WASHINGTON, April 04, 2023 (GLOBE NEWSWIRE) -- Global Healthcare Predictive Analytics Market is valued at USD 20.16 Billion in 2021 and is projected to attain a value of USD 74.62 Billion by 2028 at a CAGR of 27 % during the forecast period, 2022-2028.
Healthcare Predictive Analytics Market Overview
The healthcare predictive analytics market refers to the use of data analysis and machine learning algorithms to predict future health outcomes and risks for individual patients or populations. Predictive analytics can help healthcare organizations to identify patterns and trends in patient data, optimize treatment plans, and improve overall healthcare outcomes.
The market for healthcare predictive analytics is expected to grow significantly in the coming years, driven by increasing demand for personalized and preventive healthcare solutions. Other factors contributing to market growth include the growing availability of electronic health records and the increasing adoption of data-driven decision making in healthcare.
The market is segmented by application, end user, component, and region. The major applications of healthcare predictive analytics include clinical, financial, and operational analytics. The end users of healthcare predictive analytics solutions are healthcare providers, payers, and other stakeholders in the healthcare industry.
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Market Dynamics
- Increasing demand for personalized healthcare solutions: Predictive analytics helps healthcare providers to analyze large volumes of patient data and provide personalized treatment plans based on the patient's medical history, lifestyle, and genetic makeup.
- Growing adoption of electronic health records: The increasing adoption of electronic health records (EHRs) has led to the accumulation of vast amounts of patient data, which can be used to develop predictive analytics models.
- Rising healthcare costs: The healthcare industry is facing significant cost pressures, and predictive analytics can help healthcare providers to optimize treatment plans, reduce hospital readmissions, and improve overall healthcare outcomes, thereby reducing costs.
- Technological advancements: The development of advanced analytics tools and machine learning algorithms has made it easier for healthcare providers to analyze large volumes of data and develop predictive models.
- Increasing awareness of the benefits of data-driven decision making: There is a growing awareness among healthcare providers and payers about the benefits of data-driven decision making, which is driving the adoption of predictive analytics solutions.
However, the healthcare predictive analytics market also faces several challenges, including:
- Data quality and security issues: Healthcare providers must ensure that patient data is accurate, complete, and secure, which can be a challenge in a complex healthcare ecosystem.
- Lack of skilled professionals: The development and implementation of predictive analytics solutions require specialized skills, which are in short supply in the healthcare industry.
- Regulatory and legal challenges: Healthcare providers must comply with various regulations and laws related to patient privacy and data security, which can add complexity to the development and implementation of predictive analytics solutions.
- Integration with existing healthcare systems: Predictive analytics solutions must be integrated with existing healthcare systems, which can be challenging due to the fragmented nature of the healthcare industry.
Top Players in the Global Healthcare Predictive Analytics Market
- Cerner Corporation
- Information Builders Inc.
- International Business Machines Corporation (IBM)
- Oracle Corporation
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Top Report Findings
- The global healthcare predictive analytics market is expected to grow at a CAGR of 27% from 2021 to 2028, driven by the increasing adoption of data-driven decision making in healthcare, the growing availability of electronic health records, and the rising demand for personalized healthcare solutions.
- North America is currently the largest market for healthcare predictive analytics, driven by the high adoption rate of advanced healthcare technologies and the presence of several leading players in the region.
- The clinical analytics segment is the largest application segment of the healthcare predictive analytics market, driven by the increasing focus on improving patient outcomes and reducing healthcare costs.
- The software segment is the largest component segment of the healthcare predictive analytics market, driven by the increasing adoption of standalone and integrated software solutions.
- The healthcare providers segment is the largest end user segment of the healthcare predictive analytics market, driven by the increasing adoption of data-driven decision making in healthcare organizations.
- The major challenges facing the healthcare predictive analytics market include data quality and security issues, lack of skilled professionals, regulatory and legal challenges, and integration with existing healthcare systems.
Top Trends in Global Healthcare Predictive Analytics Market
- Use of predictive analytics in population health management: Healthcare providers are increasingly using predictive analytics to identify high-risk patient populations and develop targeted interventions to improve health outcomes and reduce costs.
- Adoption of artificial intelligence and machine learning: The use of artificial intelligence and machine learning algorithms is increasing in healthcare predictive analytics, enabling healthcare providers to analyze large volumes of data and develop more accurate predictive models.
- Integration of predictive analytics with clinical decision support systems: The integration of predictive analytics with clinical decision support systems is becoming more common, enabling healthcare providers to make data-driven decisions at the point of care.
- Growing use of predictive analytics in drug development: Predictive analytics is increasingly being used in drug development to identify potential drug targets, optimize clinical trials, and improve drug safety.
- Increasing use of predictive analytics in remote patient monitoring: The increasing use of remote patient monitoring is driving the adoption of predictive analytics solutions that can analyze patient data in real-time and alert healthcare providers to potential health risks.
- Focus on patient-centric care: The growing emphasis on patient-centric care is driving the adoption of predictive analytics solutions that can provide personalized treatment plans based on patient data.
- Expansion of the predictive analytics market in emerging economies: The healthcare predictive analytics market is expanding rapidly in emerging economies such as India, China, and Brazil, driven by increasing demand for advanced healthcare technologies and rising healthcare expenditure.
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Regional Analysis
North America: North America is currently the largest market for healthcare predictive analytics, driven by the high adoption rate of advanced healthcare technologies and the presence of several leading players in the region. The United States is the largest market within North America due to its large healthcare industry and high healthcare expenditure.
Europe: Europe is a significant market for healthcare predictive analytics, driven by the increasing adoption of data-driven decision making in healthcare, rising healthcare costs, and the growing availability of electronic health records. The United Kingdom, Germany, and France are some of the largest markets within Europe.
Asia-Pacific: The Asia-Pacific region is expected to be the fastest-growing market for healthcare predictive analytics, driven by increasing healthcare expenditure, a growing population, and rising demand for advanced healthcare technologies. China, Japan, and India are some of the largest markets within the region.
Latin America: The Latin America market for healthcare predictive analytics is growing rapidly, driven by increasing demand for advanced healthcare technologies and rising healthcare expenditure. Brazil and Mexico are the largest markets within the region.
Middle East and Africa: The Middle East and Africa market for healthcare predictive analytics is growing steadily, driven by increasing investment in healthcare infrastructure and rising demand for advanced healthcare technologies. The United Arab Emirates, Saudi Arabia, and South Africa are some of the largest markets within the region.
Overall, the healthcare predictive analytics market is expected to continue to grow in all regions due to the increasing adoption of data-driven decision making in healthcare and rising demand for personalized healthcare solutions. However, the rate of growth may vary across regions depending on factors such as healthcare expenditure, adoption of advanced healthcare technologies, and government regulations.
Browse market data Tables and Figures spread through 176 Pages and in-depth TOC on Healthcare Predictive Analytics Market Forecast Report (2023-2028).
Global 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
- United States
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- South-East Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA
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Scope of the Report:
| 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 | If our report does not include the information you are searching for, you may contact us to have a report tailored to your specific business needs https://www.vantagemarketresearch.com/healthcare-predictive-analytics-market-1261/request-sample |
The key questions answered in the Healthcare Predictive Analytics Market Report are:
- What are the current market trends, drivers, and challenges in the healthcare predictive analytics market?
- What is the market size and growth rate of the healthcare predictive analytics market, and what are the key factors driving this growth?
- What are the key application areas of healthcare predictive analytics, and which application segment is expected to grow at the highest rate?
- What are the key components of healthcare predictive analytics, and which component segment is expected to grow at the highest rate?
- Who are the key players in the healthcare predictive analytics market, and what are their market shares and strategies?
- What are the key end-user segments of the healthcare predictive analytics market, and which end-user segment is expected to grow at the highest rate?
- What are the major challenges facing the healthcare predictive analytics market, and how can they be addressed?
- What are the key regional markets for healthcare predictive analytics, and which region is expected to grow at the highest rate?
- What are the emerging trends in the healthcare predictive analytics market, and how are they expected to impact the market in the future?
- What are the future prospects for the healthcare predictive analytics market, and what is the potential for growth in the coming years?
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