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Rising demand for healthcare analytics, and rapid technological advancements in healthcare predictive analytics are key factors driving market revenue growth.
VANCOUVER, BRITISH COLUMBIA, CANADA, July 8, 2024 /EINPresswire / -- The global healthcare predictive analytics market size was USD 11.84 Billion in 2022 and is expected to register a rapid revenue CAGR of 24.7% during the forecast period. The global healthcare predictive analytics market is poised for substantial growth, fueled by increasing demand for advanced healthcare analytics and rapid technological innovations. Key factors driving this growth include the integration of wearable devices, enhanced data availability, and significant technological advancements.
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Key Drivers of Healthcare Predictive Analytics Market Growth
Integration of Wearable Devices: The integration of wearable devices has revolutionized healthcare data collection, providing a wealth of real-time health data. Predictive analytics leverages this data to offer immediate insights into patient health, enabling proactive interventions and personalized treatment plans.
Increasing Data Availability: The healthcare sector is witnessing a surge in available data sets, facilitating the development of predictive models that anticipate health issues and recommend preventive measures. Cloud-based solutions further enhance accessibility and affordability of data analytics across healthcare providers of all sizes.
Technological Advancements: Rapid advancements in technology, including the integration of AI-powered solutions, are driving the adoption of healthcare predictive analytics. These innovations optimize operational efficiencies and decision-making processes across various sectors, including healthcare.
Challenges in Healthcare Predictive Analytics Adoption
Despite the promising growth prospects, challenges such as data security and privacy concerns remain significant barriers. Healthcare providers grapple with outdated IT systems and complex regulatory requirements, hindering seamless integration and utilization of predictive analytics tools.
Market Segment Insights
1. Component Insights
Software: The software segment dominates the market, offering robust functionalities for data analysis, model development, and integration with existing healthcare IT systems.
Hardware: Expected to grow steadily, hardware solutions are crucial for processing real-time data from wearable devices and IoT-enabled medical devices.
2. Application Insights
Clinical: Predictive analytics in clinical applications enhances diagnostic accuracy, identifies at-risk patients, and enables personalized treatment plans.
Financial: Significant growth is anticipated in financial applications, optimizing insurance claim processing, billing, and revenue cycle management.
3. End-Use Insights
Payers: Leading the market, payers utilize predictive analytics to develop targeted insurance plans, predict patient risks, and comply with healthcare regulations.
Providers: Providers benefit from predictive analytics in improving patient outcomes, reducing readmissions, and enhancing operational efficiencies.
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Healthcare Predictive Analytics Top Companies and Competitive Landscape
The global healthcare predictive analytics market fairly fragmented with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective healthcare predictive analytics solutions.
Some major players included in the global healthcare predictive analytics market report is:
Oracle
IBM
Verisk Analytics, Inc.
MCKESSON CORPORATION
SAS Institute Inc.
Inovalon
Veradigm LLC
Optum, Inc.
MedeAnalytics, Inc.
CitiusTech Inc.
Healthcare Predictive Analytics Latest Industry News
On 22 March 2023, Syneos Health and KX announced its partnership to transform biopharmaceutical development with Artificial intelligence. This partnership presents the industry's first Data Timehouse and AI management engine built for the unique needs of healthcare's temporal data. Through this partnership, AI and Machine Learning (ML) anticipate challenges and optimize clinical trial designs such as choosing the perfect study site. This collaboration aims to streamline processes, eliminate delays analyze data faster, and bring new treatments to life.
On 12 May 2022, Tellius and Indegene announced its partnership to enhance smarter healthcare decisions. Tellius simplifies analytics, generating instant insights across organizations. Their platform simplifies analytics, allowing to understand market trends, optimize payer strategies, and improve commercial effectiveness. Tellius and Indegene are redefining healthcare businesses by simplifying analytics and leveraging the power of AI. This partnership leverages AI to fill the gap between commercial data and real-world patient experiences, resulting in quicker and more effective treatments.
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Healthcare Predictive Analytics Market Segment Analysis
For the purpose of this report, Emergen Research has segmented the global healthcare predictive analytics market on the basis of component, application, end-use, and region:
Component Outlook (Revenue, USD Billion; 2019-2032)
Software
Hardware
Application Outlook (Revenue, USD Billion; 2019-2032)
Financial
Operational
Clinical
End-Use Outlook (Revenue, USD Billion; 2019-2032)
Payer
Providers
Others
Regional Outlook (Revenue, USD Billion; 2019–2032)
North America
U.S.
Canada
Europe
Germany
France
UK
Italy
Spain
Benelux
Russia
Rest of Europe
Asia Pacific
China
Japan
South Korea
India
ASEAN Countries
Oceania
Rest of APAC
Latin America
Brazil
Mexico
Rest of LATAM
Middle East & Africa
GCC Countries
Israel
Turkey
South Africa
Rest of Middle East & Africa
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