The new report by Expert Market Research titled, ‘Global Healthcare Predictive Analytics Market Size, Report and Forecast 2023-2028’, gives an in-depth analysis of the global healthcare predictive analytics market, assessing the market based on its segments like application, end user and major regions like North America, Europe, Asia Pacific, Latin America, Middle East and Africa.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
- Market Overview (2018-2028)
- Historical Market Size (2020): USD 5.3 billion
- Forecast CAGR (2023-2028): 30.8 %
- Forecast Market Size (2027): USD 26.4 billion
Due to the constantly increasing prevalence of chronic illnesses around the world, such as cardiovascular disorders, the market for healthcare predictive analytics has seen significant expansion. According to WHO estimates, cardiovascular diseases are the leading cause of mortality worldwide, claiming more than 17.9 million lives each year. Cardiovascular diseases include heart and blood vessel problems caused by high-risk behaviours such poor nutrition, lack of physical activity, and substance abuse. Additionally, growing global investments in healthcare infrastructure are aiding market growth.
Health spending is predicted to expand at a 3.9 percent compound annual growth rate (CAGR) from 2020 to 2024, according to Deloitte’s 2021 Global Healthcare Outlook research. The Asia-Pacific region is expected to grow the fastest. These factors are projected to drive market growth in the coming years.
Major Segments in the Market
Predictive analytics in healthcare is software that aids in the diagnosis, prognosis, and treatment of a variety of diseases and health situations. Because the software functionalities are dependent on the patient’s medical history, environment, genetics, risk factors, and other considerations, this software provides for a more personalized healthcare experience.
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Based on the application, the market is divided into:
- Operations Management
- Financial
- Population Health Management
- Clinical
Based on the end-users, the market is divided into:
- Healthcare Payers
- Healthcare Providers
- Others
The regional markets for Healthcare Predictive Analytics include:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Market Trends
North America is predicted to account for a sizable percentage of the worldwide predictive analytics market for healthcare. The existence of state-of-the-art healthcare facilities in the region, as well as increased government investments, is expected to propel market expansion. Furthermore, the constantly aging population in the region, as well as the rising occurrences of chronic diseases, are both contributing to the industry’s growth. The population health management sector is predicted to have a considerable proportion of the worldwide healthcare predictive analytics market during the forecast period, based on application. This expansion can be linked to a growing focus on improving clinical health outcomes through improved treatment and patient participation, as well as the financial and caring strategies that are needed.
Key Market Players
The major players in the market are IBM Corporation, Cerner Corporation, Mckesson Corporation, SAS Institute Inc., Oracle Corporation, among others.
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