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In the past few years, the healthcare predictive analytics market size has grown enormously. The market is poised to climb from $16.63 billion in 2023 to $20.68 billion in 2024, reflecting a compound annual growth rate CAGR of 24.3%. The significant growth in the historical period can be traced to enhanced healthcare expenditure, the global impact of the COVID-19 pandemic, and the increasing integration of artificial intelligence in healthcare.
What Is the Projected Growth Rate and Market Size of the Global Healthcare Predictive Analytics Market?
The healthcare predictive analytics market size is anticipated to see an exponential rise in the upcoming years. The market is projected to grow to $52.61 billion in 2028, displaying a compound annual growth rate CAGR of 26.3%. The growth during the forecasted period can be attributed to the increasing endorsement by healthcare facilities, supportive government drives, rising ubiquity of personalized medications, and increasing instances of chronic diseases.
During the forecast period, the market will see a focus on the release of AI-based predictive analytics platforms, attempts to obtain governmental approval across numerous countries, the introduction of innovative products, and an emphasis on partnerships and collaborations.
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What Are Key Drivers Of The Healthcare Predictive Analytics Market?
The increasing prevalence of chronic illnesses is projected to fuel the growth of the healthcare predictive analytics market. Chronic diseases are medical conditions that persist over an extended timeframe, often for individuals’ entire lifespan. Predictive analytics, when deployed in the context of chronic diseases, empowers healthcare suppliers to adopt a proactive and personalized care approach, leading to improved patient outcomes, optimal resource utilization, and an efficient healthcare system.
For instance, in September 2023, as reported by the World Health Organization, 74% of 41 million deaths globally were due to chronic diseases. This count included 17.9 million deaths from cardiovascular diseases, 9.3 million from cancer, 4.1 million from chronic respiratory diseases, and 2 million from diabetes. The rising incidences of chronic diseases are hence propelling the healthcare predictive analytics market.
Which Are The Major Entities In The Healthcare Predictive Analytics Market?
Major organizations operating in the healthcare predictive analytics market report include IBM, UnitedHealth Group Incorporated, Cerner Corp, Change Healthcare Inc., Allscripts Healthcare Solutions, Inc., SAS Institute Inc., Wipro Limited, TIBCO Software Inc., MedeAnalytics, Inc., and Health Catalyst.
How Are Market Innovations Impacting The Healthcare Predictive Analytics Market?
Innovations in products are gaining popularity in the healthcare predictive analytics market. Corporations are focusing on launching innovative products to increase their consumer base and improve their product portfolio. For instance, in September 2021, Trilliant Health, a group of US-based healthcare technology and analytics companies, developed predictive analytics software that provides a 10-year view of the healthcare market, based on diverse data ranging from claims to demographics and psychographics. The software, which aggregates more than 300 algorithms, enables health systems to develop effective strategies and make profitable investments in community care.
The healthcare predictive analytics market, as covered in this report, is segmented in the following way:
1 By Component: Services, Software, Hardware
2 By Delivery Model: Stand Alone, Integrated
3 By Application: Operations Management, Financial, Population Health Management, Clinical
4 By End Use: Healthcare Payers, Healthcare Providers
Which Regions Stand Out In The Healthcare Predictive Analytics Market?
In 2023, North America was the predominant region in the healthcare predictive analytics market. Asia-Pacific is predicted to be the fastest-growing region in the forecast period. The regions discussed in the healthcare predictive analytics market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
For a comprehensive understanding of the predictive analytics market, purchase the full report here: https://www.thebusinessresearchcompany.com/report/healthcare-predictive-analytics-global-market-report
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