Healthcare Predictive Analytics Market
Healthcare Predictive Analytics Market Forecasts to 2030 - Global Analysis By Component (Hardware, Services and Software), Delivery Model (Stand Alone and Integrated), Application (Financial, Population Health, Clinical and Operational & Administrative), End User and By Geography
Years Covered |
2023-2030 |
Estimated Year Value (2023) |
US $14.32 BN |
Projected Year Value (2030) |
US $58.94 BN |
CAGR (2023 - 2030) |
22.4% |
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
Largest Market |
North America |
Highest Growing Market |
Asia Pacific |
According to Stratistics MRC, the Global Healthcare Predictive Analytics Market is accounted for $14.32 billion in 2023 and is expected to reach $58.94 billion by 2030 growing at a CAGR of 22.4% during the forecast period. Predictive analytics is a subset of advanced analytics that is used to forecast unknowable future events. Healthcare predictive analytics is used to extract data from already-existing clinical and financial data sets in order to identify trends that could be used to predict potential treatments and help deliver appropriate care. Predictive analytics assists insurance companies in offering their clients better and more suitable health insurance policies in addition to forecasting potential medical outcomes for the patients.
According to the data published by the World Health Organization (WHO), in 2021, 59,964 clinical studies were registered worldwide.
Market Dynamics:
Driver:
Growing relevance of predictive analytics in healthcare
Healthcare analytics is expected to benefit from the growing market for predictive healthcare analytics. Using predictive analytics, healthcare professionals can quickly identify potential health problems and take preventive action. Healthcare providers can provide specialized and individualized patient care with the aid of data from medical sensors, clinical laboratories, pharmacy information systems, and other sources. The healthcare provider can forecast future health trends using predictive analytics, identify patients who are at risk, and create effective intervention plans.
Restraint:
Inadequate healthcare infrastructure
The growth of the market is anticipated to be constrained by the absence of a strong healthcare infrastructure. The need for more precise and reliable prediction models is growing along with the lack of reliable infrastructure and the expanding need for renewal investments. Effective operations and project scalability depend on a strong infrastructure. This is currently proving to be a key market constraint.
Opportunity:
Rising use of electronic health records
The use of Electronic Health Records (EHRs) for patient data has increased in recent years. In the US, office-based physicians adopted EHRs at a rate of nearly 86% in 2017, up from 42% in 2008. The best course of action for any medical procedure or medication is provided by healthcare predictive analytics using EHRs. This not only significantly lowers the costs for patients but also produces better results. The use of analytics tools, AI, and electronic health systems is expected to drive the market's expansion.
Threat:
Data privacy issues
The lower adoption of digital health solutions is primarily due to recent data breaches and patient privacy concerns. Healthcare institutions keep thorough patient records that include the patient's name, date of birth, address, social security number, and payment account information, making them targets for cyberattacks. The patients are reluctant to give their medical records to online services and programs. Therefore, the adoption of digital health solutions, such as healthcare predictive analytics, is expected to be hampered in the near future by the rising frequency of healthcare data breaches.
Covid-19 Impact
The COVID-19 pandemic resulted in massive costs for the industry. Predictive analytics has played a major role in combating issues related to COVID-19, reducing the number of poor outcomes for patients, and addressing the management of resources during the crisis. The enormous amount of patient data generated during the pandemic not only provided analytics companies and the healthcare industry with data to correctly analyze the spread of disease but also helped in the correct allocation of resources. Additionally, growing investments in digital health and new uses for healthcare predictive analytics in clinical research and drug development helped the market grow during the pandemic.
The financial segment is expected to be the largest during the forecast period
During the forecast period, the financial segment is anticipated to hold the largest market share. The demand for the financial analytics segment is anticipated to be driven during the forecast period by the rising incidence of financial fraud in the healthcare sector and the rising demand for financial analytics solutions in healthcare facilities. The median loss for healthcare fraud offenses in the U.S. in 2021, for example, was more than USD 1.0 million, according to Etactics, Inc. As healthcare fraud cases across the globe rise, there is a growing need for financial analytical solutions.
The payers segment is expected to have the highest CAGR during the forecast period
Over the forecast period, the provider segment is anticipated to grow at the highest CAGR. The rise in hospitals and the adoption of healthcare analytic software in healthcare facilities are credited with driving the segment's growth. For instance, the European Hospital Register estimates that there will be over 19,000 hospitals in Europe by the year 2020. As a result, the growth of the segment is being further fueled by the opening of new hospitals and the expanding use of healthcare analytics software.
Region with largest share:
Due to the presence of significant competitors in the region, North America held the largest share of the global healthcare predictive analytics market in 2022 and is anticipated to continue dominating during the forecast period. Healthcare organizations are also becoming aware of the fact that social determinants of health have a greater positive impact on a patient's wellbeing than do medical problems. Moreover, the developed healthcare system, the accessibility of trained personnel for predictive analysis, and the accessibility of funding for staff training in the use of these analytics tools have all aided in the market's growth.
Region with highest CAGR:
During the forecast period, Asia-Pacific is anticipated to have the highest CAGR. This region is expanding as a result of the expansion of e-health initiatives in nations like China and India as well as the rising demand for healthcare analytics in healthcare facilities to manage a large amount of patient data. In the near future, it is anticipated that this, along with an increase in EHR-related product launches, will drive the adoption of healthcare predictive analytics solutions in this Asia-Pacific region.
Key players in the market
Some of the key players profiled in the Healthcare Predictive Analytics Market include Allscripts Healthcare Solutions, Inc., Cerner Corporation, Health Catalyst, IBM Corporation, Information Builders Inc., Inovalon , Linguamatics, Mckesson Corporation, Medeanalytics, Inc, Optum Inc, Oracle Corporation, SAS Institute Inc., SCIO Health Analytics, Verisk Analytics, Inc., VitreosHealth and Wipro Limited.
Key Developments:
In June 2023, The National Association of Boards of Pharmacy® (NABP®) and IBM Consulting are pleased to announce their collaboration to build Pulse by NABP™, a new digital platform that is intended to bring visibility to the drug supply chain and help protect patients from counterfeit or substandard prescription medications.
In July 2023, Veradigm Inc. announced the signing of two multi-year healthcare provider agreements during the second quarter. One of Veradigm’s largest Veradigm EHR clients, State of Franklin Healthcare Associates (SOFHA), a physician-owned and led primary care and multi-specialty healthcare system in upper East Tennessee and Southwest Virginia, expanded its agreement with Veradigm to include Veradigm Revenue Cycle Services.
In May 2022, IBM announced the expansion of its roadmap for achieving large-scale, practical quantum computing. This roadmap details plans for new modular architectures and networking that will allow IBM quantum systems to have larger qubit-counts – up to hundreds of thousands of qubits.
Components Covered:
• Hardware
• Services
• Software
Delivery Models Covered:
• Stand Alone
• Integrated
Applications Covered:
• Financial
• Population Health
• Clinical
• Operational and Administrative
End Users Covered:
• Payers
• Providers
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026 and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Healthcare Predictive Analytics Market, By Component
5.1 Introduction
5.2 Hardware
5.3 Services
5.4 Software
6 Global Healthcare Predictive Analytics Market, By Delivery Model
6.1 Introduction
6.2 Stand Alone
6.3 Integrated
7 Global Healthcare Predictive Analytics Market, By Application
7.1 Introduction
7.2 Financial
7.2.1 Fraud Detection
7.2.2 Revenue Cycle Management
7.2.3 Other Financial Applications
7.3 Population Health
7.3.1 Patient Engagement
7.3.2 Population Risk Management
7.3.3 Population Therapy Management
7.3.4 Other Applications
7.4 Clinical
7.4.1 Quality Benchmarking
7.4.2 Patient Care Enhancement
7.4.3 Clinical Outcome Analysis and Management
7.5 Operational and Administrative
7.5.1 Demand Forecasting
7.5.2 Inpatient Scheduling
7.5.3 Workforce Planning and Scheduling
7.5.4 Outpatient Scheduling
8 Global Healthcare Predictive Analytics Market, By End User
8.1 Introduction
8.2 Payers
8.2.1 Private Insurance Companies
8.2.2 Government Agencies
8.2.3 Employers and Private Exchanges
8.3 Providers
8.3.1 Ambulatory Settings
8.3.2 Hospitals, Physician Practices and IDNs
8.3.3 Post-acute Organizations
8.3.4 Other End Users
9 Global Healthcare Predictive Analytics Market, By Geography
9.1 Introduction
9.2 North America
9.2.1 US
9.2.2 Canada
9.2.3 Mexico
9.3 Europe
9.3.1 Germany
9.3.2 UK
9.3.3 Italy
9.3.4 France
9.3.5 Spain
9.3.6 Rest of Europe
9.4 Asia Pacific
9.4.1 Japan
9.4.2 China
9.4.3 India
9.4.4 Australia
9.4.5 New Zealand
9.4.6 South Korea
9.4.7 Rest of Asia Pacific
9.5 South America
9.5.1 Argentina
9.5.2 Brazil
9.5.3 Chile
9.5.4 Rest of South America
9.6 Middle East & Africa
9.6.1 Saudi Arabia
9.6.2 UAE
9.6.3 Qatar
9.6.4 South Africa
9.6.5 Rest of Middle East & Africa
10 Key Developments
10.1 Agreements, Partnerships, Collaborations and Joint Ventures
10.2 Acquisitions & Mergers
10.3 New Product Launch
10.4 Expansions
10.5 Other Key Strategies
11 Company Profiling
11.1 Allscripts Healthcare Solutions, Inc.
11.2 Cerner Corporation
11.3 Health Catalyst
11.4 IBM Corporation
11.5 Information Builders Inc.
11.6 Inovalon
11.7 Linguamatics
11.8 Mckesson Corporation
11.9 Medeanalytics, Inc
11.10 Optum Inc
11.11 Oracle Corporation
11.12 SAS Institute Inc.
11.13 SCIO Health Analytics
11.14 Verisk Analytics, Inc.
11.15 VitreosHealth
11.16 Wipro Limited
List of Tables
1 Global Healthcare Predictive Analytics Market Outlook, By Region (2021-2030) ($MN)
2 Global Healthcare Predictive Analytics Market Outlook, By Country (2021-2030) ($MN)
3 Global Healthcare Predictive Analytics Market Outlook, By Component (2021-2030) ($MN)
4 Global Healthcare Predictive Analytics Market Outlook, By Hardware (2021-2030) ($MN)
5 Global Healthcare Predictive Analytics Market Outlook, By Services (2021-2030) ($MN)
6 Global Healthcare Predictive Analytics Market Outlook, By Software (2021-2030) ($MN)
7 Global Healthcare Predictive Analytics Market Outlook, By Delivery Model (2021-2030) ($MN)
8 Global Healthcare Predictive Analytics Market Outlook, By Stand Alone (2021-2030) ($MN)
9 Global Healthcare Predictive Analytics Market Outlook, By Integrated (2021-2030) ($MN)
10 Global Healthcare Predictive Analytics Market Outlook, By Application (2021-2030) ($MN)
11 Global Healthcare Predictive Analytics Market Outlook, By Financial (2021-2030) ($MN)
12 Global Healthcare Predictive Analytics Market Outlook, By Fraud Detection (2021-2030) ($MN)
13 Global Healthcare Predictive Analytics Market Outlook, By Revenue Cycle Management (2021-2030) ($MN)
14 Global Healthcare Predictive Analytics Market Outlook, By Other Financial Applications (2021-2030) ($MN)
15 Global Healthcare Predictive Analytics Market Outlook, By Population Health (2021-2030) ($MN)
16 Global Healthcare Predictive Analytics Market Outlook, By Patient Engagement (2021-2030) ($MN)
17 Global Healthcare Predictive Analytics Market Outlook, By Population Risk Management (2021-2030) ($MN)
18 Global Healthcare Predictive Analytics Market Outlook, By Population Therapy Management (2021-2030) ($MN)
19 Global Healthcare Predictive Analytics Market Outlook, By Other Applications (2021-2030) ($MN)
20 Global Healthcare Predictive Analytics Market Outlook, By Clinical (2021-2030) ($MN)
21 Global Healthcare Predictive Analytics Market Outlook, By Quality Benchmarking (2021-2030) ($MN)
22 Global Healthcare Predictive Analytics Market Outlook, By Patient Care Enhancement (2021-2030) ($MN)
23 Global Healthcare Predictive Analytics Market Outlook, By Clinical Outcome Analysis and Management (2021-2030) ($MN)
24 Global Healthcare Predictive Analytics Market Outlook, By Operational and Administrative (2021-2030) ($MN)
25 Global Healthcare Predictive Analytics Market Outlook, By Demand Forecasting (2021-2030) ($MN)
26 Global Healthcare Predictive Analytics Market Outlook, By Inpatient Scheduling (2021-2030) ($MN)
27 Global Healthcare Predictive Analytics Market Outlook, By Workforce Planning and Scheduling (2021-2030) ($MN)
28 Global Healthcare Predictive Analytics Market Outlook, By Outpatient Scheduling (2021-2030) ($MN)
29 Global Healthcare Predictive Analytics Market Outlook, By End User (2021-2030) ($MN)
30 Global Healthcare Predictive Analytics Market Outlook, By Payers (2021-2030) ($MN)
31 Global Healthcare Predictive Analytics Market Outlook, By Private Insurance Companies (2021-2030) ($MN)
32 Global Healthcare Predictive Analytics Market Outlook, By Government Agencies (2021-2030) ($MN)
33 Global Healthcare Predictive Analytics Market Outlook, By Employers and Private Exchanges (2021-2030) ($MN)
34 Global Healthcare Predictive Analytics Market Outlook, By Providers (2021-2030) ($MN)
35 Global Healthcare Predictive Analytics Market Outlook, By Ambulatory Settings (2021-2030) ($MN)
36 Global Healthcare Predictive Analytics Market Outlook, By Hospitals, Physician Practices and IDNs (2021-2030) ($MN)
37 Global Healthcare Predictive Analytics Market Outlook, By Post-acute Organizations (2021-2030) ($MN)
38 Global Healthcare Predictive Analytics Market Outlook, By Other End Users (2021-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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