Vancouver, Jan. 31, 2024 (GLOBE NEWSWIRE) — The global healthcare predictive analytics market size was USD 11.84 Billion in 2022 and is expected to register a rapid revenue CAGR of 24.7% during the forecast period. Rising demand for healthcare analytics, and rapid technological advancements in healthcare predictive analytics are key factors driving market revenue growth.
Need for healthcare predictive analytics is increasing due to integration of wearable devices, which has resulted in a wealth of health-related data. Predictive analytics solutions now leverage this data to offer immediate insights into patient health, facilitating proactive interventions and preventive actions. Emerging technologies, such as Blockchain and Artificial Intelligence (AI), are starting to find their place within the healthcare predictive analytics landscape.
Furthermore, rapid technological advancements, such as Integration with Artificial Intelligence (AI)-powered virtual assistants is rising use of healthcare predictive analytics. For instance, on 22 February 2023, Tech Data partners with Tangent Works, integrating its cloud-based TIM platform for time-series forecasting and anomaly detection into Tech Data’s AI solutions. This collaboration aims to enhance industry adoption of AI projects, optimizing operations and decision-making across sectors such as energy, utilities, manufacturing, and healthcare.
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However, data security and privacy concerns is a key factor, which could restrain market revenue growth. Healthcare providers still rely on outdated Information Technology (IT) systems and isolated data management practices. Integrating new predictive analytics tools with these systems is challenging and expensive and requires technical expertise and data migration efforts.
In addition, utilizing and interpreting predictive analytics effectively requires a skilled workforce capable of understanding AI and data science concepts. This necessitates reskilling existing staff or hiring new talent, which is a burden for some healthcare organizations. Healthcare data falls under strict regulations such as Health Insurance Portability and Accountability Act (HIPAA) in the U.S. and General Data Protection Regulation (GDPR) in Europe. Implementing and maintaining these measures is complex and costly and this acts as a barrier for smaller healthcare providers.
On the basis of component, the global healthcare predictive analytics market segmented into software and hardware. The software accounted for largest revenue share in the global healthcare predictive analytics market in 2022. This is because software solutions offer a wide range of functionalities such as data analysis, model development, visualization, and reporting. This versatility provides healthcare providers with a comprehensive toolset for implementing various predictive analytics applications.
Modern predictive analytics software is designed to integrate seamlessly with existing Electronic Health Records (EHRs), and other healthcare IT systems. This reduces implementation complexity and minimizes disruption to existing workflows. In addition, software vendors constantly update their solutions with new features, improved algorithms, and enhanced security measures. This ensures users benefit from latest advancements in the field without needing frequent hardware upgrades.
On the basis of application, the global healthcare predictive analytics market is segmented into clinical, financial, and operational. The financial segment is expected to account for significantly large revenue share in the global healthcare predictive analytics market during the forecast period. This is because predictive models analyze historical data and medical records to predict insurance claim approvals and potential denials. This allows healthcare providers to prioritize processing claims with higher approval chances, reducing overall turnaround time and administrative costs.
In addition, this identifies potential errors, missing information in claims before submission and preventing denials and delays in reimbursement. Predict patient payment behavior and optimize billing processes to accelerate payments and reduce outstanding receivables.
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North America accounted for largest market share in the global healthcare predictive analytics market in 2022 due to increasing adoption of Electronic Health Record (EHRs) and strong IT infrastructure. EHRs act as a centralized repository for patient data, including medical history, diagnoses, medications, and treatment plans. This readily available and digitized data forms the crucial fuel for developing and training predictive analytics models. EHRs provide healthcare providers with easier access to patient data, enabling to leverage predictive analytics tools for real-time insights and informed decision-making at the Point of Care (PoC).
In addition, key strategic initiative as well as partnerships between major companies developing healthcare predictive analytics especially in the U.S. are other factors driving market revenue growth. For instance, on 22 June 2023, Holmusk announced its partnership with Streamline Healthcare Solutions to enhance care delivery using advanced analytics. This partnership brings Holmusk’s MaST, a powerful predictive analytics tool, to the U.S. market. MaST is a predictive analytics tool with X-ray vision for patient data, scans electronic health records at lightning speed, pinpointing individuals at risk of mental health crises. This partnership will focus to advance mental health care in the region, empowering clinicians with sharper decision-making tools and ultimately improving patient outcomes.
Asia Pacific is expected to register fastest market growth rate in the global healthcare predictive analytics market over the forecast period. This is due to rising burden of chronic diseases such as diabetes, heart disease, and cancer. Predictive analytics plays a crucial role in early detection, risk management, and personalized treatment plans for these prevalent conditions. In addition, rising adoption of electronic health record is also expected to drive market revenue growth of this region during the forecast period. Moreover, technological advancements make predictive analytics tools more powerful and user-friendly and their cost is also becoming more accessible.
Scope of Research
|Market Size in 2022
|USD 11.84 Billion
|Revenue Forecast To 2032
|USD 105.22 Billion
|Base Year For Estimation
|Revenue in USD Billion and CAGR in % from 2023 to 2032
|Revenue forecast, company ranking, competitive landscape, growth factors, and trends
|Component, application, end-use, and region
|North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
|U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Russia, Rest of Europe, China, India, Japan, South Korea, ASEAN Countries, Oceania, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa
|Key Companies Profiled
|Oracle, IBM, Verisk Analytics, Inc., MCKESSON CORPORATION, SAS Institute Inc., Inovalon, Veradigm LLC, Optum, Inc., MedeAnalytics, Inc., and CitiusTech Inc.
|10 hours of free customization and expert consultation
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Major Companies and Competitive Landscape
The global healthcare predictive analytics market fairly fragmented with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective healthcare predictive analytics solutions. Some major players included in the global healthcare predictive analytics market report is:
- Verisk Analytics, Inc.
- MCKESSON CORPORATION
- SAS Institute Inc.
- Veradigm LLC
- Optum, Inc.
- MedeAnalytics, Inc.
- CitiusTech Inc.
- On 22 March 2023, Syneos Health and KX announced its partnership to transform biopharmaceutical development with Artificial intelligence. This partnership presents the industry’s first Data Timehouse and AI management engine built for the unique needs of healthcare’s temporal data. Through this partnership, AI and Machine Learning (ML) anticipate challenges and optimize clinical trial designs such as choosing the perfect study site. This collaboration aims to streamline processes, eliminate delays analyze data faster, and bring new treatments to life.
- On 12 May 2022, Tellius and Indegene announced its partnership to enhance smarter healthcare decisions. Tellius simplifies analytics, generating instant insights across organizations. Their platform simplifies analytics, allowing to understand market trends, optimize payer strategies, and improve commercial effectiveness. Tellius and Indegene are redefining healthcare businesses by simplifying analytics and leveraging the power of AI. This partnership leverages AI to fill the gap between commercial data and real-world patient experiences, resulting in quicker and more effective treatments.
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Segments Covered in Report
For the purpose of this report, Emergen Research has segmented the global healthcare predictive analytics market on the basis of component, application, end-use, and region:
- Component Outlook (Revenue, USD Billion; 2019-2032)
- Application Outlook (Revenue, USD Billion; 2019-2032)
- End-Use Outlook (Revenue, USD Billion; 2019-2032)
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- ASEAN Countries
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
- North America
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