Healthcare Predictive Analytics Market

Healthcare Predictive Analytics Market Size (2023 to 2028)     

The global healthcare predictive analytics market size is forecasted to hike at a CAGR of 27.84% between 2023 to 2028 and be worth USD 37.93 billion by 2028 from USD 11.1 billion in 2023.

Predictive analytics is detecting the signs of patient conditions in the ICU and the general ward. According to the survey, predictive analytics is preventing to avoid downtime of medical equipment.

MARKET DRIVERS:

The global healthcare predictive analytics market is driven by the rise in the adoption of big data and other related technologies.

The requirement of efficient and effective utilization will be recognized by the data, which helps ensure the competition at the edge of the market. Most businesses are trying to derive insights from the data collection to make better, real-time, and fact-based decisions. Adopting big data and related technologies are accelerating factors for the demand of the healthcare predictive analytics market. The rise in data volumes and sources is due to the expansion of the market exponentially. Accumulation in the single location of all big data is developing rapidly by the data science programs and evaluating every organization's capabilities. Standalone solutions are provided by many companies by preferring standalone solutions with the comparison of combined solutions. These solutions are increasing the start-ups of big data analytics with innovations. Consumers and businesses capture big data and make many ways into internal audits, compliance, and fraud risk management-related discussions. In enabling the IE (Intelligent Enterprise) approach, advanced predictive analytics solutions play a vital role, helping create a single view across the entire organization by combining the standard reports and visualization.

MARKET RESTRAINTS:

Factors such as regional data regulations, which lead to the time-consuming restructure of the predictive models, are significant factors restraining the global healthcare predictive analytics market. To boost the decision-makers about the overall business performance, predictive analytics are delivering decisive data interpretations. Modifying the predictive models permits integrations with the software and services, depending on the analysis's level and nature. However, due to the predictive analytics concept in the nascent phase, there is a shortage of skilled labor. Comparing the conventional solutions, the initial costs and increment of the time and deployment of the analytics solutions will be higher because of the BI and data analytics expertise, expecting that the predictive solutions' adoption has a slow pace, especially in small enterprises. There are many challenges in the healthcare predictive analytics market, as the growth of the demand for diversified data models is based on business needs. Analysis of the organizations and insights of the generations from the various data formats. The data formats will include text, speech, and video for the business. Varieties of data models for different business needs. Generations of the machine's data will be analyzed using the chain of supplications and operational analytics. Third, to define the organizations' various business rules for managing the different data models and integrations of the analytics solutions.

Impact of COVID-19 on the global healthcare predictive analytics market:

Increasing demand for real-time streaming analytics solutions to track and monitor the COVID-19 spread. The healthcare predictive analytics market provides many opportunities, such as an increase in the need for real-time streaming analytics solutions by tracking and monitoring the spreading of COVID-19 and during the COVID-19 pandemic's uncertainty situations; for a better understanding of the data and predictive analytics tools, becoming crucial for the health systems to plan for changes in the demand of the healthcare. Using predictive models, researchers have helped organizations increase patients' health by collecting data worldwide. 

REPORT COVERAGE:

This market research report on the global healthcare predictive analytics market has been segmented and sub-segmented based on deployment model, organization size, vertical, and region.

Healthcare Predictive Analytics Market - By Application:

• Operations Management
  • Demand Forecasting
  • Workforce Planning and Scheduling
  • Inpatient Scheduling
  • Outpatient Scheduling
• Financial
  • Revenue Cycle Management
  • Fraud Detection
  • Other Financial Applications
• Population Health
  • Population Risk Management
  • Patient Engagement
  • Population Therapy Management
  • Other Applications
• Clinical
  • Quality Benchmarking
  • Patient Care Enhancement
  • Clinical Outcome Analysis and Management

The financial healthcare predictive analytics market dominates the market with the highest share during the analysis period based on the application. The factors driving the segment growth are increasing healthcare revenue cycle management approvals among healthcare providers and rising healthcare expenditure. In addition, adopting electronic health records to develop and manage patient results and diminish the total cost surges of healthcare predictive analytics market growth over the forecasting framework.

Population health management is likely to showcase a considerable growth rate in the healthcare predictive analytics market during the assessment period.

Healthcare Predictive Analytics Market - By End-User:

• Healthcare Payers
• Healthcare Providers
• Other End-Users

The healthcare payers segment is witnessing the highest share in the healthcare predictive analytics market based on the end-user. The payer's segment growth factors are increasing healthcare spending and operational costs and growing competition among the key players. The payer segment includes various insurance companies, healthcare sponsors, and other third parties.

The healthcare providers segment will exhibit the quickest and most profitable growth in healthcare predictive analytics over the review period. In North America, more than 75% of healthcare providers utilize Electronic Health Records.

Healthcare Predictive Analytics Market - By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• The Middle East and Africa

Regionally, the North American region holds a large share of the market size globally. But unexpectedly, the Asia Pacific region is forecasted to have the highest growth rate during the forecast period. IoT technology commercial and the growing adoption of advanced technologies in countries such as China, Japan, and ANZ are the driving factors. Enormous opportunities are provided in these regions due to improved internet access. Majorly APAC is leading by adopting predictive analytics solutions.

KEY MARKET PARTICIPANTS:

Some of the companies playing a dominating role in the global healthcare predictive analytics market are IBM, Verisk Analytics Inc., McKesson Corporation, SAS, Oracle, Cerner Corporation, MEDai, MedeAnalytics, Allscripts, and Optum Health Inc.

RECENT MARKET DEVELOPMENTS:

• In September 2020, to enhance the business globally, a strategic partnership was made between the Singapore-based global IT consultancy firm and Broad International.