USD 9.3 billion
Healthcare Predictive Analytics Market Size, Share, Growth Analysis, By Product Type(Hardware, Services, Software), By Application(Financial Analytics, Clinical, Population Health, Operations Management), By End-use(Payers, Providers, Others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35G2230 |
Region:
Global |
Published Date: July, 2001
Pages:
260
|Tables:
91
|Figures:
76
Healthcare Predictive Analytics Market Insights
Healthcare Predictive Analytics Market size was valued at USD 9.3 billion in 2019 and is poised to grow from USD 11.58 billion in 2023 to USD 83.21 billion by 2031, growing at a CAGR of 24.5% in the forecast period (2024-2031).
To identify early symptoms of weakening patients in the ICU and general ward, recognize at-risk patients at home to avoid hospital readmissions and inhibit avoidable medical equipment downtime predictive analytics in healthcare is helpful. The rise in demand for advanced analytics systems in the industry to improve patient outcomes as well as for reducing costs has been a major driver for the market. According to the Centre’s for Disease Control and Prevention (CDC), people with chronic and mental health conditions account for 90% of the United States' USD 3.8 trillion in yearly healthcare expenditure. Owing to this, the cost savings from lowering chronic disorder treatment are substantial.
The endorsement of predictive analytics solutions can be boon in significantly reducing the cost of healthcare procedures. The predictive analysis combined with personalized medicine can not only result in a reduction of unnecessary medical costs but also give better patient outcomes and results. Healthcare predictive analytics uses EHRs to provide the best course of action in case of any medical procedure or medication. This not only reduces the costs for patients but also results in better outcomes. The use of advanced technological health systems along with analytics tools and AI are ready to propel the growth of the market. Healthcare costs have risen over the years owing to the increasing burden of chronic diseases on a global level.
US Healthcare Predictive Analytics Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Services
Fastest Growth
Services
Growth Rate
24.5% CAGR
Global Healthcare Predictive Analytics Market ($ Bn)
Country Share for North America Region (%)
Country Share for Aisa Pacific Region (%)
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Healthcare Predictive Analytics Market Segmental Analysis
Global healthcare predictive analytics market has been segmented based on product type, application, end use, and region. Based on product type, global healthcare predictive market is segmented into hardware, services and software. On the basis of application, global healthcare predictive market is segmented into financial analytics, clinical, population health, and operations management. Based on end-use, the Healthcare Predictive Analytics Market is segmented into payers, providers, and others. Based on region, the market is segmented into North America, Asia-Pacific, Middle East & Africa, Latin America, and Europe.
Healthcare Predictive Analytics Market Analysis by Product Type
The services segment held prominent share in global healthcare predictive analytics market in 2021 and is likely to maintain its dominance throughout the forecasted period. In comparison to other industries such as retail, and finance, among others, the healthcare industry has been slow to adopt technology in grasping the technology. Therefore, the industry is heavily reliant on services instead of investing mostly in technological infrastructure to keep the operational costs in check.
The software segment is fastest growing segment of during the forecast period. For handling patient records, healthcare infrastructure is evolving and incorporating artificial intelligence and analytical based technologies. The software segment growth is attributed to the increasing need to reduces the healthcare costs and improve the data management systems. Further, the increasing adoption of healthcare predictive analytics like revenue cycle management and electronic health records is increasing the demand for the healthcare analytics software.
Healthcare Predictive Analytics Market Analysis by Application
The financial analytics segment accounted for a significant market share in 2021 and maintain its dominance during the forecast period. Increase in the number of financial frauds occurring around the world due to the digitalization and online payment option, financial analytics segment accounts as the growing segment in the global healthcare predictive analytics market. The National Healthcare Fraud Association estimates that nearly US$ 80 billion in fraud occurs in the United States each year.
The population health sub-segment is expected to witness lucrative growth owing to rise in importance of using predictive analytics to evaluate the disease treatment pattern and reduce rates. With the generation of large amounts of patient data through telehealth and other online platforms and connected devices, population health management can be done by identifying populations that need proper medical care. Patient outcomes can be greatly improved and are thus propelling the growth of the market.
Healthcare Predictive Analytics Market Analysis by End Use
The payers segment generated considerable revenue during the projected period. The payers segment dominated the global market in 2021 and accounted for the maximum share of more than 36.00% of the overall revenue. Predictive analytics is primarily used by health insurers, health plan funding agencies, and other third-party payers to analyse insurance claims, prevent and detect fraudulent claims, and evaluate disease risk. False claims can be tracked, and payers can save billions of dollars. As a result, healthcare predictive analytics software benefits payers more than other end-users.
The healthcare providers segment, on the other hand, is expected to increase at the rapid pace during the forecast period, owing to hospitals and other care facilities’ increasing usage of analytical solutions. Private establishment as well as public, and government-funded organizations has the benefit of this market. Insurance companies, health plan sponsors, and other third-party payers are one of the key benefiting parties, through the use of predictive analytics in healthcare settings are the payers. Fraudulent can be tracked and billions can be saved from the perspectives of payers.
Global Healthcare Predictive Analytics Market By Product Type
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Healthcare Predictive Analytics Market Regional Insights
North America dominated the global market in 2021. This region accounted for the maximum share of more than 48.5% of the global market revenue in the same year. Factors like developed structure of the healthcare system and the trained staff for performing predictive analysis, paying capacity in terms of training staff to use these analytics tools has been growth of the market.
Asia Pacific is expected to rank second in the healthcare predictive analytics market in the future, as both government and private investors are expected to play a key role in the development of healthcare infrastructure in developing countries such as India and Indonesia, fueling the growth of the healthcare predictive analytics market.
Europe may also see rapid growth in the global healthcare predictive analytics market owing to improved healthcare infrastructure in countries such as Germany and the United Kingdom.
In the coming years, other regions such as Latin America, the Middle East, and Africa are expected to see moderate growth in the overall healthcare predictive analytics market.
Global Healthcare Predictive Analytics Market By Region
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Healthcare Predictive Analytics Market Dynamics
Healthcare Predictive Analytics Market Drivers
- Predictive analytics in the healthcare enables experts to find opportunities to improve care delivery. As, healthcare data analytics integrates real time and historical data to forecast trends, increase medical care, expose actionable insights, and fuel long term growth. Furthermore, healthcare analytics systems make use of massive volumes of data to present enterprises with useful information, clinical outcomes, operations, and patient engagement.
- Due to an increase in the use of big data in healthcare organizations to address risks connected with numerous chronic diseases, the healthcare analytics market is predicted to grow. Furthermore, the growing use of telemedicine solutions by various enterprises to lower operational costs and improve service quality is propelling the healthcare analytics market expansion. Furthermore, big data facilitates the preservation of critical patient data that may be used to improve a company’s healthcare outcomes. It reduces personnel expenses and increased organizational productivity, all of which help the healthcare analytics market to grow during the forecast period.
Healthcare Predictive Analytics Market Restraints
- Data privacy and theft issues, as the availability of different payment modes the fraudulent has increased via hackers, thefts and others. This may hamper the data privacy concern about the money and transactions.
- Lack of high technical and statistical knowledge among healthcare professionals is expected to restrain the market growth. It is observed that there exists a dearth of skilled professionals in the healthcare sector for the smooth adoption and integration of novel technologies such as big data analytics, machine learning and artificial intelligence, among others. This is one of the major factors hampering the healthcare analytics market demand. These professionals lack high technical and statistical knowledge to operate healthcare analytical solutions. Furthermore, stringent data integrity and compliance regulations affects technology advancements adoption rate in healthcare industry. Hence, it is anticipated to remain one of the prime factors hampering the market growth.
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Healthcare Predictive Analytics Market Competitive Landscape
The players in the global healthcare predictive analytics market are constantly inventing and developing improved analytical solutions, as well as extending their product offerings. To help healthcare organizations implement data analysis solutions, combat the pandemic, and preserve competitive advantage in the healthcare analytics market, the companies are focused on their alliances, technology collaborations, and product launch strategies.
Top Players in the Global Healthcare Predictive Analytics Market
- IBM Corporation
- Optum, Inc.
- McKesson Corporation
- Allscripts Healthcare Solutions, Inc.
- Cerner Corporation
- SAS Institute Inc.
- MedeAnalytics, Inc.
- Verisk Analytics, Inc.
- Inovalon Holdings, Inc.
- Health Catalyst, Inc.
- Cotiviti Holdings, Inc.
- Oracle Corporation
- CitiusTech Inc.
- VitreosHealth
- Predixion Software
- Linguamatics Ltd.
- Geneia LLC
- Information Builders, Inc.
- SCIO Health Analytics
- GSI Health.
Healthcare Predictive Analytics Market Recent Developments
- In January 2021, Optum and Change Healthcare, a healthcare technology company, announced their partnership.
- In March 2021, McKesson Corporation launched ScriptPAS, a pharmacy management platform for oncology practices. This product launch enhanced its patient care portfolio.
- In September 2020, Inovalon launched the Inovalon DataStream API for analytical derivations of patient-specific data. This strategy strengthened the company’s product portfolio and enhanced its overall market positioning.
Healthcare Predictive Analytics Key Market Trends
- Emergence and rise of technologies such as the IOT and big data that are increasingly being coupled with healthcare systems could also fuel the growth in the healthcare predictive analytics market in forecasting period. The healthcare predictive analytics tool has proven effective in decreasing the number of unnecessary tests, which has helped reduce healthcare costs.
Healthcare Predictive Analytics Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global healthcare predictive analytics market analysis, introduction of new cost-cutting and time-saving tools is expected to support market growth in the coming years. Uniontown Hospital, for example, collaborated with Cerner to implement a solution that reduced the amount paid to a third-party transcription service. Using Dynamic Documentation, a Cerner analytic tool, the hospital saved more than USD 200,000 per year. There are some promising new tools for healthcare predictive analytics that are expected to be released. The anticipated release of these tools will most likely support market growth during the forecast period.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 9.3 billion |
| Market size value in 2031 | USD 83.21 billion |
| Growth Rate | 24.5% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Healthcare Predictive Analytics Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Healthcare Predictive Analytics Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Healthcare Predictive Analytics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Healthcare Predictive Analytics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Healthcare Predictive Analytics Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Healthcare Predictive Analytics Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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