The Healthcare Predictive Analytics by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Healthcare Predictive Analytics, The healthcare predictive analytics market size has grown exponentially in recent years. It will grow from $16.63 billion in 2023 to $20.68 billion in 2024 at a compound annual growth rate (CAGR) of 24.3%. The growth in the historic period can be attributed to increased healthcare expenditure, covid-19 pandemic, and increasing integration of ai into healthcare.
The healthcare predictive analytics market size is expected to see exponential growth in the next few years. It will grow to $52.61 billion in 2028 at a compound annual growth rate (CAGR) of 26.3%. The growth in the forecast period can be attributed to increasing adoption by healthcare facilities, supportive government initiatives, increasing focus on personalized medicines, and rising prevalence of chronic diseases. Major trends in the forecast period include focusing on launch of ai-based predictive analytics platform, focus on getting approval from governments across different countries, focusing on the launch of innovative products, and focus on the partnerships and collaborations.
The increasing number of chronic diseases is expected to propel the growth of the healthcare predictive analytics market going forward. Chronic diseases are medical conditions that persist over an extended period, often for a person’s lifetime. Predictive analytics in the context of chronic diseases empowers healthcare providers to take a proactive and personalized approach to patient care, leading to improved outcomes, resource efficiency, and a more effective healthcare system. For instance, in September 2023, according to the World Health Organization, a Switzerland-based specialized agency of the United Nations, there were 41 million deaths, which is 74% of those caused by non-communicable diseases (NCDs) or chronic diseases every year globally. There were 17.9 million deaths from cardiovascular diseases, 9.3 million deaths from cancer, 4.1 million deaths from chronic respiratory diseases, and 2.0 million deaths from diabetes. Therefore, the increasing number of chronic diseases is driving the growth of the healthcare predictive analytics market.
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The healthcare predictive analytics market covered in this report is segmented –
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
Product innovations are gaining popularity in the healthcare predictive analytics market. Companies in the healthcare predictive analytics market are focusing on the launch of innovative products in the market to improve their product portfolio and increase their consumer base. For instance, in September 2021, Trilliant Health, a US-based group of healthcare technology and analytics companies developed a new predictive analytics tool that enables strategy teams to see a 10-year view of the healthcare market based on a variety of claims, demographic, and psychographic data. This tool aggregates more than 300 algorithms to provide dynamic insights about future demand for healthcare services at a market level and enables health systems to game plan a scenario and make better investments to care for patients in the community.
The healthcare predictive analytics market report table of contents includes:
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Top 5 Major Key Players Are:
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