Predictive Disease Analytics Market Size, Share & Trends Analysis Report By Component (Hardware, Software & Services), By Deployment, By End-user, By Region, And Segment Forecasts, 2023 - 2030

Predictive Disease Analytics Market Size, Share & Trends Analysis Report By Component (Hardware, Software & Services), By Deployment, By End-user, By Region, And Segment Forecasts, 2023 - 2030

Predictive Disease Analytics Market Growth & Trends

The global predictive disease analytics market size is expected to reach USD 10.2 billion by 2030 and is expected to expand at 22.7% CAGR from 2023 to 2030, according to a new report by Grand View Research, Inc. Predictive disease analytics refers to software solutions used by healthcare organizations, hospitals, and physicians to analyze and process patient data in order to provide data-driven, high-quality care, precise diagnostics, and individualized treatments. Predictive analytics is an advanced method to enhance patient outcomes in healthcare.

Additionally, predictive analytics solutions are used by healthcare providers to comprehend disease prevalence, disease management, risk management & trajectories, and to provide suitable medical care to patients for optimal outcomes. Healthcare providers use it to evaluate the risk rate to an individual's health as well as predict future outcomes in preparation. Its use at various levels to avoid unnecessary expenditure had also increased the utilization of this technology, which is anticipated to continue throughout the forecast period. As a result, the global predictive disease analytics market is expected to grow.

Predictive analytics has played a significant part in combating COVID-19 problems, decreasing the incidence of poor outcomes for patients, and addressing resource management during the crisis. The massive amount of patient data produced during the outbreak not only provided analytics firms and the healthcare sector with data to properly analyze disease spread, but it also aided in resource allocation. Several institutions, including hospitals, was using predictive analytics to determine the probability of a patient developing severe symptoms, the trajectory of their infection/disease, and several other parameters. For instance, in 2020, researchers at the Cleveland Clinic in the U. S. created an automated analytics model that predicted an individual's chance of testing positive. Hence, propelling the market growth.

The global market is expanding rapidly as a result of the increasing burden of chronic diseases, the emergence of personalized and evidence-based medicine, the growing need for increased efficiency in the healthcare sector, and the growing demand to reduce healthcare costs by eliminating unnecessary costs. As per the center for disease control, six out of every ten Americans have at least one chronic illness, such as heart disease or stroke, cancer, or diabetes. Hence, it will increase the product demand and further boost the market growth.

Another important reason driving market growth is the use of evidence-based medicine to provide the right kind of treatment to the right patient. The utilization of Electronic Health Records (EHRs) for patient records has increased in recent years, with adoption of EHRs in the case of office-based doctors increasing from 42% in 2008 to nearly 88% in 2021 in the U. S. Healthcare predictive analytics makes use of EHRs to recommend the best course of action in the event of a medical treatment or medication. This not only greatly reduces patient costs but also leads to improved outcomes. The adoption of electronic health systems, analytics tools, and artificial intelligence (AI) are expected to drive market development. The expense of healthcare has risen over the years owing to the increasing burden of chronic diseases on a global level.

The companies in the predictive disease analytics market are continuously expanding their product and services portfolio to accelerate the development of the product. For instance, in June 2022, Engagys LLC, a Health Consultant Company, announced the debut of a new affordable subscription service for healthcare systems, health plans, & healthcare technology leaders. Executive Advisory Services is intended to provide healthcare customer engagement practitioners with practical and actionable guidance, insights, and best practices that they can put to use immediately. This is expected to strengthen the company’s position in predictive analytics solution and further boost the market growth.

Predictive Disease Analytics Market Report Highlights

• Cloud-based solutions are anticipated to have the highest CAGR during the forecast period. The ease of storage, inexpensive capital requirements, increased flexibility, and efficiency are attributed to its development.
• On the basis of end user, payer segment dominated the market in 2022.Payers, such as insurance firms, health plan sponsors, as well as other third-party payers, are among the primary beneficiaries of predictive analytics in healthcare settings. Thus, boosting the segment growth.
• Due to the rising prevalence of chronic diseases, greater awareness of preventive health and rising percentage of geriatric population in North America, the region had the largest market share.
• A few of the key market players include SAS, Allscripts Healthcare Solutions Inc., MedeAnalytics, Inc., Health Catalyst, Apixio Inc., IBM, Oracle.

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