Healthcare Predictive Analytics Market Size, Witness Highest Growth in near future by 2030

The Global Healthcare Predictive Analytics Market size is estimated to be USD 3.91 billion in 2019 and is predicted to reach USD 59.64 billion by 2030 with a CAGR of 28.1% from 2020-2030.

Predictive analytics is a branch of advanced analytics that is used to predict the unknown future events. Healthcare predictive analytics is applied for extracting information from existing clinical and financial data sets to determine patterns that would help predict the possible treatment and help provide suitable care. Along with predicting possible medical outcomes for the patients, predictive analytics also helps insurance companies provide better and more appropriate health insurance policies for their customers.

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Top Companies: IBM, Cerner Corporation, Verisk Analytics, Inc., McKesson Corporation, SAS, Oracle, Allscripts, Optum, Inc. CitusTech and MedeAnalytics, Inc. and others.

Market Dynamics and Trends:

Analytics has become an integral part of healthcare industry. Technological advancements such as mHealth, electronic health records, mobile applications and telehealth has reduced the gap between providers and patients and generate data at a larger extent. With emergence of digitization, healthcare industry is generating massive amount of data consisting clinical and financial data sets. Predictive analytics when utilized with this data help providers improve their efficiency by analysing the historical trends and real-time data and find new ways to improve patient’s health without having to manually analyse the medical data. Furthermore, paradigm shift towards value-based medicine and increasing use of analytics in personalized care offer significant opportunities for the players operating in healthcare predictive analytics market.

Emergence of big data in healthcare and increasing adoption of digitization are the major factors driving the growth analytics industry. According to a study conducted by the American Medical Informatics Association, The Future State of Clinical Data Capture and Documentation, the global healthcare data generated in 2012 added up to around 500 petabytes, and it is expected to reach around 25,000 petabytes by the year 2020. Also, increasing use of EHRs/EMRs, growing venture capital investment, growing need to reduce the healthcare spending and improve patient outcomes are some additional factors contributing to the growth of predictive analytics market. However, concerns regarding patient data confidentiality, high cost of analytics solutions, interoperability issues and lack of skilled personnel are some factors that are likely to hinder the market growth during the forecast period.

Knowing the importance of emerging analytics technology, companies operating in this market are strategically creating awareness of its benefits and developing innovative solutions. For instance, in August 2018 Welltok launched DataWise to address the increasing need for big data and predictive analytics in healthcare. Various conferences and seminars are being held to gather experts together and discuss the advancements in today’s world of predictive analytics. Such gathering help companies collaborate with experts and enhance their existing business. It also enable the companies to strengthen their position, gain significant market share, and create a competitive environment in the existing predictive analytics market.

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Market Segmentations and Scope of the Study:

Global healthcare predictive analytics market share is analysed on the basis component, application, end user, and geography. By component, the market is segmented into software, services, and hardware. On the basis of application, the market is segmented into clinical, financial, operational and administrative, and population health. By end user the market is segmented into healthcare payers, providers, and other end users. The regional analysis of the healthcare predictive analytics market comprises of North America, Europe, Asia Pacific, and Rest of the World.

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