June 13, 2024

Healthcare Predictive Analytics Market Size To Attain USD 98.54 Billion By 2032

The healthcare predictive analytics market size is poised to grow by $ 98.54 billion by 2032 from $ 14.43 Billion in 2023, exhibiting a CAGR of 23.80% during the forecast period 2023-2032. 

Healthcare Predictive Analytics Market Size 2023 To 2032

Key Takeaways

  • The North America region contributed more than 48% of revenue share in 2022.
  • Asia Pacific is estimated to expand the fastest CAGR between 2023 and 2032.
  • By end-use, the payers segment has held the largest market share of 36% in 2022.
  • By end-use, the providers segment is anticipated to grow at a remarkable CAGR of 26.2% between 2023 and 2032.
  • By application, the financial segment generated over 34% of revenue share in 2022.
  • By application, the population health segment is expected to expand at the fastest CAGR over the projected period.

The Healthcare Predictive Analytics Market has witnessed significant growth in recent years, driven by the increasing adoption of advanced technologies in the healthcare sector. Predictive analytics involves the use of data, statistical algorithms, and machine learning techniques to identify the likelihood of future outcomes based on historical data. In the healthcare industry, this translates to more informed decision-making, improved patient outcomes, and optimized operational efficiency.

Healthcare predictive analytics encompasses a wide range of applications, including patient risk assessment, resource optimization, fraud detection, and personalized medicine. As healthcare organizations strive to deliver higher quality care while managing costs, predictive analytics emerges as a crucial tool to achieve these objectives. The market is marked by the integration of predictive analytics solutions into electronic health records (EHRs) and other healthcare systems, enhancing the overall efficiency of healthcare delivery.

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Growth Factors

Several key factors contribute to the growth of the Healthcare Predictive Analytics Market. Firstly, the increasing volume of healthcare data generated from various sources, such as electronic health records, wearable devices, and medical imaging, provides a vast pool of information for predictive analytics. The growing awareness among healthcare providers about the potential benefits of predictive analytics in improving patient outcomes and reducing costs is another driving factor.

Moreover, advancements in artificial intelligence and machine learning algorithms play a pivotal role in enhancing the accuracy and reliability of predictive analytics models. These technologies enable healthcare organizations to analyze complex datasets more efficiently, leading to more accurate predictions and actionable insights. The rising focus on preventive healthcare and the shift towards value-based care models further propel the demand for predictive analytics solutions in the healthcare sector.

Additionally, government initiatives and regulatory support for the adoption of healthcare analytics solutions contribute to market growth. Incentives for implementing predictive analytics tools to improve population health management and meet quality reporting requirements create a favorable environment for market expansion. As the Healthcare Predictive Analytics Market continues to evolve, collaborations between healthcare providers and technology vendors are expected to drive innovation and further accelerate market growth.

Healthcare Predictive Analytics Market Scope

Report Coverage Details
Growth Rate from 2023 to 2032 CAGR of 23.80%
Market Size in 2023 USD 14.43 Billion
Market Size by 2032 USD 98.54 Billion
Largest Market North America
Base Year 2022
Forecast Period 2023 to 2032
Segments Covered By End-use and By Application
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Read More: Flexible Printed Circuit Boards Market Size To Worth USD 56.70 Billion By 2032

Application :

In terms of applications, Healthcare Predictive Analytics encompasses a broad spectrum of areas where data-driven insights play a crucial role.

Clinical analytics focuses on leveraging predictive models to enhance patient care by identifying potential health risks, optimizing treatment plans, and improving overall clinical outcomes. This application is instrumental in personalized medicine, allowing healthcare professionals to tailor interventions based on individual patient characteristics and predictive insights.

Operational analytics is vital for healthcare organizations to optimize their internal processes and resource allocation. Predictive analytics in operations helps in managing staffing levels, predicting patient admission rates, and improving overall workflow efficiency, leading to cost savings and enhanced patient satisfaction.

Financial analytics in healthcare involves using predictive models to assess and manage financial risks. This includes predicting reimbursement trends, optimizing revenue cycles, and identifying potential areas for cost reduction. By leveraging financial analytics, healthcare organizations can achieve better financial stability and sustainability.

End-use

Healthcare Predictive Analytics finds application across various end-use sectors, contributing to the enhancement of decision-making processes and patient outcomes. In healthcare provider organizations, predictive analytics is often employed to optimize clinical operations, improve resource utilization, and streamline patient care. It aids in predicting patient admission rates, identifying high-risk patients, and enhancing overall operational efficiency.

Health insurance companies leverage predictive analytics to assess and manage risks more effectively. By analyzing historical data and patterns, insurers can better predict claim trends, detect fraudulent activities, and optimize pricing strategies. This ultimately leads to improved cost management and a more sustainable healthcare ecosystem.

Pharmaceutical companies utilize predictive analytics to enhance drug development processes. By analyzing clinical trial data, predicting market trends, and identifying potential drug interactions, pharmaceutical firms can make more informed decisions, reduce development costs, and bring innovative treatments to market more efficiently.

Reasons to Purchase this Report:

  • Comprehensive market segmentation analysis incorporating qualitative and quantitative research, considering the impact of economic and policy factors.
  • In-depth regional and country-level analysis, examining the demand and supply dynamics that influence market growth.
  • Market size in USD million and volume in million units provided for each segment and sub-segment.
  • Detailed competitive landscape, including market share of major players, recent projects, and strategies implemented over the past five years.
  • Comprehensive company profiles encompassing product offerings, key financial information, recent developments, SWOT analysis, and employed strategies by major market players.

Healthcare Predictive Analytics Market Players

  • IBM Corporation
  • Oracle Corporation
  • Allscripts Healthcare, LLC
  • Cerner Corporation
  • Inovalon Holdings, Inc.
  • Epic Systems Corporation
  • McKesson Corporation
  • SAS Institute Inc.
  • Health Catalyst
  • Optum, Inc. (a part of UnitedHealth Group)
  • MedeAnalytics, Inc.
  • Siemens Healthineers
  • GE Healthcare
  • Microsoft Corporation
  • Welltok, Inc.

Segments Covered in the Report

By End-use

  • Payers
  • Providers
  • Others

By Application

  • Operations Management
  • Financial
  • Population Health
  • Clinical

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East and Africa

TABLE OF CONTENT

Chapter 1. Introduction

1.1. Research Objective

1.2. Scope of the Study

1.3. Definition

Chapter 2. Research Methodology (Premium Insights)

2.1. Research Approach

2.2. Data Sources

2.3. Assumptions & Limitations

Chapter 3. Executive Summary

3.1. Market Snapshot

Chapter 4. Market Variables and Scope 

4.1. Introduction

4.2. Market Classification and Scope

4.3. Industry Value Chain Analysis

4.3.1. Raw Material Procurement Analysis

4.3.2. Sales and Distribution Channel Analysis

4.3.3. Downstream Buyer Analysis

Chapter 5. COVID 19 Impact on Healthcare Predictive Analytics Market 

5.1. COVID-19 Landscape: Healthcare Predictive Analytics Industry Impact

5.2. COVID 19 – Impact Assessment for the Industry

5.3. COVID 19 Impact: Global Major Government Policy

5.4. Market Trends and Opportunities in the COVID-19 Landscape

Chapter 6. Market Dynamics Analysis and Trends

6.1. Market Dynamics

6.1.1. Market Drivers

6.1.2. Market Restraints

6.1.3. Market Opportunities

6.2. Porter’s Five Forces Analysis

6.2.1. Bargaining power of suppliers

6.2.2. Bargaining power of buyers

6.2.3. Threat of substitute

6.2.4. Threat of new entrants

6.2.5. Degree of competition

Chapter 7. Competitive Landscape

7.1.1. Company Market Share/Positioning Analysis

7.1.2. Key Strategies Adopted by Players

7.1.3. Vendor Landscape

7.1.3.1. List of Suppliers

7.1.3.2. List of Buyers

Chapter 8. Global Healthcare Predictive Analytics Market, By End-use

8.1. Healthcare Predictive Analytics Market, by End-use, 2023-2032

8.1.1. Payers

8.1.1.1. Market Revenue and Forecast (2020-2032)

8.1.2. Providers

8.1.2.1. Market Revenue and Forecast (2020-2032)

8.1.3. Glucagon

8.1.3.1. Market Revenue and Forecast (2020-2032)

Chapter 9. Global Healthcare Predictive Analytics Market, By Application

9.1. Healthcare Predictive Analytics Market, by Application, 2023-2032

9.1.1. Operations Management

9.1.1.1. Market Revenue and Forecast (2020-2032)

9.1.2. Financial

9.1.2.1. Market Revenue and Forecast (2020-2032)

9.1.3. Population Health

9.1.3.1. Market Revenue and Forecast (2020-2032)

9.1.4. Clinical

9.1.4.1. Market Revenue and Forecast (2020-2032)

Chapter 10. Global Healthcare Predictive Analytics Market, Regional Estimates and Trend Forecast

10.1. North America

10.1.1. Market Revenue and Forecast, by End-use (2020-2032)

10.1.2. Market Revenue and Forecast, by Application (2020-2032)

10.1.3. U.S.

10.1.3.1. Market Revenue and Forecast, by End-use (2020-2032)

10.1.3.2. Market Revenue and Forecast, by Application (2020-2032)

10.1.4. Rest of North America

10.1.4.1. Market Revenue and Forecast, by End-use (2020-2032)

10.1.4.2. Market Revenue and Forecast, by Application (2020-2032)

10.2. Europe

10.2.1. Market Revenue and Forecast, by End-use (2020-2032)

10.2.2. Market Revenue and Forecast, by Application (2020-2032)

10.2.3. UK

10.2.3.1. Market Revenue and Forecast, by End-use (2020-2032)

10.2.3.2. Market Revenue and Forecast, by Application (2020-2032)

10.2.4. Germany

10.2.4.1. Market Revenue and Forecast, by End-use (2020-2032)

10.2.4.2. Market Revenue and Forecast, by Application (2020-2032)

10.2.5. France

10.2.5.1. Market Revenue and Forecast, by End-use (2020-2032)

10.2.5.2. Market Revenue and Forecast, by Application (2020-2032)

10.2.6. Rest of Europe

10.2.6.1. Market Revenue and Forecast, by End-use (2020-2032)

10.2.6.2. Market Revenue and Forecast, by Application (2020-2032)

10.3. APAC

10.3.1. Market Revenue and Forecast, by End-use (2020-2032)

10.3.2. Market Revenue and Forecast, by Application (2020-2032)

10.3.3. India

10.3.3.1. Market Revenue and Forecast, by End-use (2020-2032)

10.3.3.2. Market Revenue and Forecast, by Application (2020-2032)

10.3.4. China

10.3.4.1. Market Revenue and Forecast, by End-use (2020-2032)

10.3.4.2. Market Revenue and Forecast, by Application (2020-2032)

10.3.5. Japan

10.3.5.1. Market Revenue and Forecast, by End-use (2020-2032)

10.3.5.2. Market Revenue and Forecast, by Application (2020-2032)

10.3.6. Rest of APAC

10.3.6.1. Market Revenue and Forecast, by End-use (2020-2032)

10.3.6.2. Market Revenue and Forecast, by Application (2020-2032)

10.4. MEA

10.4.1. Market Revenue and Forecast, by End-use (2020-2032)

10.4.2. Market Revenue and Forecast, by Application (2020-2032)

10.4.3. GCC

10.4.3.1. Market Revenue and Forecast, by End-use (2020-2032)

10.4.3.2. Market Revenue and Forecast, by Application (2020-2032)

10.4.4. North Africa

10.4.4.1. Market Revenue and Forecast, by End-use (2020-2032)

10.4.4.2. Market Revenue and Forecast, by Application (2020-2032)

10.4.5. South Africa

10.4.5.1. Market Revenue and Forecast, by End-use (2020-2032)

10.4.5.2. Market Revenue and Forecast, by Application (2020-2032)

10.4.6. Rest of MEA

10.4.6.1. Market Revenue and Forecast, by End-use (2020-2032)

10.4.6.2. Market Revenue and Forecast, by Application (2020-2032)

10.5. Latin America

10.5.1. Market Revenue and Forecast, by End-use (2020-2032)

10.5.2. Market Revenue and Forecast, by Application (2020-2032)

10.5.3. Brazil

10.5.3.1. Market Revenue and Forecast, by End-use (2020-2032)

10.5.3.2. Market Revenue and Forecast, by Application (2020-2032)

10.5.4. Rest of LATAM

10.5.4.1. Market Revenue and Forecast, by End-use (2020-2032)

10.5.4.2. Market Revenue and Forecast, by Application (2020-2032)

Chapter 11. Company Profiles

11.1. IBM Corporation

11.1.1. Company Overview

11.1.2. Product Offerings

11.1.3. Financial Performance

11.1.4. Recent Initiatives

11.2. Oracle Corporation

11.2.1. Company Overview

11.2.2. Product Offerings

11.2.3. Financial Performance

11.2.4. Recent Initiatives

11.3. Allscripts Healthcare, LLC

11.3.1. Company Overview

11.3.2. Product Offerings

11.3.3. Financial Performance

11.3.4. Recent Initiatives

11.4. Cerner Corporation

11.4.1. Company Overview

11.4.2. Product Offerings

11.4.3. Financial Performance

11.4.4. Recent Initiatives

11.5. Inovalon Holdings, Inc.

11.5.1. Company Overview

11.5.2. Product Offerings

11.5.3. Financial Performance

11.5.4. Recent Initiatives

11.6. Epic Systems Corporation

11.6.1. Company Overview

11.6.2. Product Offerings

11.6.3. Financial Performance

11.6.4. Recent Initiatives

11.7. McKesson Corporation

11.7.1. Company Overview

11.7.2. Product Offerings

11.7.3. Financial Performance

11.7.4. Recent Initiatives

11.8. SAS Institute Inc.

11.8.1. Company Overview

11.8.2. Product Offerings

11.8.3. Financial Performance

11.8.4. Recent Initiatives

11.9. Health Catalyst

11.9.1. Company Overview

11.9.2. Product Offerings

11.9.3. Financial Performance

11.9.4. Recent Initiatives

11.10. Optum, Inc. (a part of UnitedHealth Group)

11.10.1. Company Overview

11.10.2. Product Offerings

11.10.3. Financial Performance

11.10.4. Recent Initiatives

Chapter 12. Research Methodology

12.1. Primary Research

12.2. Secondary Research

12.3. Assumptions

Chapter 13. Appendix

13.1. About Us

13.2. Glossary of Terms

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