Healthcare Predictive Analytics Market

Market Synopsis:

Global Healthcare Predictive Analytics Market is valued at USD 25.38 Billion in 2022 and is projected to attain a value of USD 170.76 Billion by 2030 at a CAGR of 26.90% during the forecast period, 2022–2028. Healthcare Predictive Analytics is the effective use of statistical, quantitative, predictive, comparative, cognitive, and other new applied analytical models to data and related business insights. Healthcare Predictive Analytics technologies can assist disclose and comprehend historical data patterns, forecast future results, and deliver actionable insights to help healthcare companies make better clinical, financial, and operational decisions. Analytics aids healthcare organisations in lowering costs and improving quality of care.

Factors such as the rising number of elderly and chronically ill people, as well as rising healthcare costs, are driving the Healthcare Predictive Analytics market. In addition, market expansion is expected to be fueled by the increasing use of Healthcare Predictive Analytics in healthcare settings. Traditional approaches, on the other hand, are expected to stifle market expansion during the forecast period.

Increasing Adoption of EHR in Developing and Developed Countries

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Various federal mandates in the United States, such as the American Recovery and Reinvestment Act of 2009 (ARRA) and the implementation of ICD-10 code sets, are encouraging healthcare organisations to adopt EHRs, focus on quality of care in order to comply with pay-for-performance initiatives, and improve information exchange between different health systems. Such programmes include assisting clinicians in collecting patient data electronically, as well as aiding data integration and chronic disease management. This, in turn, helps to reduce hospital readmissions and stays, as well as claims fraud and abuse. It also improves patient health and lowers healthcare expenses.

High Costs of Analytics Solutions

Despite the acknowledged benefits of analytics in healthcare organisations, due to the high implementation and subscription/licensing fees of advanced analytics solutions, adoption is low among price-sensitive end users. Only top-tier hospitals have the capability and resources to properly use big data to give actionable insights.

Implementation of advanced on-premise healthcare analytics solutions can cost over USD 200,000, with yearly subscription/licensing fees costing around the same. This makes it difficult for hospitals to justify their investment in analytics solutions, at least in the short term, while they are focused on EHR implementation and RCM system upgrades. This factor has a greater impact in emerging markets, where many end users are struggling to secure budgets for IT rather than medical equipment.

Market Segmentation:

The Global Healthcare Predictive Analytics Market can be segmented by End User into Healthcare Payers, Healthcare Providers and Other End-Users. Based on Application, Operations Management, Financial, Population Health, and Clinical. Based on Region, the Healthcare Predictive Analytics Market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.

Healthcare Predictive Analytics necessitates a high level of technical and statistical expertise. In this subject, there are currently very few experts and professionals. Furthermore, just a few colleges and institutes provide a healthcare analytics course. Over the projection period, new courses in the subject of healthcare informatics are expected to make effective resources available.

North America to Continue Dominating the Healthcare Predictive Analytics Market

Geographically, North America is predicted to develop rapidly, owing to hospital demand for innovative medical devices, the existence of large Healthcare Predictive Analytics manufacturers, and the growing relevance of patient satisfaction. In terms of CAGR, Asia-Pacific is likely to trail North America. The region's rapid growth of Healthcare Predictive Analytics can be ascribed to countries like Japan and Australia adopting the technology more quickly. These countries' healthcare systems are technologically advanced and comparable to those in North America. However, these countries have a far lower total number of hospitals than the United States. As a result, the pace of Healthcare Predictive Analytics adoption is likely to be lower than in North America.

Key Players:

Cerner Corporation, Information Builders Inc., International Business Machines Corporation (IBM), Oracle Corporation, Health Catalyst are the major companies operating in Healthcare Predictive Analytics Market.

Healthcare Predictive Analytics Market is segmented as follows:

Healthcare Predictive Analytics Market is tabulated as follows: