Healthcare Predictive Analytics Market: Current Analysis and Forecast (2022-2030)
Emphasis on Application (Clinical Data Analytics, Financial Data Analytics, Research Data Analytics, Operations Management, and Others); Mode of Delivery (On-premises and Cloud-based); End-User (Healthcare Provider, Pharmaceutical Industry, and Others); and Region/Country
The healthcare predictive analytics market was valued at USD 8.7 billion in the year 2022 and is expected to grow at a strong CAGR of around 24.6% during the forecast period owing to the shift towards value-based care and population health management strategies. Moreover, the healthcare predictive analytics market is experiencing rapid growth due to various factors such as the growing focus on value-based care and population health management and the increasing digitization of healthcare data, including electronic health records and wearable device data, providing a rich source of information for predictive analytics. The availability of vast amounts of data enables more accurate and comprehensive analysis, leading to improved predictive capabilities. Additionally, increasing collaborations and technological advancements in data science, machine learning, and artificial intelligence have significantly enhanced the capabilities of predictive analytics in healthcare. These advancements enable more sophisticated analysis of complex healthcare data, leading to more accurate predictions and actionable insights. For instance, in September 2021, Health Choice Network (HCN) announced a partnership worth USD 400 million with Epic. Epic will provide integrated solutions to the HCN in over 44 organizations across 16 states in the U.S.
Some of the major players operating in the market include Cloud Software Group, Inc.; Oracle; Health Catalyst; Verisk Analytics, Inc.; MCKESSON CORPORATION; SAS Institute Inc.; Allscripts Healthcare, LLC; Optum, Inc.; MedeAnalytics, Inc.; and IBM Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst mode of delivery, the smart appliances segment held a dominating share of the market in 2022”
Based on the mode of delivery, the market is bifurcated into on-premises and cloud-based. Amongst these, the cloud-based category is expected to grow at the fastest rate during the forecast period. Cloud-based technology is continuing its momentum due to various security lapses in web-based and on-premises systems. Moreover, software systems that are used in the hospitals such as diagnostic test reports, medical data of the patients, and the security of the storage data are also contributing to the growth of this market during the forecast period. For instance, according to the Centers for Diseases Control and Prevention (CDC), around 89.9% of physicians are using EMR/EHR systems in the U.S.
“Amongst end-user, the pharmaceutical industry is expected to grow at the fastest CAGR during the forecast period”
By end-user, the market is segmented into healthcare provider, pharmaceutical industry, and others. Among these, the pharmaceutical industry is expected to grow at the fastest CAGR during the forecast period. Pharmaceutical companies are leveraging predictive analytics to enhance drug development processes, streamline clinical trials, and optimize the commercialization of new therapies. Predictive analytics helps in identifying potential drug candidates, predicting drug safety and efficacy, and identifying patient populations that are most likely to respond to specific treatments which will boost the growth of the market.
“APAC is experiencing rapid growth in the healthcare predictive analytics market.”
APAC is experiencing rapid growth in the healthcare predictive analytics market due to factors such as a large population, rising healthcare expenditures, and increasing adoption of digital health technologies contribute to the region’s growth. APAC countries are investing in healthcare infrastructure and expanding their digital healthcare capabilities, resulting in a significant volume of health data. For instance, in June 2021, Epillo Health Systems launched integrated clinical solutions for patients and clinicians. The new solution consists of EHR systems for clinics and pharmacies and a mobile app for patients which is available in Singapore, Malaysia, India, and the U.S. The growth opportunities in APAC include the use of predictive analytics to address population health challenges, such as managing chronic diseases, predicting disease outbreaks, and improving healthcare accessibility and equity. Moreover, the increasing prevalence of chronic diseases in the region drives the demand for predictive analytics to support early detection, intervention, and disease management.
Healthcare Predictive Analytics Market Report Coverage
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global healthcare predictive analytics market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to contact us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Healthcare Predictive Analytics Market Analysis (2022-2030)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global healthcare predictive analytics market were the three major steps undertaken to create and analyze the adoption of smart homes in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global healthcare predictive analytics market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the Healthcare Predictive Analytics Market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the healthcare predictive analytics market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as application, mode of delivery, and end-user. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the healthcare predictive analytics market. Further, we conducted factor analysis using dependent and independent variables such as application, mode of delivery, and end-user of the Healthcare Predictive Analytics Market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Healthcare Predictive Analytics Market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Healthcare Predictive Analytics Market, and market shares of the segments. All the required percentage shares split and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the Healthcare Predictive Analytics Market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global Healthcare Predictive Analytics Market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Healthcare Predictive Analytics Market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the application, mode of delivery, and end-user in the global Healthcare Predictive Analytics Market.
The main objective of the Global Healthcare Predictive Analytics Market Study
The current & future market trends of the global Healthcare Predictive Analytics Market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the Healthcare Predictive Analytics Market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
- Segments in the study include areas of the application, mode of delivery, and end-user.
- Define and analysis of the regulatory framework for the smart home
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the Healthcare Predictive Analytics Market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
- Company profiles of the Healthcare Predictive Analytics Market and the growth strategies adopted by the market players to sustain in the fast-growing market.
- Deep dive regional level analysis of the industry
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