Healthcare Predictive Analytics Market Size
| 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 |
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 Market Trends
This section covers the major market trends shaping the Healthcare Predictive Analytics Market according to our research experts:
Clinical Data Analytics is expected to Witness Lucrative Growth
Predictive modeling, part of clinical data analytics, is being used by the healthcare providers to estimate the risk percentage to an individual's health. The clinical data analytics help the patients and caregivers with post-operation issues, such as surgical site infections, poor physical function, and reaction to medicines and allergies, as healthcare providers are equipped with the patients' historical medical data, which has been provided through the electronic health records. Moreover, with clinical data analytics, patients can explain their health conditions to different doctors repeatedly. This can be achieved through an acute analysis of their clinical data, further providing preventive care. The growth of clinical data analytics is expected to reduce healthcare costs, increase the accessibility of big data in healthcare industry, and technological advancements. The patient data captured, shared, and aggregated by these applications is the primary source of the data that healthcare organizations analyze using these clinical analytic tools.
North America is Expected to Dominate the Market
The healthcare infrastructure in the United States is experiencing positive trends in the predictive analytics domain. Studies have shown that since last few years, more than 40% of healthcare executives reported a 50% increase in data volume. As the data sets become bigger and more difficult to handle, health systems and payers are increasingly adopting predictive analytics. Healthcare organizations are also realizing that social determinants of health contribute to the wellbeing of a patient more than the medical issues. In 2016, both social determinants of health along with drug usage and emergency room admissions data rapidly drove the predictive model for identifying cost risks of population clusters. One of the trends being observed is that of non-competing healthcare organizations partnering with each other to manage the health of a population. Government payers like Medicare and Medicaid are readily moving toward capitated payment and value-based-purchasing models where outcomes will be measured and rewarded. Thus, owing to the better healthcare infrastructure the market is expected to witness high growth.
Healthcare Predictive Analytics Industry Overview
The market studied is a moderately competitive owing to the presence of various market players. Some of the market players are Allscripts Healthcare Solutions, Cerner Corporation, Information Builders Inc., International Business Machines Corporation (IBM), Mckesson Corporation, Medeanalytics, Inc, Optum Inc, Oracle Corporation, and Truven Holding Corp.
Healthcare Predictive Analytics Market Leaders
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Cerner Corporation
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Information Builders Inc.
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International Business Machines Corporation (IBM)
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Oracle Corporation
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Health Catalyst
*Disclaimer: Major Players sorted in no particular order
Healthcare Predictive Analytics Market Report - Table of Contents
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1. INTRODUCTION
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1.1 Study Deliverables
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1.2 Study Assumptions
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1.3 Scope of the Study
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2. RESEARCH METHODOLOGY
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3. EXECUTIVE SUMMARY
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4. MARKET DYNAMICS
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4.1 Market Overview
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4.2 Market Drivers
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4.2.1 Emergence of Personalized and Evidence-based Medicine
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4.2.2 Growing Need of Increasing Efficiency in Healthcare Sector
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4.2.3 Increasing Demand to Curtail Healthcare Costs by Reducing Unnecessary Costs
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4.3 Market Restraints
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4.3.1 Lack of Robust Infrastructure
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4.3.2 Lack of Properly Trained IT Professionals in Healthcare
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4.4 Porter's Five Force Analysis
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4.4.1 Threat of New Entrants
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4.4.2 Bargaining Power of Buyers/Consumers
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4.4.3 Bargaining Power of Suppliers
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4.4.4 Threat of Substitute Products
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4.4.5 Intensity of Competitive Rivalry
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5. MARKET SEGMENTATION
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5.1 By Application
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5.1.1 Clinical Data Analytics
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5.1.2 Financial Data Analytics
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5.1.3 Research Data Analytics
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5.1.4 Operations Management
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5.1.5 Others
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5.2 By Product
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5.2.1 Hardware
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5.2.2 Software and Services
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5.3 By Mode of Delivery
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5.3.1 On-premise
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5.3.2 Cloud-based
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5.4 By End-user
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5.4.1 Healthcare Provider
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5.4.2 Pharmaceutical Industry
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5.4.3 Others
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5.5 Geography
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5.5.1 North America
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5.5.1.1 United States
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5.5.1.2 Canada
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5.5.1.3 Mexico
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5.5.2 Europe
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5.5.2.1 Germany
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5.5.2.2 United Kingdom
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5.5.2.3 France
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5.5.2.4 Italy
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5.5.2.5 Spain
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5.5.2.6 Rest of Europe
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5.5.3 Asia-Pacific
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5.5.3.1 China
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5.5.3.2 Japan
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5.5.3.3 India
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5.5.3.4 Australia
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5.5.3.5 South Korea
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5.5.3.6 Rest of Asia-Pacific
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5.5.4 Middle-East and Africa
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5.5.4.1 GCC
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5.5.4.2 South Africa
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5.5.4.3 Rest of Middle-East and Africa
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5.5.5 South America
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5.5.5.1 Brazil
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5.5.5.2 Argentina
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5.5.5.3 Rest of South America
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6. COMPETITIVE LANDSCAPE
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6.1 Company Profiles
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6.1.1 Allscripts Healthcare Solutions
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6.1.2 Cerner Corporation
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6.1.3 Information Builders Inc.
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6.1.4 International Business Machines Corporation (IBM)
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6.1.5 Mckesson Corporation
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6.1.6 Medeanalytics, Inc
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6.1.7 Optum Inc
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6.1.8 Oracle Corporation
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6.1.9 Sas Institute Inc.
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6.1.10 Health Catalyst
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- *List Not Exhaustive
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7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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.
| By Application | |
| Clinical Data Analytics | |
| Financial Data Analytics | |
| Research Data Analytics | |
| Operations Management | |
| Others |
| By Product | |
| Hardware | |
| Software and Services |
| By Mode of Delivery | |
| On-premise | |
| Cloud-based |
| By End-user | |
| Healthcare Provider | |
| Pharmaceutical Industry | |
| Others |
| Geography | ||||||||
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Healthcare Predictive Analytics Market Research 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.
Which is the fastest growing region in Healthcare Predictive Analytics Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Healthcare Predictive Analytics Market?
In 2024, the North America accounts for the largest market share in Healthcare Predictive Analytics Market.
What years does this Healthcare Predictive Analytics Market cover?
The report covers the Healthcare Predictive Analytics Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Healthcare Predictive Analytics Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Predictive Health Analytics Industry Report
Statistics for the 2024 Predictive Health Analytics market share, size and revenue growth rate, created by Mordor Intelligenceā¢ Industry Reports. Predictive Health Analytics analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
Predictive Health Analytics Market Report Snapshots
