WASHINGTON, Feb. 17, 2023 (GLOBE NEWSWIRE) -- The healthcare predictive analytics market is a rapidly growing segment of the healthcare industry that uses data analysis and machine learning algorithms to predict health outcomes and identify patients who are at risk of developing chronic diseases or other medical conditions. The market for healthcare predictive analytics is driven by a growing demand for personalized medicine and value-based healthcare, which seeks to improve patient outcomes while reducing costs.
According to a report by Vantage Market Research, the global Healthcare Predictive Analytics Market is expected to reach $74.62 billion by 2028, growing at a compound annual growth rate (CAGR) of 27% from 2022 to 2028. The report cites the increasing adoption of big data analytics in healthcare, the growing demand for real-time analytics, and the rising prevalence of chronic diseases as some of the key factors driving market growth.
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Key Findings of Market Report
As there are various market reports related to the healthcare predictive analytics market, I will provide an overview of some of the key findings from a recent report by Vantage Market Research.
- Market Size: The global healthcare predictive analytics market is expected to reach USD 74.62 Billion by 2028, growing at a CAGR of 27% during the forecast period (2022-2028).
- Key Factors Driving Market Growth: The market growth is driven by factors such as the increasing use of big data in healthcare, rising demand for quality healthcare, increasing pressure to reduce healthcare costs, and the growing adoption of electronic health records (EHRs).
- Applications: The report highlights that the largest application segment in the healthcare predictive analytics market is clinical, followed by operational and financial analytics.
- Technology: In terms of technology, the cloud-based predictive analytics segment is expected to witness the highest growth rate during the forecast period due to its scalability, cost-effectiveness, and ease of deployment.
- Regional Analysis: The report also provides a regional analysis of the healthcare predictive analytics market, with North America expected to hold the largest market share, followed by Europe and the Asia Pacific region.
Overall, the report highlights that the healthcare predictive analytics market is a rapidly growing segment of the healthcare industry, driven by the increasing adoption of big data analytics and the growing demand for personalized medicine and value-based healthcare.
Top Players in the Global Healthcare Predictive Analytics Market
- Cerner Corporation
- Information Builders Inc.
- International Business Machines Corporation (IBM)
- Oracle Corporation
For Additional Information on Healthcare Predictive Analytics Market Players and Detail List, Download a Report PDF Brochure
Healthcare Predictive Analytics Market: Growth Drivers
The healthcare predictive analytics market is being driven by a number of key growth drivers, including:
- Rising Demand for Personalized Medicine: The growing demand for personalized medicine is a major driver of the healthcare predictive analytics market. Predictive analytics can help healthcare providers analyze patient data and identify patterns to create personalized treatment plans that can lead to improved patient outcomes.
- Increasing Pressure to Reduce Healthcare Costs: Healthcare costs are a major concern for patients, providers, and payers alike. Predictive analytics can help identify high-risk patients, reduce readmissions, and optimize treatment plans, all of which can help reduce healthcare costs.
- Growing Adoption of Electronic Health Records (EHRs): The widespread adoption of EHRs has created a large amount of patient data that can be analyzed using predictive analytics. This data can be used to identify patients who are at risk of developing chronic diseases or other medical conditions, allowing healthcare providers to intervene early and prevent further complications.
- Advancements in Big Data Analytics: The rapid advancements in big data analytics technologies such as machine learning, natural language processing, and artificial intelligence are enabling healthcare providers to analyze large amounts of data and gain insights that were previously impossible to obtain.
- Regulatory Mandates: Government regulatory mandates and initiatives aimed at improving the quality of care, such as the Affordable Care Act in the US and the European Union's General Data Protection Regulation (GDPR), are also driving the adoption of predictive analytics in healthcare.
- COVID-19 Pandemic: The COVID-19 pandemic has highlighted the need for real-time data analysis and predictive modeling in healthcare. Predictive analytics has been used to track the spread of the virus, identify high-risk patients, and optimize resource allocation in healthcare facilities.
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Healthcare Predictive Analytics Market Segmentation
By Application
- Operations Management
- Financial
- Population Health
- Clinical
By End-Use
- Quality Benchmarking
- Patient Care Enhancement
- Clinical Outcome Analysis and Management
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
Browse Market Data Tables and Figures spread through 176 Pages and in-depth TOC on Healthcare Predictive Analytics Market Forecast Report (2022-2028).
Healthcare Predictive Analytics Market: Regional Landscape
The healthcare predictive analytics market has a global presence, with several key regions that are expected to witness significant growth during the forecast period. Here is an overview of the regional landscape of the healthcare predictive analytics market:
- North America: North America is expected to hold the largest market share in the healthcare predictive analytics market. This can be attributed to the presence of several key market players, increasing adoption of healthcare analytics, growing demand for value-based healthcare, and government initiatives aimed at improving healthcare quality.
- Europe: Europe is expected to witness significant growth during the forecast period, owing to the increasing adoption of electronic health records, advancements in big data analytics, and the rising prevalence of chronic diseases.
- Asia Pacific: The Asia Pacific region is expected to witness the highest growth rate during the forecast period, owing to the large patient population, increasing healthcare spending, and the growing adoption of healthcare technology.
- Rest of the World: The rest of the world segment includes regions such as Latin America and the Middle East & Africa. These regions are also expected to witness significant growth, owing to the increasing focus on improving healthcare infrastructure and the rising demand for personalized medicine.
Overall, the healthcare predictive analytics market is expected to witness significant growth across all regions, with North America and Europe leading the market in terms of market share, and the Asia Pacific region expected to witness the highest growth rate.
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Report Coverage and Details:
| Report Attributes | Details |
| Market Size in 2021 | USD 20.16 Billion |
| Revenue Forecast by 2028 | USD 74.62 Billion |
| CAGR | 27% from 2022 to 2028 |
| Base Year | 2021 |
| Forecast Year | 2022 to 2028 |
| Key Players | Cerner Corporation, Information Builders Inc., International Business Machines Corporation (IBM), Oracle Corporation |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
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