With 31.8% CAGR, Healthcare Predictive Analytics Market Size to Hit USD 69.63 Billion by 2029
According to Fortune Business Insights, The global healthcare predictive analytics market size hit USD 7.88 billion in 2021. The market valuation is slated to rise from USD 10.06 billion in 2022 to USD 69.63 billion by 2029 at 31.8% CAGR during the forecast period. Increasing Healthcare Providers’ Focus on Personalized Medications to Boost Market Growth
Pune, India, March 30, 2023 (GLOBE NEWSWIRE) — The global healthcare predictive analytics market size hit USD 7.88 billion in 2021. The market valuation is slated to rise from USD 10.06 billion in 2022 to USD 69.63 billion by 2029 at 31.8% CAGR during the forecast period.
Healthcare providers shift from traditional medications to personalized medicine due to efficient patient care associated with customized treatments and reduced risk. Value-based healthcare is gaining the focus of healthcare providers and is anticipated to gain momentum in demand for predictive analytics, helping strengthen their position in the market.
Fortune Business Insights provides this information in its report titled “Healthcare Predictive Analytics Market, 2022-2029.”
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Key Industry Development:
April 2022: SAS Institute Inc. collaborated with Microsoft to make easy access for advanced healthcare predictive analytics to the healthcare industry and life science organizations. This collaboration is expected to boost the usage of Fast Healthcare Interoperability Resources (FHIR) by incorporating Azure Health Data Services into SAS Health on Azure.
Drivers and Restraints:
Increasing Healthcare Providers’ Focus on Personalized Medications to Boost Market Growth
Along with the rising adoption of EHR systems, the established healthcare sector tends to generate huge amounts of patient data. For strategic decision-making, healthcare providers and payers use this data and analyze the ongoing trend using predictive analytical solutions. Nowadays, healthcare providers prefer personalized medications to a great extent. The demand for healthcare analytics is increasing as the newly introduced advanced analytics devices help to understand patient’s health, help to understand management quality, and strong decision-making power.
Data privacy issues have been reported in some cases as online frauds are increasing daily. Patient data is stolen and has been used for other illegal processes. The given reason is anticipated to hamper the healthcare predictive analytics market growth in the coming years.
COVID-19 Impacts:
Rising Adoption of Predictive Analytics & its Application to Boost Market Growth
During COVID-19, the adoption of predictive analytics for medicines witnessed rapid and huge growth in the market. Major countries such as developed and developing countries highlighted optimized care delivery, supportive measures, and sharing data for healthcare to propel growth during the pandemic.
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Segments:
Growing Adoption of Predictive Analytics Tools to Lead to the Software Segment Growth
On the basis of component, the market is divided into software and hardware.
In 2021, the software segment dominated the market. The rising adoption of predictive analytics and the launching of new products are expected to drive market growth.
The hardware segment is anticipated to experience a high CAGR during the estimated period.
Rising Need for Financial Analytics to Boost Market Development
The market is divided into clinical analytics, financial analytics, and operational analytics based on application.
The financial analytics segment dominated the market share in 2021.Due to the growing need for financial analytics solutions in healthcare sectors for healthcare facilities and rise in financial frauds, the demand for financial analytics is expected to drive the market during the forecast period.
To manage a large amount of clinical data of patients related to clinical trials, clinical analytics is expected to hit the highest CAGR during the estimated period.
Payers to Dominate due to Rising Number of Healthcare Insurance Holders and Collaborations
According to end user, the market is divided into payers, providers, and others.
In 2021, the largest share was owned by payers. Due to the growing collaborations by healthcare payers and an increasing number of healthcare insurance holders, the market recorded the highest CAGR.
The growing number of hospitals and increasing adoption of healthcare analytic software are anticipated to grow during the estimated period.
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Report Coverage:
The report offers:
• Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
• Comprehensive insights into regional developments.
• List of major industry players.
• Key strategies adopted by the market players.
• Recent industry developments include product launches, partnerships, mergers, and acquisitions.
Regional Insights:
Increasing Patient Population with Chronic Diseases to Help North America Dominate the Market
In 2021, North America was valued at USD 3.30 billion, marking the highest healthcare predictive analytics market share. The increasing patient population suffering from chronic diseases is the reason for the region’s dominance.
Europe is the second leading region in the market. Government-initiated projects and high awareness about healthcare solutions are expected to hold market share at its position.
Asia Pacific is anticipated to hold the highest CAGR during the estimated period. The new solution consists of EHR systems for clinics and pharmacies and a mobile app for patients.
Competitive Landscape:
Market Players Focus on New Product Launches to Strengthen their Market Position
Leading healthcare predictive analytics players are vying to expand market reach by offering solutions tailored to their respective industries. These players strategically collaborate with and take over local competitors to establish a regional foothold. These companies focus on developing innovative products and efficient marketing techniques to gain a wider market share. The expanding volume of international trade is anticipated to bring about profitable opportunities for market players.
List of Key Players Mentioned in the Report:
- IBM (U.S.)
- Oracle (U.S.)
- OSP (U.S.)
- Inovalon (U.S.)
- Allscripts Healthcare, LLC (U.S.)
- MCKESSON CORPORATION (U.S.)
- CitiusTech Inc. (U.S.)
- SAS Institute Inc. (U.S.)
- Linguamatics (U.K.)
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Table Of Content :
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Technological Advancements Pertaining to the Predictive Analytics
- Healthcare IT Infrastructure, Key Countries/ Regions
- Digital Health Penetration, Key Countries/ Regions
- Overview: Start-ups, Funding, Etc.
- Key Industry Developments – Key Mergers, Acquisitions and Partnerships
- Impact of COVID-19 on the Healthcare Predictive Analytics Market
- Global Healthcare Predictive Analytics Market Analysis, Insights and Forecast, 2018-2029
- Market Analysis, Insights and Forecast – By Component
- Software
- Hardware
- Market Analysis, Insights and Forecast – By Application
- Clinical Analytics
- Financial Analytics
- Operational Analytics
- Market Analysis, Insights and Forecast – By End-user
- Payers
- Providers
- Others
- Market Analysis, Insights and Forecast – By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Market Analysis, Insights and Forecast – By Component
- North America Healthcare Predictive Analytics Market Analysis, Insights and Forecast, 2018-2029
- Market Analysis, Insights and Forecast – By Component
- Software
- Hardware
- Market Analysis, Insights and Forecast – By Application
- Clinical Analytics
- Financial Analytics
- Operational Analytics
- Market Analysis, Insights and Forecast – By End-user
- Payers
- Providers
- Others
- Market Analysis, Insights and Forecast – By Country
- U.S.
- Canada
- Market Analysis, Insights and Forecast – By Component
- Europe Healthcare Predictive Analytics Market Analysis, Insights and Forecast, 2018-2029
- Market Analysis, Insights and Forecast – By Component
- Software
- Hardware
- Market Analysis, Insights and Forecast – By Application
- Clinical Analytics
- Financial Analytics
- Operational Analytics
- Market Analysis, Insights and Forecast – By End-user
- Payers
- Providers
- Others
- Market Analysis, Insights and Forecast – By Country/ Sub-region
- Germany
- U.K.
- France
- Italy
- Spain
- Scandinavia
- Rest of Europe
- Market Analysis, Insights and Forecast – By Component
Toc Continue…
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Frequently Ask Question :
What is the market size of predictive analytics in healthcare?
=> Healthcare Predictive Analytics Market valuation is slated to rise from USD 10.06 billion in 2022 to USD 69.63 billion by 2029 at 31.8% CAGR during the forecast period.
What is predictive analytics in the healthcare industry?
=> Healthcare Predictive Analytics Market to Reach USD 69.63 Billion by 2029; Incorporation of Advanced ML and GPS in Predictive Analytics Solutions to Drive Market
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