Healthcare Predictive Analytics Market to Reach $128.2 Billion, Globally, by 2033 at 24.3% CAGR | Cerner Corporation, Allscripts, Cotiviti, Inc.,, Citius Tech Inc., Oracle Corp

According to the report, the healthcare predictive analytics market was valued at $14.6 billion in 2023, and is estimated to reach $128.2 billion by 2033, growing at a CAGR of 24.3% from 2024 to 2033.

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The global healthcare predictive analytics market is experiencing growth due to several factors such as an increase in adoption of electronic health records (EHRs) and other digital healthcare systems has generated vast amounts of data. Additionally, the growing emphasis on value-based care and population health management has increased the demand for predictive analytics solutions that can identify at-risk patients, optimize resource allocation, and enhance overall healthcare outcomes.

Advancements in machine learning and artificial intelligence technologies have enabled more sophisticated predictive models, capable of uncovering intricate patterns and insights from complex healthcare datasets. Furthermore, the pressing need to curb healthcare costs while improving patient outcomes has spurred healthcare organizations to invest in predictive analytics tools to preemptively address potential health issues, optimize treatment pathways, and streamline operational efficiencies. Moreover, regulatory mandates and incentives aimed at promoting the adoption of healthcare analytics solutions, such as those outlined in the Affordable Care Act (ACA) in the U.S., have also contributed to the expansion of the healthcare predictive analytics market.

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On the other hand, the software segment is witnessing robust growth due to growing recognition of the importance of data-driven decision-making in healthcare management and clinical practice. Healthcare organizations are increasingly investing in predictive analytics software to leverage their vast stores of data for forecasting patient outcomes, optimizing resource allocation, and improving operational efficiency. In addition, advancements in machine learning, artificial intelligence, and big data analytics have significantly enhanced the capabilities of predictive analytics software, enabling more accurate predictions and actionable insights. Moreover, regulatory initiatives aimed at promoting interoperability and data exchange, such as the implementation of electronic health records (EHRs) and healthcare data standards, are driving the adoption of predictive analytics software solutions across healthcare settings. Overall, the convergence of technological innovation, evolving healthcare delivery models, and regulatory mandates is fueling the growth of both hardware and software components in the healthcare predictive analytics market.

Regional Outlook

North America to maintain its dominance by 2033

By region, North America held the largest market share in terms of revenue in 2023 and is expected to dominate the market during the forecast period. This is attributed to its advanced technology infrastructure, strong demand & availability of healthcare predictive analytics products, supportive regulatory environment, and collaborative ecosystem fostering innovation and market growth.

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Key Players

IBM
Cerner Corp.
Verisk Analytics, Inc.
McKesson Corp.
SAS Institute
Oracle
Allscripts
Cotiviti, Inc.
Healthcare
Optum, Inc.

Recent Developments in Healthcare Predictive Analytics Market Worldwide:

In February 2024, Mount Sinai's dedicated team of researchers were granted $4.1 million by the National Heart, Lung, and Blood Institute (NHLBI) at the esteemed National Institutes of Health (NIH) to pioneer artificial intelligence (AI) models aimed at forecasting adverse outcomes in patients grappling with obstructive sleep apnea.

In October 2023, Health Data Analytics Institute (HDAI), an artificial intelligence (AI) company focused on empowering clinicians, optimizing care pathways, and improving patient outcomes, announced $31 million funding round to scale predictive risk platform.

In July 2022, Trilliant Health launched an analytics tool to benchmark healthcare companies against similar markets. These benchmarks can guide an organization's strategies for new specialties and services lines, M&A activity, and expansion into new markets.

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