Market Size of Healthcare Predictive Analytics Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 9.80 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Healthcare Predictive Analytics Market Analysis
The major factors for the growth of the healthcare predictive analytics market include the emergence of personalized and evidence-based medicine, growing need of increasing efficiency in the healthcare sector, and increasing demand to curtail healthcare costs by reducing unnecessary costs.
Healthcare expenditure as a percentage of GDP is continuously growing in almost every part of the world, including developed and developing countries. In developed countries like the United States, health care spending was 17.8% of the GDP in 2015, increasing from 13% in 2000. In the majority of European countries, the healthcare expenditure share has already reached double-digit numbers and continues to increase. Developing countries are also witnessing the rapid growth in healthcare expenditure. Predictive analytics can be instrumental in reducing costs at multiple fronts like reducing hospital readmissions, eliminating unnecessary diagnostic tests and reducing unnecessary emergency room visits. Additionally, unnecessary tests which are the major components of healthcare cost, can also be reduced by analytics. The predictive analytics has the potential to reduce such visits, as it can predict the future outcomes well in advance. Its usage at various levels to curb unnecessary expenditures has been very helpful in improving the adoption rate for the technology, and the trend is expected to continue during the forecast period.
Healthcare Predictive Analytics Industry Segmentation
As per the scope of this report, predictive analytics is the second stage of analytics in healthcare and organizations that are convinced that they have a complete and accurate descriptive analytics program move to the next stage of analytics. Predictive analytics uses data mining, machine learning, predictive modeling and statistical techniques, and other advanced computing techniques, to determine the probable future, based on the available descriptive data.
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| Clinical Data Analytics | |
| Financial Data Analytics | |
| Research Data Analytics | |
| Operations Management | |
| Others |
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| Hardware | |
| Software and Services |
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| On-premise | |
| Cloud-based |
| By End-user | |
| Healthcare Provider | |
| Pharmaceutical Industry | |
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Healthcare Predictive Analytics Market Size Summary
The predictive analytics in healthcare market is experiencing significant growth driven by the need for personalized and evidence-based medicine, enhanced efficiency, and cost reduction in healthcare services. As healthcare expenditure continues to rise globally, both in developed and developing nations, predictive analytics emerges as a crucial tool to mitigate costs by minimizing unnecessary medical procedures and hospital visits. This technology's ability to forecast future health outcomes is improving its adoption rate, as it aids in reducing hospital readmissions and unnecessary diagnostic tests. The integration of predictive modeling within clinical data analytics is empowering healthcare providers to assess individual health risks more accurately, leveraging historical medical data from electronic health records. This capability not only enhances post-operative care but also facilitates preventive measures, thereby contributing to cost reduction and increased accessibility to big data in the healthcare sector.
In the United States, the healthcare infrastructure is witnessing positive developments in predictive analytics, with a notable increase in data volume prompting healthcare systems and payers to adopt these technologies. The recognition of social determinants of health as significant factors in patient wellbeing is influencing predictive models, which are now incorporating data on drug usage and emergency room admissions to identify cost risks. Collaborative efforts among non-competing healthcare organizations to manage population health and the shift towards value-based purchasing models by government payers like Medicare and Medicaid are further propelling market growth. The competitive landscape of the market is moderately populated with key players such as Allscripts Healthcare Solutions, Cerner Corporation, IBM, and Oracle Corporation, among others, contributing to the dynamic evolution of predictive analytics in healthcare.
Healthcare Predictive Analytics Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Emergence of Personalized and Evidence-based Medicine
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1.2.2 Growing Need of Increasing Efficiency in Healthcare Sector
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1.2.3 Increasing Demand to Curtail Healthcare Costs by Reducing Unnecessary Costs
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1.3 Market Restraints
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1.3.1 Lack of Robust Infrastructure
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1.3.2 Lack of Properly Trained IT Professionals in Healthcare
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1.4 Porter's Five Force Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Application
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2.1.1 Clinical Data Analytics
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2.1.2 Financial Data Analytics
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2.1.3 Research Data Analytics
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2.1.4 Operations Management
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2.1.5 Others
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2.2 By Product
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2.2.1 Hardware
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2.2.2 Software and Services
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2.3 By Mode of Delivery
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2.3.1 On-premise
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2.3.2 Cloud-based
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2.4 By End-user
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2.4.1 Healthcare Provider
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2.4.2 Pharmaceutical Industry
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2.4.3 Others
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2.5 Geography
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2.5.1 North America
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2.5.1.1 United States
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2.5.1.2 Canada
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2.5.1.3 Mexico
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2.5.2 Europe
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2.5.2.1 Germany
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2.5.2.2 United Kingdom
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2.5.2.3 France
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2.5.2.4 Italy
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2.5.2.5 Spain
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2.5.2.6 Rest of Europe
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2.5.3 Asia-Pacific
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2.5.3.1 China
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2.5.3.2 Japan
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2.5.3.3 India
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2.5.3.4 Australia
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2.5.3.5 South Korea
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2.5.3.6 Rest of Asia-Pacific
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2.5.4 Middle-East and Africa
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2.5.4.1 GCC
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2.5.4.2 South Africa
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2.5.4.3 Rest of Middle-East and Africa
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2.5.5 South America
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2.5.5.1 Brazil
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2.5.5.2 Argentina
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2.5.5.3 Rest of South America
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Healthcare Predictive Analytics Market Size FAQs
What is the current Healthcare Predictive Analytics Market size?
The Healthcare Predictive Analytics Market is projected to register a CAGR of 9.80% during the forecast period (2024-2029)
Who are the key players in Healthcare Predictive Analytics Market?
Cerner Corporation, Information Builders Inc., International Business Machines Corporation (IBM), Oracle Corporation and Health Catalyst are the major companies operating in the Healthcare Predictive Analytics Market.
