The market for healthcare predictive analytics was estimated at US$ 2,730.2 million in 2021 and is anticipated to grow at a CAGR of 9.8% from 2022 to 2028 to reach US$ 5,235.6 million. The prevalence of chronic diseases is increasing, personalised and evidence-based medicine is becoming more prevalent, the healthcare industry needs to become more efficient, and there is growing pressure to lower unnecessary spending in order to control healthcare costs, all of which are driving the global market for predictive analytics in the healthcare industry. However, inadequate infrastructure and a lack of appropriately skilled IT workers in the healthcare sector are two main issues that are anticipated to impede the growth of the market for healthcare predictive analytics.
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The worldwide healthcare predictive analytics market is divided into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa based on geography.
Due to the rising prevalence of chronic illness cases and the rising acceptance of healthcare predictive analytics solutions in the area, North America is anticipated to have the strongest growth in the worldwide healthcare predictive analytics market over the course of the forecast period. Predictive analytics, for instance, may be used to determine the chance that a person would have a particular medical condition. The major causes of mortality and disability in the US, according to the Centers for Disease Control and Prevention (CDC), are chronic illnesses.
Due to the rising incidence of chronic diseases and the rising use of healthcare IT solutions in the area, Asia Pacific is also anticipated to have considerable growth in the worldwide market for healthcare predictive analytics. For instance, the Longitudinal Ageing Study in India (LASI), published by the Union Ministry of Family and Health Welfare in January 2020, found that two out of every three elderly persons in India have a chronic illness. As a result, it is anticipated that the adoption of healthcare predictive analytics solutions in the area would rise.
Over the course of the projection period, it is anticipated that the worldwide burden of chronic illnesses would increase, spurring demand for predictive analytics in healthcare. Healthcare predictive analytics may be used to enhance illness management, get insight into the progression and spread of diseases, and ensure that patients receive the best possible treatment. For instance, according to the World Health Organization, chronic illnesses are the main killers and disablers globally (WHO).
The demand for more efficiency in the healthcare industry is anticipated to drive the market for healthcare predictive analytics over the anticipated time frame. Predictive analytics, for instance, can increase the effectiveness of staff members and other resources in the healthcare industry. The debut of the new Healthcare was announced by Health Catalyst, Inc. in March 2021. AI. Healthcare was established to address the revenue, cost, and quality possibilities and difficulties in the healthcare industry. The practical application and use cases of AI in healthcare will be further expanded by the AI suite of augmented intelligence goods and services.
Increased demand for or use of healthcare predictive analytics is anticipated to present profitable development prospects for industry participants. For instance, in March 2022, Databricks announced the introduction of the Databricks Lakehouse for Healthcare and Life Sciences lakehouse platform, which will support advanced AI use cases like disease prediction, medical image classification, and biomarker discovery as well as data management, analytics, and advanced analytics. Some early adopters include GE Healthcare, Walgreens, ThermoFisher, and Regeneron.
The worldwide healthcare predictive analytics market is likely to offer considerable development prospects to competitors due to the rising cost of healthcare. Predictive analytics, for instance, can save healthcare expenses while enhancing treatment. According to a financial data model from Medtronic, using continuous monitoring and predictive analytics can save medical expenditures by roughly US$ 535,000 annually (July 2021). According to the study, continuous monitoring might save a median-sized U.S. hospital $ 535,531 year on hospital expenses.
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Predictive analytics solutions are used by healthcare professionals to comprehend illness management, risk management, disease prevalence and trajectories, and to offer the patient with the best possible medical treatment. The healthcare professionals use it to anticipate future outcomes and gauge the degree to which a person’s health is at risk. The use of this technology at various levels to reduce wasteful spending has expanded adoption, and the trend is anticipated to continue over the projected period. This is thus anticipated to support the expansion of the worldwide market for healthcare predictive analytics.
The development of the global market for healthcare predictive analytics is anticipated to be hampered by a lack of IT workers with the necessary skills. 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 scarcity of competent individuals. Healthcare has been obliged to hire IT support from other businesses due to a shortage of IT workers.
The development of the worldwide market for healthcare predictive analytics is anticipated to be hampered by the lack of a strong (healthcare infrastructure). The need for more precise and reliable prediction models is developing along with the absence of a reliable infrastructure and the expanding demands for renewal investments. Any project’s capacity to scale effectively depends on a strong infrastructure. This is proven to be a significant market constraint.
Application, Component, Deployment, End-User, and Region are the segments used to categorise the market study on healthcare predictive analytics.
Clinical Data Analytics, Financial Data Analytics, Administrative Data Analytics, and Research Data Analytics are the market segments based on Application. Due to the increasing prevalence of chronic diseases throughout the world, the Clinical Data Analytics Segment is anticipated to dominate the market for healthcare predictive analytics during the course of the projected period. Every area of patient care and operations management may be improved with the use of healthcare data analytics. It enhances clinical care delivery and helps it become more effective.
Due to the expanding need for more efficiency in the healthcare industry, the financial data analytics segment is also anticipated to experience substantial growth in the near future. Healthcare practitioners and organisations who use data analytics have access to pertinent clinical, financial, and operational data and are able to turn this data into knowledge that can be used to make better decisions and perform better overall.
The market is divided into Software, Hardware, and Services based on Component. As a result of the rise in use of healthcare analytics solutions, the Software Segment is anticipated to dominate the market throughout the course of the projected period. The enormous volumes of data that a healthcare provider frequently gathers are processed and analysed by healthcare analytics software to produce useful insights that have an impact on operating profit and patient outcomes.
Due to the increased use of healthcare analytics to lower healthcare costs and enhance care quality, the hardware segment is also anticipated to experience considerable growth in the near future. Healthcare companies and providers scan enormous amounts of data fast using parallel processing or improved technology.
The market is divided into On Premise and Cloud Based segments based on deployment. Due to the rise in popularity of cloud-based analytics solutions, the Cloud Based Segment is anticipated to command the market throughout the course of the projected period. Healthcare providers and patients may now access information from anywhere in the globe thanks to cloud-based solutions, which also assist implement valuable IT infrastructure more quickly and efficiently.
The healthcare predictive analytics market is divided into three categories based on the end user: healthcare providers, industry, and research institutions. Due to the rise in the use of healthcare predictive analytics solutions, the Healthcare Providers Segment is anticipated to dominate the market throughout the course of the projected period. Healthcare professionals utilise healthcare analytics to forecast future outcomes and determine the percentage of a person’s health that is at risk.
Amazon Web Services (AWS) introduced Amazon HealthLake in December 2020. This HIPAA-eligible service seeks to meet interoperability standards and advance the use of big data analytics in the healthcare industry.
Aiming to provide healthcare, pharmaceutical, and life science organisations with data-driven insights to assist them navigate the pandemic, Quantzig announced the launch of sophisticated clinical data analytics solutions in August 2020.
Key Companies Insights
The market for healthcare predictive analytics is very cutthroat. The market participants are concentrating on introducing new goods to the market as a consequence of the increase in demand for or adoption of healthcare IT solutions.
A few examples are International Business Machines Corp., Optum Inc., Information Builders, Health Catalyst, Oracle Corp., Cerner Corp., Allscripts Healthcare Solutions, Mckesson Corp., and Medeanalytics Inc.
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Table of Content
Chapter 1 Industry Overview
1.3 Research Scope
1.4 Market Analysis by Regions
1.5 Healthcare Predictive Analytics Market Size Analysis from 2022 to 2028
11.6 COVID-19 Outbreak: Healthcare Predictive Analytics Industry Impact
Chapter 2 Global Healthcare Predictive Analytics Competition by Types, Applications, and Top Regions and Countries
2.1 Global Healthcare Predictive Analytics (Volume and Value) by Type
2.3 Global Healthcare Predictive Analytics (Volume and Value) by Regions
Chapter 3 Production Market Analysis
3.1 Global Production Market Analysis
3.2 Regional Production Market Analysis
Chapter 4 Global Healthcare Predictive Analytics Sales, Consumption, Export, Import by Regions (2017-2022)
Chapter 5 North America Healthcare Predictive Analytics Market Analysis
Chapter 6 East Asia Healthcare Predictive Analytics Market Analysis
Chapter 7 Europe Healthcare Predictive Analytics Market Analysis
Chapter 8 South Asia Healthcare Predictive Analytics Market Analysis
Chapter 9 Southeast Asia Healthcare Predictive Analytics Market Analysis
Chapter 10 Middle East Healthcare Predictive Analytics Market Analysis
Chapter 11 Africa Healthcare Predictive Analytics Market Analysis
Chapter 12 Oceania Healthcare Predictive Analytics Market Analysis
Chapter 13 South America Healthcare Predictive Analytics Market Analysis
Chapter 14 Company Profiles and Key Figures in Healthcare Predictive Analytics Business
Chapter 15 Global Healthcare Predictive Analytics Market Forecast (2022-2028)
Chapter 16 Conclusions
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