Burlingame, Jan. 12, 2023 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, Global Healthcare Predictive Analytics Market is estimated to be valued at US$ 2,972.4 million in 2022 and is expected to exhibit a CAGR of 9.9% during the forecast period (2022-2030).
Analysts’ Views on Global Healthcare Predective Analytics Market:
The healthcare predective analytics market growth can be hindered by the drawbacks associated with the healthcare predective analytics market. For instance, lack of robust infrastructure is major factors expected to hamper growth of the healthcare predictive analytics market. Robust infrastructure is a key for effective operations and scalability of any project. The need for more precise and reliable prediction models is developing along with the lack of a reliable infrastructure and the expanding needs for renewal investments. Any project's capacity to scale effectively depends on a strong infrastructure.
Key Trends and Analysis of the Global Healthcare Predictive Analytics Market:
Increase in adoption or usage of healthcare predictive analytics is expected to drive the growth of the global healthcare predictive analytics market over the forecast period. For instance, in June 2022, MetroMedi, E-commerce service providing company, based in India, announced the launch of the Health Advisory Services with the help of Artificial Intelligence and Data Analytics to reduce the usage of medicines. With the help of data analytics and artificial intelligence, MetroMedi offered Health Advisory Services for its customers' health, wellbeing and to enhance disease prevention, enhance clinical care delivery, and assess the efficacy of alternative treatment choices.
Key Driver of Global Healthcare Predictive Analytics Market:
Increase in adoption or usage and launches of healthcare predictive analytics is expected to drive the market over the forecast
For instance, in December 2022, Net Health Systems, Inc., human health data Provider Company, launched the RADAR care management system which includes new predictive models that harness the power of machine learning (ML) to identify patients who are at a high risk of hospitalization, mortality, pressure ulcers, and falls.
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Increasing launch of the advanced healthcare predective analytics with integrated artificial intelligence based solution is expected to drive the market over the forecast period
For instance, in October 2022, Advantech Co., Ltd., computer manufacturing company and Actility S.A., multi-technology company, launched the new integrated AI-based Intelligent Predictive Maintenance IoT Solution for Rotating Machinery. The newly launched Intelligent Predictive Maintenance IoT Solution for Rotating Machinery allows to monitor multi machines status which is based on the high-performance WISE-6610 LoRaWAN gateway, Actility’s ThingPark Enterprise IoT network management platform and the advanced Advantech’ iMachine/PHM application and Advantech WISE-2410 vibration sensor.
Restraint of Global Healthcare Predictive Analytics Market:
Lack of skilled IT professionals in healthcare is expected to hinder the growth of the global healthcare predictive analytics market. For instance, the failing healthcare system is mostly caused by a lack of qualified personnel. As more and more data analysts receive training on various elements of data storage, prediction, and analysis, there will only be a temporary shortage of skilled individuals. Healthcare has been obliged to hire IT help from other businesses due to a shortage of IT workers.
Market Opportunities:
Increasing adoption of the inorganic strategies like acquisition by the key players in the market for expanding the capabilities of healthcare predictive analytics is expected to create lucrative growth opportunities for players in the healthcare predictive analytics market. For instance, in January 2021, Net Health Systems, Inc., human health data provider company, acquired PointRight Inc., a company that provides analytics and data-driven tools, to expand its investments in analytics capabilities. The acquisition helped Net Health Systems, Inc. in scaling up its position in post-acute market.
Global Healthcare Predective Analytics Market Cross Sectional Analysis:
In Application segment, the Financial Data Analytics is a dominant segment in North America region due to increasing launch of financial data analytics and services in the North America region. For instance, November 2022, in International Business Machines Corporation, Technology Corporation, launched the software to help enterprises break down data and analytics in finding out the healthcare solution and funding for the healthcare serve surgical and operational activities.
Furthermore, in July 2022, Trilliant Health, healthcare consulting company, launched the analytics tool which is a machine learning and similarity modeling called SimilarityIndex that enables healthcare organizations to benchmark accurately by identifying the most similar markets, providers, facilities and patient populations.
Recent Developments:
In July 2022, Juli, a company that helps to manage chronic condition using artificial intelligence, announced the formation of an advisory board composed of digital health pioneers which helps patients to manage complex chronic conditions by assembling and analyzing data from electron magnetic resonance, wearables, smartphones, the environment and patient-reported data. Juli finds previously unknown correlations between various data sources by using Artificial intelligence (AI), and it also motivates small behavioral adjustments in users that can help treat ailments including depression, bipolar disorder, asthma, migraines, and chronic pain.
In November 2022, SEMCAP, Investment Company, based in U.S., announced its new healthcare investment strategy, where SEMCAP look forward to invest in high-growth, next-generation healthcare technology and technology-enabled service companies that are in line with the enormous demographic, consumer, and digital trends taking place in the healthcare industry right now.
In October 2022, Federation of Indian Chambers of Commerce & Industry and KPMG International Limited, service providing company, announced the release of the report titled 'Strengthening healthcare workforce in India: the 2047 agenda - Top 20 priorities' at the 16th edition of Federation of Indian Chambers of Commerce & Industry's annual healthcare conference- Federation of Indian Chambers of Commerce & Industry Heal 2022. The report seeks to comprehend the development of healthcare education in the nation (medical, nursing, and allied healthcare), as well as the impending shortages of healthcare workers in different areas. This paper offers suggestions for novel and ground-breaking ways to close the gaps between the demand for healthcare workers and the supply of healthcare education facilities. It is now appropriate for the public and commercial sectors to collaborate in order to translate the top priorities into a plan and a goal in order to realize the 2047 agenda of improving the Indian healthcare workforce.
In June 2022, Engagys LLC, Health Consultant Company, announced the launch of affordable, new subscription service for health systems, health plans, and healthcare technology leaders. Executive Advisory Services is designed to deliver pragmatic and actionable advice, insights, and best practices that healthcare consumer engagement practitioners can put to work quickly.
In April 2022, the Institution of Engineering and Technology, based in India, multi technology platform, launched Disease Surveillance Project. The Disease Surveillance Project helped to create predictive health models using public data. The project executed in partnership with CHRI (Centre for Health Research and Innovation) as part of a funded CSR project by Siemens Healthineers, Medical technology company, based in India.
Key Market Takeaways:
The global healthcare predictive analytics market is expected to exhibit a CAGR of 9.9% during the forecast period. Increase in use of technologically advanced analytical solutions is expected to offer lucrative growth opportunities to the players in the healthcare predictive analytics market. For instance, Microsoft Corporation, a Technology Corporation, announced the general release of Azure Health Data Services and improvements in Microsoft Cloud for Healthcare advancements in cloud technology for healthcare and life sciences.
Among Application, financial data analytics is dominant during the forecast period due to focused on launching new platforms for management of the financial data by major players. For instance, in October 2022, Envestnet, Inc., a financial services company, announced the launch of the Wealth Data platform, a cloud-based data intelligence solution for the wealth advisory firms, to enable financial advisors and home offices to link and augment all of their practice's data sources, so that they can offer their clients actionable insights at a scale - all on one platform.
On the basis of end user, healthcare providers is expected to hold a dominant position over the forecast period due to the increasing launches of healthcare services by the healthcare provider. For instance, in July 2022, Healthcare Triangle Inc., a healthcare information technology company, announced the launch of the Healthcare triangle services in Singapore, Asia with focal point to foster digital healthcare in major cities, major states of several countries, and across the Asia Pacific (APAC). Healthcare Triangle Inc. announced Healthcare triangle services launch in Asia Pacific as the use of virtual healthcare is rapidly rising in that particular area, and rising investments in the digitalization of healthcare institutions are speeding up the uptake of digital health platforms.
On the basis of region, North America segment is expected to hold dominant position over the forecast period. Due to increasing launch of platform for healthcare predective analytics services in the North America. For instance, in March 2022, Databricks, software company, launched lakehouse platform, for Healthcare and Life Sciences. The Databricks lakehouse platform for healthcare and life science is a platform for data management, analytics and advanced Artificial intelligence (AI) use cases like disease prediction, medical image classification, and biomarker discovery.
Competitive Landscape:
Key players operating in the global healthcare predictive analytics market include Optum, Inc., Health Catalyst, Allscripts Healthcare Solutions, Medeanalytics, Inc., Mckesson Corporation, Oracle Corporation, Cerner Corporation, Information builders, and International Business Machines Corporation (IBM), among others
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Market Segmentation:
- Global Healthcare Predictive Analytics Market, By Application:
- Clinical Data Analytics
- Financial Data Analytics
- Administrative Data Analytics
- Research Data Analytics
- Global Healthcare Predictive Analytics Market, By Component:
- Software
- Hardware
- Services
- Global Healthcare Predictive Analytics Market, By Deployment:
- On Premise
- Cloud Based
- Global Healthcare Predictive Analytics Market, By End-User:
- Healthcare Providers
- Industry
- Research Institutions
- Global Healthcare Predictive Analytics Market, By Region:
- North America
- By Country
- U.S.
- Canada
- By Country
- Latin America
- By Country
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Country
- Europe
- By Country
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- By Country
- Asia Pacific
- By Country
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- By Country
- Middle East
- By Country
- GCC
- Israel
- Rest of Middle East
- By Country
- Africa
- By Region/Country
- South Africa
- Central Africa
- North Africa
- By Region/Country
- North America
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Healthcare IT Outsourcing Market, By Application (Payer Outsourcing (Hospital Information System, Laboratory Information System, Radiology Information System, Electronic Medical Records, and Other Types), and Providers Outsourcing (Revenue Cycle Management System and Healthcare Analytics)), By End User (Healthcare, Pharmaceutical & Biotechnology, and Others), and By Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America) - Size, Share, Outlook, and Opportunity Analysis, 2022 – 2028
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