The healthcare predictive analytics market is significantly influenced by the increasing availability of healthcare data. The digitization of medical records, utilization of electronic health records (EHRs), and the proliferation of health-related data sources contribute to a rich dataset that forms the foundation for predictive analytics in healthcare. As rapid technological advancements in data analytics technologies significantly influence the direction of the healthcare predictive analytics market’s development, it can be stated that rapid developments in this field greatly impacted on various aspects visible along the way. Modern practice medicine depends on innovations of machine learning technology, AI as well as predictive modeling algorithms that provide new opportunities to govern large databases and facilitate decision-making in healthcare.
The increasing population health management strategies holds promise for the growth in size of the market for healthcare predictive analytics. Tools for predictive analytics offer healthcare facilities the ability to detect tendencies, anticipate disease prevalence and effectively use available resources to work with population health.
The global burden of chronic illnesses that is a need for prediction analytics in the domain of medicine. Predictive models can also help in early diagnosis, risk classification and individualized management of time-consuming messes that result to enhanced patient outcomes.
The markets highlighting the patient engagement and personalized medicine market influences healthcare predictive analytics. The use of predictive analytics tools help to personalize the treatment plan, medication adherence prediction and patient engagement methods contributing to better results within patients’general situation and well-being.
While keeping these integrals cybersecurity issues and data privacy implications are essential elements in the market of healthcare predictive analytics. A lot of progress has been made with regard to security concerns, and the industry needs further innovations to ensure broader adoption.
Risks and challenges related to interoperability in healthcare systems affect the efficacy of predictive analytics. Such a seamless integration of predictive analytics tools with existing healthcare IT infrastructure is crucial since they can allow implementation and use cases through different healthcare settings. Collaborations and partnerships between healthcare organizations, technology vendors, and analytics firms drive innovation in the predictive analytics market. Such collaborations facilitate the development of customized solutions, combining clinical expertise with advanced analytics capabilities.
As per the MRFR reports, the healthcare predictive analytics market is assessed to flourish a sound CAGR of more than 29.87% to reach USD 65.9 billion during the appraisal time frame from 2024 to 2030. Medical services prescient investigation alludes to the field of advanced examination, which utilizes expectations in regards to future occasions.
Verifiable information can conjecture potential results and accurately illuminate organizations about future patterns. The medical services prescient investigation market has enlisted colossal development over the most recent couple of years. The market's development is mostly credited to the rising costs of medicine offices.
Besides, factors, for example, the rising prominence of customized drugs, developing item dispatches, and developing number of consolidations and acquisitions are additionally projected to catalyze the market's development throughout the next few years.
Then again, the high execution and membership/authorizing charges of advanced investigation arrangements are the essential controlling perspective prone to block the market's development. Moreover, the absence of mindfulness among buyers across the agricultural countries is likewise prone to hamper the market's development before very long.
Healthcare Predictive Analytics Market Segmentation
The healthcare predictive analytics market is segmented on the basis of component, application, and end user.
By component the market is categorised into services, software, and hardware
Based on application, the healthcare predictive analytics market is segmented into operations management, financial, population health, and clinical. The operations management segment is further divided into demand forecasting, workforce planning and scheduling, inpatient scheduling, and outpatient scheduling. The financial segment is further divided into revenue cycle management, fraud detection, and others. The population health segment is further divided into population risk management, patient engagement, population therapy management, and others. The clinical is further divided into quality benchmarking, patient care enhancement, clinical outcome analysis and management. On the basis of end user, the market is segmented into payers, providers, and others.
On the basis of region, the healthcare predictive analytics global market is segmented into the Americas, Europe, Asia-Pacific, and the Middle East and Africa. The Americas is sub-segmented into North America and Latin America. The North American region is further segmented into the US and Canada. The European region is divided into two, namely, Western Europe and Eastern Europe. Western Europe is further classified into Germany, Italy, France, the UK, Spain, and the rest of Western Europe. The Asia-Pacific region is sub-segmented into Japan, China, India, Australia, South Korea, and the rest of Asia-Pacific. The healthcare predictive analytics market in the Middle East and Africa has been segmented into the Middle East and Africa.
Sources: Centers for Disease Control and Prevention (CDC), US Department of Health and Human Services, National Institutes of Health
It is projected that the Americas dominated the global healthcare predictive analytics market owing to the growth of the market in the North American region. This is largely attributed to the factors such as streamlined health-care systems, updated regulatory policies, and availability of trained workforce in this region helped it attain a lucrative market share.
Europe is expected to hold the second largest share in the market owing to growing healthcare infrastructure. Also, in October 2017, Allscripts had acquired McKesson’s Enterprise Information Solutions business that had contributed to the exponential growth of the healthcare predictive analytics market.
Asia-Pacific was projected to be the fastest growing region for the global healthcare predictive analytics market. This owes to the technological advancements resulting in the development of cost-effective predictive analytics leading to high acceptance rate for the devices in the Asia-Pacific region. The Middle East and Africa holds the least share in the global healthcare predictive analytics market due to the presence of economically diverse countries, and less initiatives taken by the government.
Recent Developments
November 2023: IBM announces that it has acquired Truven Health Analytics, a healthcare analytics company based in Chicago. The acquisition will give IBM a stronger position in the healthcare analytics space and allow it to offer a wider range of solutions to healthcare providers and organizations.Oracle acquires HealthTech firm MedeAnalytics to strengthen its analytics portfolio. With this acquisition, Oracle aims to expand its healthcare analytics offerings and provide comprehensive solutions to healthcare providers and organizations.Cerner acquires Explorys, a healthtech firm that provides data-driven population health solutions. The acquisition aims to enhance Cerner's population health capabilities and provide insights into patient outcomes.
September 2023: The US Food and Drug Administration (FDA) approves the first gene-edited stem cell therapy for the treatment of a rare form of childhood cancer. This approval marks a significant milestone in the development of predictive analytics in healthcare.The European Medicines Agency (EMA) grants orphan drug designation to a new stem cell therapy for the treatment of a rare form of blood cancer. This designation provides the company developing the therapy with access to funding and support from the EMA to accelerate the development of the therapy.Several companies announce new clinical trials of predictive analytics in healthcare for a variety of diseases. These trials aim to further evaluate the safety and efficacy of predictive analytics in clinical settings.
March 2022 A company known for its Precision Nudging™ solution, which promotes health through AI-powered behavior change, Lirio, has announced entering into a broad-ranging strategic alliance with NTT DATA, a prominent leader in business and IT services. Together, both the firms will allow healthcare providers to empower patients via tailored digital experiences.
The chief of innovation, strategy, and provider industry solutions for NTT DATA Services, Lisa Esch, said that healthcare consumers are demanding more improved, personalized care that the firm has the technology to do. Still, first needs focus on the digital patient experience.
March 2022 An innovator in developing disease-modifying therapeutic interventions for neurodegenerative diseases, Cognito Therapeutics, and a prominent real-world evidence (RWE) technology and analytics provider, Aetion, has announced a deliberate partnership to develop a certified predictive model to recognize patients with swiftly progressing Alzheimer's disease and mild cognitive impairment (MCI).
Healthcare Predictive Analytics Market, by Component
Healthcare Predictive Analytics Market, by Application
Healthcare Predictive Analytics Market, by End User
Healthcare Predictive Analytics Market, by Region
Healthcare Predictive Analytics Market, Key Players
Intended Audience
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