data, having been provided through the electronic health records (EHR). Furthermore, with clinical data analytics, patients can explain their health conditions to different doctors repeatedly. This can be achieved through an acute insight of their clinical data, further providing protective care. Thus, key recent developments in the field include identification of the need for cost-cutting tools, the emergence of personalized and evidence-based medicine, and the requirement of efficiency-enhancing tools in healthcare. Also, key trends include that of non-competing healthcare organizations partnering with each other to manage the health of a population. Government insurance payers like Medicare and Medicaid are readily moving toward a flat payment system to hospitals for the patient covered and value-based-purchasing models where outcomes will be measured and rewarded. Thus, owing to enhanced healthcare infrastructure the market is on verge of high growth.
DRIVING FACTORS
The pronounced factors in imminent growth of predictive analytics in healthcare market comprise emergence of personalized and evidence-based medicine, growing need of increasing proficiency in the healthcare sector, and increasing demand to restrict healthcare costs by reducing wasteful expenditure.
Increase in healthcare database volume and hefty investments in digital technology to optimize information are propelling growth of predictive analytics in healthcare market.
A healthcare expense is growing in almost every part of the world, including developed and developing countries. In developed countries like the United States, health care spending was progressively rising while in the majority of European countries, the proportion of healthcare expenditure has already reached double-digit numbers and continues to swell. Developing countries are also observing swift growth in healthcare expenditure. Predictive analytics is advantageous in that, it is instrumental in reducing costs at multiple fronts like reducing hospital re-admissions, eliminating unnecessary diagnostic tests, and reducing unnecessary emergency room visits.
Additionally, unnecessary tests, which are the major components of healthcare cost, can also be eliminated by analytics. The predictive analytics has the potential to reduce such tests, as it can predict the future outcomes well in advance. Its usage at various levels to curb unnecessary expenditures has been very helpful in increasing the adoption of technology, and the trend is expected to continue during the forecast period.
RESTRAINING FACTORS
Absence of trained manpower with highly skilled professionals needed in this field is restricting the market.
By Application
Population health segment to foresee lucrative growth prospects
By application, the predictive analytics in healthcare market is localized into operations management, financial data analytics, and population health and clinical. The population health segment is expected to foresee thriving growth during the forecast period, owing to the rise in significance of predictive analytics to evaluate disease treatment pattern and reduce readmission rates.
By End-User
Healthcare payers comprise holds the major segment in predictive analytics in healthcare market
Based on end user, the market spans healthcare payers, healthcare providers, and others. Healthcare payers are the largest contributor towards market growth as this segment mainly includes insurance companies, health plan sponsors where predictive analytics is used to ascertain insurance claims, prevent & detect false claims, and assess risk of maladies.
By Component
Services segment to hold major market share in forecast period
By component, the predictive analytics in healthcare market is classified into software, hardware, and services. The service segment is projected to gain highest market share during the forecast period. Among services, the consulting service segment is projected to claim the major share in the market. The services segment dominated the market and it is expected to maintain its dominance during the forecast period owing to the increasing demand for support services such as execution, ongoing IT support, system integration, training, and maintenance services and business analytics services to make for better functional efficiency. However, the software segment is expected to witness persistent growth owing to the transformation from on-premise to cloud deployment model.
REGIONAL INSIGHTS
North America dominates regional markets in predictive analytics in healthcare market
North America dominates the regional market due to availability of advanced technology and well established healthcare infrastructure. The growth of healthcare infrastructure in the U.S. is driving the growth of the region of North America. As the data sets become humongous and more difficult to manage, health organizations and payers are increasingly shifting towards predictive analytics. Healthcare organizations are also beginning to realize that social determinants of health contribute to the wellbeing of a patient more than the medical issues. The monitoring of both social mediums of health and drug usage coupled with emergency room admissions data is propelling the adoption of predictive model for identifying cost risks of population clusters.
KEY PLAYERS
The market referenced is moderately competitive owing to the presence of various market players. Strong partnerships with M&A, along with the facilitation of latest technologies to bolster innovations, are among the key measures undertaken by these manufacturers in healthcare predictive analytics to strengthen their competitive edge in the business landscape.
Key Developments
- In Aug 2021, CitiusTech introduces Medictiv, a one-off open healthcare AI model to drive healthcare industry merger.
- In March 2021, Health Catalyst forays with new healthcare.ai to deliver AI in Healthcare Industry.
- In Aug 2021, software and analytics developer Net Health instills new AI capabilities to HER.
- In Mar 2018Medtronic plc and strategic technology aide, IBM Watson Health went public by declaring commercial application of Sugar.iq intelligent diabetes assistant.
LIST OF KEY PLAYERS PROFILED
- CitiusTech Inc.
- Nous Infosystems
- Streamline Health Solutions, LLC
- Alteryx, Inc.
- Hortonworks Inc.
- Health Fidelity, Inc.
- ScienceSoft USA Corporation.
Market Segmentation
By Application:
- Operations Management
- Financial Data Analytics
- Population Health
- Clinical
By Component:
- Software
- Hardware
- Service
By End User:
- Healthcare Payer
- Healthcare Provider
- Others
By Region:
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Russia
- UK
- France
- Italy
- Spain
- The Netherlands
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Australia
- Indonesia
- Rest of Asia Pacific
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
- South America
- Brazil
- Argentina
- Colombia
- Rest of South America
FAQ’s
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Customization:
This study is customized to meet your specific requirements:
- By sub-segment
- By client-specific country, type, and application market analysis
- Pricing analysis along with the potential list of customers
- Product-specific competitive analysis
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