Healthcare Predictive Analytics Market Size was valued at USD 28.21 Billion in 2023. The Global Healthcare Predictive Analytics industry is projected to grow from USD 32.64 Billion in 2024 to USD 97.46 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 12.92% during the forecast period (2024 - 2032).
Medical services prescient investigation alludes to the field of advanced examination, which utilizes expectations in regards to future occasions.
Oracle said in October 2022 that WellSpan Health selected Oracle Fusion Cloud-Based Predictive Analytics Application Suite to centralize operations and increase operational transparency.
In November 2021, Allscripts Healthcare, LLC announced that Next Level Urgent Care picked the Allscripts Touchworks platform and Microsoft Azure to improve EHR procedures across all venues.
Trilliant Health launched an analytics tool to compare healthcare companies with similar markets, providers, facilities, and patient populations in July 2022.
In September 2021, Epic entered into a deal of four hundred million dollars with Health Choice Network (HCN). The integrated solutions from Epic are to be used by more than 44 organizations in sixteen states across the United States on the HCN.
June 2021- Inovalon announced it has extended its long-term agreement with Walmart by deploying cloud-based capabilities through its proprietary Inovalon ONE Platform within its pharmacy network nationwide. The deal is part of its data-driven approach aimed at improving customer outcomes and economics as well as taking a fair market share from major market players in this segment. The rising emphasis of healthcare providers on value-based healthcare is also expected to shape predictive healthcare analytics demand which will reinforce their market standing.
Cerner stated in January 2021 that it would acquire Kantar Group for $375 million. In the predictive healthcare analytics, the Kantar group offers data, analysis as well as advice to all stakeholders, and that's why Cerner has bought it to develop a leading data insights and clinical research platform for enhancing the safety, efficacy or efficiency of biomedical research in biopharmaceuticals, life sciences, healthcare.
New model of value-based care for Medicare beneficiaries was introduced by Centers for Medicare & Medicaid Services in December 2020. Thus demand for digital health platforms and solutions such as those offered by healthcare analytics will rise because this new model reduces cost of care respectively, enhances health outcomes while also changing payment methods.
Similarly, Amazon Web Services announced the debut of Amazon Health Lake, a service that enables the usage of Big Data in healthcare in line with HIPAA standards in December 2020.
In June 2018, MedeAnalytics announced its partnership with HealthEdge, aiming at lowering payers' costs, bridging care gaps, improving satisfaction rates for brokers and employers, achieving quality outcomes and increasing member satisfaction by leveraging each company's mutual strengths.
Verifiable information can conjecture potential results and accurately illuminate organizations about future patterns. The medical services prescient investigation market has enlisted colossal development over the most recent couple of years. The market's development is mostly credited to the rising costs of medicine offices.
Besides, factors, for example, the rising prominence of customized drugs, developing item dispatches, and developing number of consolidations and acquisitions are additionally projected to catalyze the market's development throughout the next few years.
Then again, the high execution and membership/authorizing charges of advanced investigation arrangements are the essential controlling perspective prone to block the market's development. Moreover, the absence of mindfulness among buyers across the agricultural countries is likewise prone to hamper the market's development before very long.
The healthcare predictive analytics market is segmented on the basis of component, application, and end user.
By component the market is categorised into services, software, and hardware
Based on application, the healthcare predictive analytics market is segmented into operations management, financial, population health, and clinical. The operations management segment is further divided into demand forecasting, workforce planning and scheduling, inpatient scheduling, and outpatient scheduling. The financial segment is further divided into revenue cycle management, fraud detection, and others. The population health segment is further divided into population risk management, patient engagement, population therapy management, and others. The clinical is further divided into quality benchmarking, patient care enhancement, clinical outcome analysis and management. On the basis of end user, the market is segmented into payers, providers, and others.
On the basis of region, the healthcare predictive analytics global market is segmented into the Americas, Europe, Asia-Pacific, and the Middle East and Africa. The Americas is sub-segmented into North America and Latin America. The North American region is further segmented into the US and Canada. The European region is divided into two, namely, Western Europe and Eastern Europe. Western Europe is further classified into Germany, Italy, France, the UK, Spain, and the rest of Western Europe. The Asia-Pacific region is sub-segmented into Japan, China, India, Australia, South Korea, and the rest of Asia-Pacific. The healthcare predictive analytics market in the Middle East and Africa has been segmented into the Middle East and Africa.
It is projected that the Americas dominated the global healthcare predictive analytics market owing to the growth of the market in the North American region. This is largely attributed to the factors such as streamlined health-care systems, updated regulatory policies, and availability of trained workforce in this region helped it attain a lucrative market share.
Europe is expected to hold the second largest share in the market owing to growing healthcare infrastructure. Also, in October 2017, Allscripts had acquired McKesson’s Enterprise Information Solutions business that had contributed to the exponential growth of the healthcare predictive analytics market.
Asia-Pacific was projected to be the fastest growing region for the global healthcare predictive analytics market. This owes to the technological advancements resulting in the development of cost-effective predictive analytics leading to high acceptance rate for the devices in the Asia-Pacific region. The Middle East and Africa holds the least share in the global healthcare predictive analytics market due to the presence of economically diverse countries, and less initiatives taken by the government.
Recent Developments
November 2023: IBM announces that it has acquired Truven Health Analytics, a healthcare analytics company based in Chicago. The acquisition will give IBM a stronger position in the healthcare analytics space and allow it to offer a wider range of solutions to healthcare providers and organizations.Oracle acquires HealthTech firm MedeAnalytics to strengthen its analytics portfolio. With this acquisition, Oracle aims to expand its healthcare analytics offerings and provide comprehensive solutions to healthcare providers and organizations.Cerner acquires Explorys, a healthtech firm that provides data-driven population health solutions. The acquisition aims to enhance Cerner's population health capabilities and provide insights into patient outcomes.
September 2023: The US Food and Drug Administration (FDA) approves the first gene-edited stem cell therapy for the treatment of a rare form of childhood cancer. This approval marks a significant milestone in the development of predictive analytics in healthcare.The European Medicines Agency (EMA) grants orphan drug designation to a new stem cell therapy for the treatment of a rare form of blood cancer. This designation provides the company developing the therapy with access to funding and support from the EMA to accelerate the development of the therapy.Several companies announce new clinical trials of predictive analytics in healthcare for a variety of diseases. These trials aim to further evaluate the safety and efficacy of predictive analytics in clinical settings.
March 2022 A company known for its Precision Nudging™ solution, which promotes health through AI-powered behavior change, Lirio, has announced entering into a broad-ranging strategic alliance with NTT DATA, a prominent leader in business and IT services. Together, both the firms will allow healthcare providers to empower patients via tailored digital experiences.
The chief of innovation, strategy, and provider industry solutions for NTT DATA Services, Lisa Esch, said that healthcare consumers are demanding more improved, personalized care that the firm has the technology to do. Still, first needs focus on the digital patient experience.
March 2022 An innovator in developing disease-modifying therapeutic interventions for neurodegenerative diseases, Cognito Therapeutics, and a prominent real-world evidence (RWE) technology and analytics provider, Aetion, has announced a deliberate partnership to develop a certified predictive model to recognize patients with swiftly progressing Alzheimer's disease and mild cognitive impairment (MCI).
Healthcare Predictive Analytics Market, Key Players
Intended Audience
| Report Attribute/Metric | Details |
| Â Â Market Size | Â Â 2032: USD 97.46 billion |
| Â Â CAGR | Â Â 12.92%: 2024-2032 |
| Â Â Base Year | Â Â 2023 |
| Â Â Forecast Period | Â Â 2024-2032 |
| Â Â Historical Data | Â Â 2022 |
| Â Â Forecast Units | Â Â Value (USD Billion) |
| Â Â Report Coverage | Â Â Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Â Â Segments Covered | Â Â Component, Application And End User |
| Â Â Geographies Covered | Â Â North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Â Â Key Vendors | Â Â IBM, Cerner Corporation, Verisk Analytics, Inc., McKesson Corporation, SAS, Oracle, Allscripts, Optum, Inc., MedeAnalytics, Inc., Inovalon, Health Catalyst, SCIO Health Analytics, Verscend Technologies, Inc, CitiusTech, Inc., Wipro Limited, VitreosHealth |
| Â Â Key Market Opportunities | Â Â Major companies in the market are involved in new product launches |
| Â Â Key Market Drivers | Â Â The rising use of EHR systems in the healthcare sector is the major driver for the market |
Healthcare Predictive Analytics Market Highlights:
Frequently Asked Questions (FAQ) :
The uses of Healthcare Predictive Analytics Market are Operations Management, Financial Analytics, Population Health, Clinical Analytics.
Leading players in the healthcare predictive analytics market include Cerner, IBM, Oracle, SAS, Inovalon, and Optum Inc., among others.
The risk of data breaches is the key restraint on the market.
The Americas is expected to dominate the global healthcare predictive analytics market.
The rising use of EHR systems in the healthcare sector is the major driver for the market.
The global healthcare predictive analytics market is expected to exhibit a robust 12.92% CAGR over the forecast period from 2024 to 2032.
Assistant Manager He holds an experience of about 7+ years in market research and business consulting, working under the spectrum of life sciences and healthcare domains. rahul conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. his expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc. in addition to the above, his other responsibility includes strategic tracking of high growth markets & advising clients on the potential areas of focus they could direct their business initiatives
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