Healthcare Predictive Analytics Market Worth $67.25 Billion By 2030
Healthcare Predictive Analytics Industry Overview
The global healthcare predictive analytics market size was valued at USD 9.3 billion in 2021 and is expected to grow at a compounded annual growth rate (CAGR) of 24.5% from 2022 to 2030. The rise in demand for advanced analytics systems in the industry to improve patient outcomes as well as for reducing costs has been a major driver of the market. The need for containment of rising healthcare costs without compromising on the quality of care provided has also been a key factor in the growth of predictive analytics. Another factor contributing to the growth is the rise in personalized medicine, which has not only proven to be better for the patient but also reduces the costs of unnecessary treatments, thereby giving the best outcomes.
There has been a noticeable increase in healthcare spending across all countries. In the U.S., the National Health Expenditure for 2020 was USD 4.1 trillion, amounting to 19.7% of the nation’s GDP. Japan’s healthcare expenditure has also increased from 7% in 2000 to 10.7% of GDP in 2019. The increasing expenditures are currently aimed at making the health systems of the countries more robust, thereby increasing the efficiency of the industry. The adoption of predictive analytics solutions can be instrumental in significantly reducing the cost of healthcare procedures. The predictive analysis combined with personalized medicine can not only result in a reduction of unnecessary medical costs but also give better patient outcomes and results.
Gather more insights about the market drivers, restrains and growth of the Global Healthcare Predictive Analytics market
Another key factor driving the growth of the market is the adoption of evidence-based medicine to deliver the right kind of care to the right patient. The use of Electronic Health Records (EHRs) for patient data has risen in recent years, in the U.S., the adoption of EHRs in the case of office-based physicians rose from 42% in 2008 to nearly 86% in 2017. Healthcare predictive analytics uses EHRs to provide the best possible course of action in case of any medical procedure or medication. This not only reduces the costs for patients significantly but also results in better outcomes. The use of electronic health systems along with analytics tools and AI are poised to propel the growth of the market. Healthcare costs have risen over the years owing to the increasing burden of chronic diseases on a global level.
The COVID-19 pandemic resulted in massive costs for the industry. Predictive analytics has played a major role in combating issues related to COVID-19, reducing the number of poor outcomes for patients, and addressing the management of resources during the crisis. The enormous amount of patient data generated during the pandemic not only provided analytics companies and the healthcare industry with data to correctly analyze the spread of disease but also helped in the correct allocation of resources. Various institutions, as well as hospitals, used predictive analytics to access the likelihood of the patient developing serious symptoms, their infection/disease trajectory along with several other parameters. In 2020, in Cleveland Clinic, USA, researchers worked on a predictive analytics model that determined an individual’s likelihood of testing positive for COVID-19 along with the outcomes from it.
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Healthcare Analytics Market Segmentation
Grand View Research, Inc. has segmented the healthcare analytics market report based on component, type, application, delivery mode, end-use, and region.
Healthcare Analytics Component Outlook (Revenue, USD Million, 2017 - 2030)
- Software
- Services
- Hardware
Healthcare Analytics Type Outlook (Revenue, USD Million, 2017 - 2030)
- Descriptive Analysis
- Predictive Analysis
- Prescriptive Analysis
Healthcare Analytics Application Outlook (Revenue, USD Million, 2017 - 2030)
- Clinical
- Financial
- Operational & Administrative
Healthcare Analytics Delivery Mode Outlook (Revenue, USD Million, 2017 - 2030)
- On-premises
- Web-hosted
- Cloud-based
Healthcare Analytics End User Outlook (Revenue, USD Million, 2017 - 2030)
- Life science Companies
- Healthcare Payers
- Healthcare Providers
Healthcare Analytics Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Market Share Insights
- June 2018: MedeAnalytics announced its partnership with HealthEdge with an aim to enable payers to lower costs, reduce gaps in care, enhance broker & employer plan engagement, improve quality outcomes, and increase member satisfaction by leveraging each company’s complementary capabilities.
Key Companies profiled:
Some of the key players in the global healthcare predictive analytics market include:
- IBM
- Cerner Corp.
- Verisk Analytics, Inc.
- McKesson Corp.
- SAS
- Oracle
- Allscripts
- Optum, Inc.
- MedeAnalytics, Inc.
Order a free sample PDF of the Healthcare Predictive Analytics Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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