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Newark, New Castle, USA, May 23, 2023 (GLOBE NEWSWIRE) — The global healthcare predictive analytics market is witnessing unprecedented growth, driven by the increasing adoption of data-driven decision-making in the healthcare industry. Predictive analytics solutions leverage advanced algorithms and statistical models to analyze large volumes of healthcare data and provide insights that facilitate proactive and personalized patient care, optimize operations, and improve overall healthcare outcomes. With the growing emphasis on population health management, cost containment, and quality improvement, the market for healthcare predictive analytics is expected to experience remarkable expansion in the coming years.
According to Growth Plus Reports recent market research, the global healthcare predictive analytics market is projected to reach US$ 152.89 billion by 2031, growing at a CAGR of 21.23% during the forecast period. The rising availability of healthcare data from various sources, such as electronic health records (EHRs), wearable devices, and health monitoring systems, fuels the demand for predictive analytics solutions in the healthcare sector.
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Healthcare Predictive Analytics Market Scope
|Market size value in 2022||US$ 27.03 billion|
|Revenue forecast in 2031||US$ 152.89 billion|
|Growth Rate||CAGR of 21.23% from 2023 to 2031|
|Base Year for Estimation||2022|
|Segments Covered||Product, Mode of Delivery, Application, End User, and Region|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa|
One of the key drivers propelling market growth is the increasing focus on population health management. Healthcare providers and payers increasingly utilize predictive analytics to identify high-risk patients, predict disease outbreaks, and develop preventive care strategies. By leveraging historical and real-time data, predictive analytics enables healthcare organizations to identify patterns and trends, anticipate patient needs, and intervene proactively, ultimately leading to improved patient outcomes and reduced healthcare costs.
Additionally, the rising need to contain healthcare costs and improve operational efficiency drives the adoption of predictive analytics in healthcare organizations. Predictive analytics solutions help healthcare providers optimize resource allocation, streamline workflows, and identify areas for process improvement. By leveraging predictive models, organizations can forecast patient flow, predict equipment failure, and optimize staff scheduling, enhancing productivity and cost savings.
Moreover, advancements in technology, such as artificial intelligence (AI) and machine learning (ML), have revolutionized the field of predictive analytics. These technologies enable the automation of complex data analysis tasks and the generation of accurate predictions and insights. Integrating AI and ML algorithms into predictive analytics solutions has enhanced accuracy, scalability, and efficiency, further propelling the market growth.
North America dominates the global healthcare predictive analytics market, primarily driven by a robust healthcare infrastructure, extensive adoption of EHR systems, and favorable government initiatives. However, the market in Asia Pacific is expected to witness significant growth during the forecast period. Factors such as the increasing digitization of healthcare systems, growing healthcare expenditure, and rising demand for advanced healthcare analytics solutions in countries like China and India contribute to the region’s market expansion.
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Prominent players in the healthcare predictive analytics market include:
- Allscripts Healthcare Solutions
- Cerner Corporation
- Information Builders Inc.
- Mckesson Corporation
- Medeanalytics, Inc.
- Optum Inc
- Oracle Corporation
- International Business Machines Corporation (IBM)
- Truven Holding Corp.
These companies are actively engaged in collaborations, partnerships, and acquisitions to expand their product portfolios and strengthen their market presence. Additionally, they are investing in research and development activities to develop innovative predictive analytics solutions that address the evolving needs of healthcare organizations.
In conclusion, the global healthcare predictive analytics market is experiencing remarkable growth, driven by the increasing adoption of data-driven decision-making in the healthcare industry. As healthcare organizations strive to deliver proactive and personalized care, optimize operations, and improve healthcare outcomes, the demand for predictive analytics solutions is set to surge. The market presents significant opportunities for players to develop cutting-edge solutions and contribute to advancing healthcare analytics, ultimately transforming how healthcare is delivered and managed globally.
Table of Content
- Market Ecosystem
- Timeline Under Consideration
- Historical Years – 2021
- Base Year – 2022
- Forecast Years – 2023 to 2031
- Currency Used in the Report
- RESEARCH METHODOLOGY
- Research Approach
- Data Collection Methodology
- Data Products
- Secondary Products
- Primary Products
- Market Estimation Approach
- Bottom Up
- Top Down
- Market Forecasting Model
- Limitations and Assumptions
- PREMIUM INSIGHTS
- Current Market Trends (COVID-19 Perspective)
- Key Players & Competitive Positioning (2022)
- MARKET DYNAMICS
- GLOBAL HEALTHCARE PREDICTIVE ANALYTICS MARKET – ANALYSIS & FORECAST, BY PRODUCT
- Software & Services
- GLOBAL HEALTHCARE PREDICTIVE ANALYTICS MARKET – ANALYSIS & FORECAST, BY MODE OF DELIVERY
- On Premise
- Cloud Based
- GLOBAL HEALTHCARE PREDICTIVE ANALYTICS MARKET – ANALYSIS & FORECAST, BY APPLICATION
- Clinical Data Analytics
- Financial Data Analytics
- Research Data Analytics
- Operations Management
- GLOBAL HEALTHCARE PREDICTIVE ANALYTICS MARKET – ANALYSIS & FORECAST, BY END USER
- Healthcare Provider
- Pharmaceutical Industry
HEALTHCARE PREDICTIVE ANALYTICS MARKET TOC
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- Customer Base Assessment
- Investment & Initiatives Analysis
- ‘Business Profile’ of Key Players
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