Austin, November 4, 2024 (GLOBE NEWSWIRE) — Healthcare Predictive Analytics Market Size and Growth Analysis:
“According to SNS Insider, the Healthcare Predictive Analytics Market Size was valued at $14.02 billion in 2023 and is expected to reach $126.15 billion by 2032, growing at a compound annual growth rate (CAGR) of 27.67% from 2024 to 2032.”
Transformative Role of Predictive Analytics in Effective Modern Healthcare and Patient Care
Predictive analytics is transforming healthcare through the combination of data analytics and machine learning toward better patient outcomes, optimal operations, and cost management. By leveraging this historical data, healthcare providers predict treatment outcomes, risk situations, and possible areas for improvement. To date, 66% of U.S. healthcare organizations currently use predictive analytics.
EHR adoption has led to an increase in healthcare data, which enables predictive models to make clinical decisions and improve patient care. In healthcare organizations, 70% say they have adequate infrastructure to implement predictive programs, and 65% plan to invest in AI-based analytics. The integration contributes to the personalization of care and has improved patient adherence to their treatment by up to 30%. This explains the impact on healthcare management and patient engagement.
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Top Healthcare Predictive Analytics Companies:
- IBM Watson Health
- Optum
- Cerner Corporation
- SAS Institute
- Epic Systems Company
- McKesson Company
- Oracle Health Sciences
- Conscious technology solutions
- Allscripts Healthcare Solutions
- Health Catalyst
- GE Health
- Philips Health
- Siemens Health
- Truven Health Tests
- MEDai
- Flat iron health
- Inovalon
- Ayasdi
- Zebra medical vision
- Lumiata
Scope of Healthcare Predictive Analytics Market Report:
| Report attributes | Details |
| Market size in 2023 | 14.02 billion US dollars |
| Market size by 2032 | 126.15 billion US dollars |
| CAGR | CAGR of 27.67% From 2024 to 2032 |
| Reference year | 2023 |
| Forecast period | 2024-2032 |
| Historical data | 2020-2022 |
| Regional Analysis/Coverage | North America (United States, Canada, Mexico), Europe (Eastern Europe (Poland, Romania, Hungary, Turkey, rest of Eastern Europe) Western Europe) Germany, France, Kingdom -United, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe (Europe)), Asia-Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia -Pacific), Middle East & Africa (Middle East (UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East), Africa (Nigeria, South Africa, Rest of Africa), Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
Value-Based Care Shift and Rising Costs Drive Healthcare Predictive Analytics Market Adoption
As the healthcare industry gradually transitions from fee-for-service to value-based models, predictive analytics is becoming increasingly important to improve quality of care and ensure financial sustainability. Currently, predictive tools are proving to be a lifesaver for organizations, as healthcare spending in the United States will reach $7.7 trillion by 2032. They highlight inefficiencies, helping the organization to manage costs and optimize resources, while insights help provide proactive care, reduce waste, and let healthcare providers focus on high-risk populations aligns well with the focus on Value-based care: patient outcomes and cost-effectiveness.
Healthcare Predictive Analytics Market Key Segmentation:
By application
-
- Operations management
- Demand Forecast
- Workforce planning and scheduling
- Inpatient Scheduling
- Outpatient planning
- Financial
- Revenue cycle management
- Fraud detection
- Other financial apps
- Population health
- Demographic risk management
- Patient Engagement
- Population therapy management
- Other apps
- Clinical
- Quality Benchmarking
- Improved patient care
- Analysis and management of clinical results
End use
- Payers
- Suppliers
- Life sciences industry
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Growing Role of Predictive Analytics in Financial and Population Health Management within Healthcare Predictive Analytics Market
In 2023, the financial applications segment has become a dominant revenue shareholder in the healthcare predictive analytics market at 35.5%, gaining ground for value addition such as improved cycle management revenue, detection of fraud/abuse and prevention, on the other hand, of unnecessary claims. They are estimated to cost $1 billion a year in the United States alone due to misrepresentation schemes; thus, private/corporate payers prefer to use advanced AI-based models. Additionally, population health management is expected to grow significantly, at a rate of 33.8% between 2024 and 2032, with predictive analytics helping to contain outbreaks through prediction and rapid intervention , improving patient outcomes through proactive, connected health monitoring.
Dominant Role of Providers and Rapid Growth of Life Sciences Sector Drive Predictive Analytics in Healthcare Walk
Providers represent the largest portion (50%) of the healthcare predictive analytics market, using predictive tools to advance clinical outcomes and resource utilization alongside the advancement of patient care. As EHRs take center stage and health systems focus more on patient-centered care, predictive analytics will become crucial to reducing rehospitalizations and finding high-risk patients while remaining operationally efficient . Life sciences sectors, such as pharmaceuticals and biotechnology, have marked the fastest growing segment with a 20% contribution to the market in 2023. Here, predictive analytics facilitates drug discovery, testing clinics and personalized medicine, with associated spending reaching $2 billion per year. year by 2025, fueling rapid growth in research in genomics, artificial intelligence (AI) and tailored health products.
North America Dominates Healthcare Predictive Analytics Market While Asia Pacific Emerges Rapidly
The North America healthcare predictive analytics market accounted for 44% of global revenue in 2023 due to major investments made by governments and private agencies for healthcare IT, putting emphasis on applied technologies. A strong presence of controllable diseases in the territory and a few key players, for example IBM and Cerner, who are constantly perfecting premonitory examination modalities are factors that support growth. Healthcare cost reductions on the order of $2.6 trillion over the next 10 years in the United States position value-based care as a paradigm shift in market construction.
On the contrary, Asia Pacific is expected to become one of the most lucrative regions for predictive healthcare analytics. This expansion is driven by the widespread reception of electronic health records and increasing volumes of health data from diverse populations. China, India, etc. have implemented e-health initiatives as well as government support for improving health systems and the region is expected to record a compound annual growth rate of approximately 31.79% over the period 2024-2032.
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Key Developments in the Healthcare Predictive Analytics Market
- mPulse launched its predictive analytics and engagement solution in May 2024, with strong adoption seen in the first quarter of this year. This increase is largely due to improvements in automation and efficiency across its lines of business, from omnichannel engagement and healthcare portals.
- In February 2023, Corewell Health researchers presented data on the performance of a specialized predictive analytics tool that identifies patients at risk of readmission. As a result, this initiative prevented more than 200 readmissions and saved nearly $5 million in costs for the organization.
Table of Contents – Main Key Points
1. Introduction
2. Summary
3. Research methodology
4. Market Dynamics Impact Analysis
5. Reporting on statistical information and trends
6. Competitive landscape
7. Healthcare Predictive Analytics Market Segmentation, By Application
8. Healthcare Predictive Analytics Market Segmentation, By End-Use
9. Company Profiles
10. Use cases and best practices
11. Conclusion
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