Healthcare Predictive Analytics Market to Experience Exponential Growth at a CAGR of 20.4% in Forthcoming Years, Backed by Growing Healthcare Awareness, Says Extrapolate
DUBAI, UAE, May 24, 2023 /PRNewswire/ -- The global Healthcare Predictive Analytics Market was valued at USD 8.57 billion in 2022 and is anticipated to grow to USD 54.87 billion by 2032, at a CAGR of 20.4%. Predictive analytics has become increasingly popular due to the demand to control rising healthcare expenditures without sacrificing the standard of service.
The use of predictive analytics can help mitigate expenses in a variety of ways, including reducing emergency room visits, unnecessary diagnostic testing, and readmissions of patients to the hospital. Analytics can also be used to minimize irrelevant tests, which constitute the majority of healthcare expenditure. Furthermore, it can reduce clinical visits since predictive analytics can make accurate predictions well in advance.
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The healthcare predictive analytics market is fragmented in terms of domestic and international players. Additionally, numerous start-up businesses are entering the market due to the massive potential market opportunity in the digital transformation era.
Key Companies included in the market include:
- ExlService Holdings, Inc.
- Health Catalyst
- IBM Corporation
- Intel Corporation
- McKesson Corporation
- MedeAnalytics, Inc.
- Optum, Inc
- SAS Institute Inc.
- Veradigm LLC
Trending Now: Hartford HealthCare Collaborates with Google Cloud to Launch Data Analytics Partnership
Hartford HealthCare recently established a long-term partnership with Google Cloud to accelerate the health system's digital transformation, increase data analytics utility, and improve care delivery and access.
The health system will use Google Cloud's Healthcare Data Engine (HDE) and HDE accelerators, which use artificial intelligence (AI) and machine learning (ML), to render its healthcare data easily accessible and usable. According to the news announcement, Hartford HealthCare will improve digital patient interaction, care delivery, and access using Contact Center AI and other Google Cloud services.
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High Utility of Software in the Healthcare Industry for Data Storage Boosts Sales
The software segment is anticipated to rule the healthcare predictive analytics market during the forecast period due to the rise in the use of healthcare analytics solutions. The enormous amounts of data that a healthcare provider frequently gathers are processed and analyzed by healthcare analytics software to produce valuable insights that impact operating profit and patient outcomes.
Rise in Financial Frauds to Promote Financial Data Analytics Segment in Near Future
The financial data analytics market segment captured the largest market share in 2022. Over the projection period, it is anticipated that the rise in financial frauds in the healthcare sector and the rising demand for financial analytics solutions will likely fuel the healthcare predictive analytics market growth.
For instance, Etactics, Inc. estimates that the average loss for healthcare fraud in the U.S. was greater than USD 1.0 million in 2021. With the rise in healthcare fraud globally, there is a growing need for financial data analytical solutions.
Empowering Staff Efficiency by Healthcare Predictive Analytics to Generate Revenue
The market for healthcare predictive analytics is anticipated to rise at a faster rate due to the expanding demand for more efficiency in the healthcare industry. Predictive analytics, for instance, can increase the effectiveness of staff members and other resources in the healthcare industry. The new Healthcare Al will begin operations in March 2021, according to Health Catalyst, Inc. The Healthcare Al portfolio developed to address healthcare business opportunities and problems across revenue, cost, and quality, will greatly increase the applications of AI in the industry.
The growing use of electronic health records (EHR) is a significant factor propelling the healthcare analytics industry to be an essential tool for healthcare professionals due to their capacity to store and handle enormous amounts of data and enable access to numerous stakeholders. As providers and organizations seek to employ healthcare analytics to gather insights regarding healthcare quality, efficiency, and cost, this is further propelling the healthcare predictive analytics market.
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Prominent Competitors in North America to Aid in Regional Market Expansion
North America held the major share of the global healthcare predictive analytics market in 2022 due to the presence of prominent competitors in the region. The developed healthcare system's organizational structure, the availability of trained personnel for predictive analysis, and the availability of funding for staff training in the use of these analytics tools have all contributed to the market's expansion.
Rising Healthcare Expenditure in Asia Pacific to Pose Potential for Growing Emergence of Healthcare Predictive Analytics
Asia Pacific is anticipated to grow at the fastest CAGR throughout the projection period. Healthcare predictive analytics have been quickly adopted to mitigate rising health-related expenditures, which is expected to be the primary factor contributing to regional market growth. It further helps to improve the outcomes of treatments given to patients and adds to the improving healthcare infrastructure, fueling the healthcare predictive analytics market in the region.
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Key Points from TOC:
Chapter 1. Executive Summary
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Scope, Definition, and Assumptions
2.3. Data Sources
2.3.1. Secondary Sources
220.127.116.11. Preliminary data mining
2.3.2. Primary Sources
18.104.22.168. Statistical Model
22.214.171.124. Data Triangulation
126.96.36.199. Research Objective
Chapter 3. Market Outlook
3.2. Key Trends
3.2.1. Implementation of AI & ML in Analytics Solutions is a Vital Trend
3.3. Market Drivers
3.3.1. Increasing Adoption of Electronic Health Record (EHR) in Developing Countries is Augmenting the Market Growth
3.4. Market Restraints
3.4.1. Lack of Strong Infrastructure is Hindering the Market Growth
3.5. Market Opportunities
3.5.1. Emergence of Personalized and Evidence-based Medicine Will Create New Opportunities for the Market Growth
3.6. Market Challenges
3.6.1. Data Privacy Concerns and Theft Issues Could Pose a Challenge for the Market
3.7. Porter's Five Forces Analysis
3.7.1. Bargaining Power of Suppliers
3.7.2. Bargaining Power of Buyers
3.7.3. Threat of New Entrant
3.7.4. Threat of Substitutes
3.7.5. High Competitive Rivalry
3.8. Value chain analysis
Chapter 4. COVID-19 Impact on Global Healthcare Predictive Analytics Market
Chapter 5. Global Healthcare Predictive Analytics Market Overview, By Component, 2018 - 2032 (USD Million)
Chapter 6. Global Healthcare Predictive Analytics Market Overview, By Deployment, 2018 - 2032 (USD Million)
Chapter 7. Global Healthcare Predictive Analytics Market Overview, By Application, 2018 - 2032 (USD Million)
Chapter 8. Global Healthcare Predictive Analytics Market Overview, By End-User, 2018 - 2032 (USD Million)
Chapter 9. Global Healthcare Predictive Analytics Market Overview, By Geography, 2018 - 2032 (USD Million)
Chapter 10. North America Healthcare Predictive Analytics Market Overview, By Countries, 2018 - 2032 (USD Million)
Chapter 11. Europe Healthcare Predictive Analytics Market Overview, By Countries, 2018 - 2032 (USD Million)
Chapter 12. Asia Pacific Healthcare Predictive Analytics Market Overview, By Countries, 2018 - 2032 (USD Million)
Chapter 13. Middle East & Africa Healthcare Predictive Analytics Market Overview, By Countries, 2018 - 2032 (USD Million)
Chapter 14. South America Healthcare Predictive Analytics Market Overview, By Countries, 2018 - 2032 (USD Million)
Chapter 15. Competitive Landscape
15.1. Competitive environment, 2022
15.2. Strategic Framework
15.2.3. Mergers & Acquisitions
15.2.4. Recent development
Chapter 16. Key Vendor Analysis
Chapter 17. Sourcing Strategy and Downstream Buyers
17.1. Healthcare Predictive Analytics Market Industrial Chain Analysis
17.2. Downstream Buyers
Chapter 18. Marketing Strategy Analysis, Distributors/Traders
18.1. Marketing Channel
18.1.1. Direct Marketing
18.1.2. Indirect Marketing
18.1.3. Marketing Channel Development Trend
18.2. Market Positioning
18.2.1. Pricing Strategy
18.2.2. Brand Strategy
18.2.3. Target Client
18.3. Distributors/Traders List
Chapter 19. Market Effect Factors Analysis
19.1. Product Progress/Risk
19.1.1. Substitutes Threat
19.1.2. Product Progress in Related Size
19.2. Consumer Needs/Customer Preference Change
19.3. Economic/Political Environmental Change
Chapter 20. Future Outlook of the Market
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