Austin, Nov. 04, 2024 (GLOBE NEWSWIRE) -- Healthcare Predictive Analytics Market Size & Growth Analysis:
“According to SNS Insider, The Healthcare Predictive Analytics Market Size was valued at USD 14.02 Billion in 2023 and is projected to reach USD 126.15 Billion by 2032, growing at a compound annual growth rate (CAGR) of 27.67% from 2024 to 2032.”
Transformative Role of Predictive Analytics in Modern Healthcare Efficiency and Patient Care
Predictive analytics is transforming health care through the combination of data analysis and machine learning towards improved patient outcomes, optimum operation, and cost management. Tapping into this historical data, healthcare service providers forecast treatment results, risk situations, and opportunity areas for improvement. To date, 66 % of US healthcare organizations currently utilize predictive analytics.
EHR adoption has led to increased healthcare data, which allows predictive models to make clinical decisions and improve care for the patient. In healthcare organizations, 70% claimed they had adequate infrastructure to implement predictive programs, and 65% plan to invest in AI-driven analytics. Integration helps in making personalized care and has improved a patient's adherence to his or her treatment by as much as 30%. This explains the impact on healthcare management and patient engagement.
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Key Healthcare Predictive Analytics Companies:
- IBM Watson Health
- Optum
- Cerner Corporation
- SAS Institute
- Epic Systems Corporation
- McKesson Corporation
- Oracle Health Sciences
- Cognizant Technology Solutions
- Allscripts Healthcare Solutions
- Health Catalyst
- GE Healthcare
- Philips Healthcare
- Siemens Healthineers
- Truven Health Analytics
- MEDai
- Flatiron Health
- Inovalon
- Ayasdi
- Zebra Medical Vision
- Lumiata
Healthcare Predictive Analytics Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 14.02 Billion |
| Market Size by 2032 | US$ 126.15 Billion |
| CAGR | CAGR of 27.67% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
Value-Based Care Shift and Rising Costs Drive Adoption Healthcare Predictive Analytics Market
As the healthcare sector gradually shifts from fee-for-service to value-based models, predictive analytics is increasingly finding importance in improving care quality and ensuring financial sustainability. At this point, predictive tools are proving to be a savior for organizations as U.S. healthcare spending will reach USD 7.7 trillion by 2032. It points out inefficiencies, thereby helping the organization manage the costs and optimize resources while the insights help provide proactive care, reduce waste, and let healthcare providers focus on high-risk populations perfectly goes with the emphasis of value-based care: patient outcomes and cost-effectiveness.
Healthcare Predictive Analytics Market Key Segmentation:
By Application
-
- Operations Management
- Demand Forecasting
- Workforce Planning and Scheduling
- Inpatient Scheduling
- Outpatient Scheduling
- Financial
- Revenue Cycle Management
- Fraud Detection
- Other Financial Applications
- Population health
- Population Risk Management
- Patient Engagement
- Population Therapy Management
- Other Applications
- Clinical
- Quality Benchmarking
- Patient Care Enhancement
- Clinical Outcome Analysis and Management
End-Use
- Payers
- Providers
- Life Science Industry
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Expanding Role of Predictive Analytics in Financial and Population Health Management within the Healthcare Predictive Analytics Market
In 2023, the financial application segment emerged as a dominant revenue shareholder in the healthcare predictive analytics market at 35.5%, gaining traction for value addition such as enhanced revenue cycle management, fraud/abuse detection, and prevention, on the other hand, wasteful claims have been reported to be costing USD 1 billion per year in the US alone due to false claim schemes; thus private/corporate payers prefer using advanced AI-based models. Moreover, population health management is expected to witness tremendous growth at a rate of 33.8% from 2024 to 2032 due to predictive analytics supporting the containment of disease outbreaks through prediction and timely intervention, which enhances patient outcomes with proactive connected health monitoring.
Dominant Role of Providers and Rapid Growth in Life Sciences Drive Healthcare Predictive Analytics Market
Providers account for the largest portion 50% of the healthcare predictive analytics market, using predictive tools to advance clinical outcomes and resource use alongside advancement in patient care. As EHRs take center stage and health systems shift their focus to patient-centered care, predictive analytics will become crucial for lowering rehospitalizations and finding high-risk patients all while remaining operationally efficient. life sciences sectors, such as pharmaceuticals and biotechnology, marked the highest growth segment with a contribution of 20% to the market in 2023. Here, predictive analytics facilitates drug discovery, clinical trials, and personalized medicine with associated spending to reach USD 2 billion per year by 2025, fueling rapid growth in genomics, artificial intelligence (AI) research, and tailored healthcare products.
North America Leads Healthcare Predictive Analytics Market While Asia Pacific Emerges Rapidly
The healthcare predictive analytics market in North America accounted for 44% market share of global revenue in 2023 owing to major investments made by governments and private agencies for healthcare IT with a focus on applied technologies. A high presence of controllable illnesses in the territory and a few key players, for example, IBM and Cerner that persistently refine prescient examination arrangements are factors supporting the growth. Healthcare cost reductions in the zone of 2.6 trillion dollars over the next 10 years in the U.S. position value-based care as a paradigm shift within market construction.
On the contrary, Asia Pacific is slated to emerge as one of the most lucrative regions for healthcare predictive analytics. This expansion is spurred by the widespread receipt of electronic health records and growing volumes of healthcare data from varied populations. China, India, etc., have established e-health initiatives along with governmental support for health systems enhancement and it is anticipated that the region will record a compound annual growth rate of around 31.79% over the period 2024-2032.
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Key Developments in the Healthcare Predictive Analytics Market
- mPulse released its predictive analytics and engagement solution in May 2024 with strong adoption seen in the first quarter of this year. The spike is largely due to improvements in automation and efficiency throughout its business lines, from omnichannel engagement and health portals.
- In February 2023, researchers from Corewell Health presented data on the performance of a specialized predictive analytics tool that spots patients at risk for readmission. As a result, this initiative avoided more than 200 readmissions and saved the organization close to USD 5 million in costs.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Healthcare Predictive Analytics Market Segmentation, by Application
8. Healthcare Predictive Analytics Market Segmentation, by End-Use
9. Company Profiles
10. Use Cases and Best Practices
11. Conclusion
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