Healthcare Predictive Analytics Market to Reach $128.2 Billion, Globally, by 2033 at 24.3% CAGR: Allied Market Research

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Aug 01, 2024, 10:15 ET

The global healthcare predictive analytics market is experiencing growth due to several factors such as convergence of data availability, technological advancements, regulatory imperatives, and collaborative initiatives propels the continued evolution and adoption of predictive analytics in healthcare.

PORTLAND, Ore., Aug. 1, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Healthcare Predictive Analytics Market by Application (Clinical Analytics, Financial Analytics, Operational Analytics and Others), Component (Hardware and Software), End-User (Payers, Providers and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the healthcare predictive analytics market was valued at $14.6 billion in 2023, and is estimated to reach $128.2 billion by 2033, growing at a CAGR of 24.3% from 2024 to 2033.

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Prime determinants of growth

The global healthcare predictive analytics market is experiencing growth due to several factors such as an increase in adoption of electronic health records (EHRs) and other digital healthcare systems has generated vast amounts of data. Additionally, the growing emphasis on value-based care and population health management has increased the demand for predictive analytics solutions that can identify at-risk patients, optimize resource allocation, and enhance overall healthcare outcomes.

Advancements in machine learning and artificial intelligence technologies have enabled more sophisticated predictive models, capable of uncovering intricate patterns and insights from complex healthcare datasets. Furthermore, the pressing need to curb healthcare costs while improving patient outcomes has spurred healthcare organizations to invest in predictive analytics tools to preemptively address potential health issues, optimize treatment pathways, and streamline operational efficiencies. Moreover, regulatory mandates and incentives aimed at promoting the adoption of healthcare analytics solutions, such as those outlined in the Affordable Care Act (ACA) in the U.S., have also contributed to the expansion of the healthcare predictive analytics market.

Report Coverage & Details

Report Coverage	Details
Forecast Period	2024–2033
Base Year	2023
Market Size In 2023	$14.6 Billion
Market Size In 2035	$128.2 Billion
CAGR	24.30 %
No. Of Pages in Report	260
Segments Covered	Application, Component, End User and Region
Drivers	Adoption Of Electronic Health Records (EHRs) And Digital Healthcare Systems
	Advancements In Machine Learning and Artificial Intelligence Technologies
	Cost Containment and Improved Patient Outcomes
Opportunities	Potential For Predictive Analytics in Personalized Medicine and Precision Healthcare
Opportunities	Growth Opportunities in Emerging Economies
Restraint	Data Privacy and Security Concerns

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Segment Highlights

Increase in Adoption of Clinical Analytics

Clinical analytics is witnessing increasing adoption due to its ability to improve patient outcomes and optimize clinical workflows. By analyzing vast amounts of patient data, including electronic health records and diagnostic imaging, clinical analytics enables healthcare providers to identify patterns, predict disease progression, and personalize treatment plans, leading to more effective and timely interventions. In addition, financial analytics is driven by the growing need for healthcare organizations to manage costs, maximize revenue, and optimize resource allocation. Predictive models in financial analytics help forecast reimbursement trends, identify billing errors, and optimize revenue cycle management, ultimately improving financial performance. Furthermore, operational analytics is fueled by the demand for operational efficiency and quality improvement in healthcare delivery. By analyzing operational data such as patient flow, staff productivity, and resource utilization, healthcare organizations can identify bottlenecks, streamline processes, and enhance patient satisfaction.

Growth in Adoption of Advanced Hardware Medical Devices

The healthcare predictive analytics market is experiencing significant growth, driven primarily by the increasing demand for both hardware and software solutions. In terms of hardware, the growing adoption of advanced medical devices and sensors capable of collecting vast amounts of patient data is a key driving factor. These hardware components, such as wearable devices, remote patient monitoring systems, and IoT-enabled medical devices, facilitate the continuous gathering of real-time health data, providing healthcare providers with valuable insights for predictive analytics. Additionally, the rising emphasis on precision medicine and personalized healthcare has spurred investments in hardware infrastructure to support data collection and analysis.

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On the other hand, the software segment is witnessing robust growth due to growing recognition of the importance of data-driven decision-making in healthcare management and clinical practice. Healthcare organizations are increasingly investing in predictive analytics software to leverage their vast stores of data for forecasting patient outcomes, optimizing resource allocation, and improving operational efficiency. In addition, advancements in machine learning, artificial intelligence, and big data analytics have significantly enhanced the capabilities of predictive analytics software, enabling more accurate predictions and actionable insights. Moreover, regulatory initiatives aimed at promoting interoperability and data exchange, such as the implementation of electronic health records (EHRs) and healthcare data standards, are driving the adoption of predictive analytics software solutions across healthcare settings. Overall, the convergence of technological innovation, evolving healthcare delivery models, and regulatory mandates is fueling the growth of both hardware and software components in the healthcare predictive analytics market.

Regional Outlook

North America to maintain its dominance by 2033

By region, North America held the largest market share in terms of revenue in 2023 and is expected to dominate the market during the forecast period. This is attributed to its advanced technology infrastructure, strong demand & availability of healthcare predictive analytics products, supportive regulatory environment, and collaborative ecosystem fostering innovation and market growth.

Key Players

IBM
Cerner Corp.
Verisk Analytics, Inc.
McKesson Corp.
SAS Institute
Oracle
Allscripts
Cotiviti, Inc.
Healthcare
Optum, Inc.

The report provides a detailed analysis of these key players in the global healthcare predictive analytics market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

Recent Developments in Healthcare Predictive Analytics Market Worldwide

In February 2024, Mount Sinai's dedicated team of researchers were granted $4.1 million by the National Heart, Lung, and Blood Institute (NHLBI) at the esteemed National Institutes of Health (NIH) to pioneer artificial intelligence (AI) models aimed at forecasting adverse outcomes in patients grappling with obstructive sleep apnea.
In October 2023, Health Data Analytics Institute (HDAI), an artificial intelligence (AI) company focused on empowering clinicians, optimizing care pathways, and improving patient outcomes, announced $31 million funding round to scale predictive risk platform.
In July 2022, Trilliant Health launched an analytics tool to benchmark healthcare companies against similar markets. These benchmarks can guide an organization's strategies for new specialties and services lines, M&A activity, and expansion into new markets.
In September 2021, Healthcare analytics company Trilliant Health developed a new predictive analytics tool that enables strategy teams to see a 10-year view of the healthcare market with insights all the way down to the local market level.

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