Arizton published the latest research report, “Healthcare Predictive Analytics Market – Global Outlook & Forecast 2023-2028”, Industry Trends, Growth, Opportunity Company Analysis. The global healthcare predictive analytics market was valued at $9.21 billion in 2022.
[309 Pages Report] Predictive analytics, a methodology that utilizes mathematical and statistical models, has emerged as a highly valuable tool in the healthcare industry over the past decade. Its widespread adoption is driven by its potential to enhance patient care and reduce healthcare costs. Leveraging predictive analytics in healthcare involves integrating data and information from diverse sources, enabling organizations to develop models and insights to anticipate and prevent issues before they arise.
Predictive AI Enhancing Patient Care and Health Outcomes
Predictive AI enhancing patient care and health outcomes is an emerging area of healthcare technology that uses artificial intelligence (AI) to help healthcare providers make informed decisions about a patient’s care. Predictive AI can analyze vast amounts of data from multiple sources to provide insights about the patient’s condition, treatment history, and other data points that can help health professionals predict health problems and develop targeted treatment plans. By integrating AI into patient care, healthcare providers can more accurately diagnose and treat conditions, improve patient outcomes, and reduce costs. In addition, predictive AI can identify potential risk factors for disease and provide early warning signs of health problems. In the healthcare predictive analytics market, AI can examine patient records to predict the likelihood of certain diseases and disorders. Recent studies have shown that AI can detect previously difficult conditions to identify and diagnose, such as rare genetic and neurodegenerative diseases.
Healthcare predictive analytics facilitates the identification of trends and relationships within extensive data sets, offering insights into future problems and risks while suggesting effective strategies to address these challenges. For example, it can effectively pinpoint high-risk individuals for specific diseases, enabling the development of personalized treatment plans and the implementation of the most cost-effective care delivery methods. Moreover, predictive analytics is increasingly being utilized in clinical decision-making processes. Predictive analytics generates algorithms and insights that shape treatment decisions by assimilating data from various sources such as laboratory results, medical records, and even patient feedback. These predictive models aid in determining the optimal drug or treatment course for individual circumstances and identify high-risk patients who would benefit from preventative care or intervention.
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Healthcare Predictive Analytics Market Report Scope
| Report Attributes | Details |
| Market Size (2028) | USD 30.71 Billion |
| Market Size (2022) | USD 9.21 Billion |
| CAGR (2022-2028) | 7.68% |
| Base Year | 2022 |
| Forecast Year | 2023-2028 |
| Market Segmentation | Delivery Mode, Application, End-user, and Geography |
| Geographic Analysis | North America, Europe, APAC, Latin America, and Middle East & Africa |
| Countries Covered | The US, Canada, Germany, Italy, Spain, France, the UK, Japan, China, South Korea, India, Australia, Brazil, Mexico, Argentina, Turkey, Saudi Arabia, and South Africa. |
| Market Dynamics |
|
Advanced Predictive Analytics Transforming Home Health Industry’s Landscape
Predictive analytics in home health uses data-driven models and algorithms to help predict and anticipate future health outcomes or risks. These analytical methods are typically used by clinicians, administrators, providers, and health plans to identify and reduce risks in the home health care setting. Through predictive analysis, healthcare providers can make better-informed decisions regarding patient care to improve the quality and outcomes of care. Predictive analytics can help determine which patients are likely to require higher levels of care or may need additional services; identify patients who may benefit from personalized treatments; assess the impact of various interventions on treatment outcomes; and improve communication between providers and patients. Predictive analytics can also assess mortality, readmission rates, and healthcare costs.
On-Premises Segment to Dominate the Global Healthcare Predictive Analytics Market
In the global healthcare predictive analytics market, the on-premises delivery mode continues to hold a significant market share and is projected to maintain its dominance in the foreseeable future. This delivery model enables companies to verify customers and securely store data on their servers without third-party or vendor access. Various advantages associated with on-premises solutions contribute to the hesitancy of healthcare organizations in adopting cloud-based alternatives. One key advantage is the IT department’s complete control over the stored data. Control over data is of utmost importance to healthcare entities, as many are skeptical about the ability of cloud service providers to offer a fully compliant Protected Health Information (PHI) environment in accordance with the Healthcare Portability and Accountability Act (HIPAA).
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APAC to Witness the Fastest Growth Rate in the Global Healthcare Predictive Analytics Market
In 2022, the Asia-Pacific (APAC) region claimed a 20.80% share of the global healthcare predictive analytics market. APAC’s healthcare predictive analytics sector has experienced substantial growth and is projected to maintain a similar trajectory throughout the forecast period. This expansion is propelled by escalating demands for enhanced patient care and efficient service delivery, the surge in fraudulent activities within the healthcare industry, and the increasing need for advanced analytics solutions. Furthermore, the proliferation of electronic health records (EHRs) and other health data has amplified the demand for predictive analytics across the region.
The adoption of artificial intelligence (AI) in the healthcare industry, encompassing genome testing and precision medicine, has gained widespread acceptance in APAC. Japan and China are spearheading AI-driven advancements in healthcare within the region. Japan has emerged as a frontrunner in AI innovation and technological breakthroughs for healthcare applications. Additionally, the growing populations in countries such as India, Thailand, and Malaysia have fueled the demand for AI in healthcare. Furthermore, substantial investments by governments and corporations, along with collaborative efforts and partnerships, have contributed to the overall market growth in the APAC region.
Market Segmentation
- Delivery Mode: On-premises and Cloud-based
- Application: Finance & Operations, Clinical Care, Population Health Management, and R&D
- End-user: Payers, Healthcare Settings, and Others
- Geography: North America, Europe, APAC, Latin America, and Middle East & Africa
Key Company Profiles
- Health Catalyst
- IBM
- Koninklijke Philips
- Microsoft
- Oracle
- UNITEDHEALTH GROUP
- Allscripts Healthcare
- Apixio
- CGI
- Change Healthcare
- Conduent
- COTIVITI
- Epic Systems
- Flatiron
- Forian
- FraudLens
- FRISS
- Healthcare Fraud Shield
- LexisNexis Risk Solutions
- MedeAnalytics
- Net Health
- OSP
- PotentiaMetrics
- SAS Institute
- Verisk Analytics
- Wipro
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