Global Healthcare Predictive Analytics Market 2023-2030

Global Healthcare Predictive Analytics Market 2023-2030

Global Healthcare Predictive Analytics Market Size, Share & Trends Analysis Report by Component (Software, Services), By Deployment Model (Cloud Based, On-premises), and by Application (Clinical Data Analytics, Financial Data Analytics, Research Data Analytics, Operations Management, and Others), Forecast Period (2023-2030)

Global healthcare predictive analytics market is anticipated to grow at a significant CAGR of 25.5% during the forecast period. Healthcare predictive analytics support healthcare organizations, hospitals, and doctors to access, analyze, and process patient data to provide data-based quality care, accurate diagnosis, and personalized treatments. In August 2023, a survey conducted by the Healthcare Information and Management Systems Society (HIMSS) and healthcare data analytics company Arcadia about the current state of healthcare analytics platforms demonstrates that less than 60 percent of health systems’ data is used to inform intelligent business decisions.

Access to high-quality data, organization size, analytics investment challenges, data accuracy, and data utilization play major roles in the current healthcare data analytics landscape. In March 2023, SpectrumAi raised $20 million in Series A funding, with investment led by CVS Health Ventures. The funding will help the startup push its applied behavior analysis (ABA) electronic health record, Twyll, and Patterns, its network analytics platform. The growing investment in healthcare predictive analytics technologies is anticipated to offer lucrative opportunities for the growth of the global market.

Segmental Outlook

The global healthcare predictive analytics market is segmented based on component, deployment model, and application. Based on components, the market is segmented into software and services. Based on the deployment model, the market is segmented into cloud-based and on-premises. Based on application, the market is segmented into clinical data analytics, financial data analytics, research data analytics, operations management, and others.

Clinical Data Analytics Held Considerable Share in Global Healthcare Predictive Analytics Market

Clinical data analytics has emerged as a significant area of focus for IT players among healthcare providers, who are moving toward adopting accountable patient care. Clinical analytics is a field that makes use of real-time medical data to generate insights, make decisions, increase revenues, and save on costs. The implementation of clinical analytics in organizations has led to reduced medication errors, improved population health, and cost savings for many organizations. The rapid advancements in key technologies and the adoption of electronic health records (EHRs) have led to the growth of this market segment. With the emergence of smart mobile devices and the app economy, patients expect high-quality care in hospitals which has further contributed to the growth of this market segment.

Regional Outlook

The global healthcare predictive analytics market is further segmented based on geography, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and others), Asia-Pacific (India, China, Japan, South Korea, and others), and the Rest of the World (the Middle East & Africa and Latin America). Among all regions, the Asia-Pacific region is anticipated to grow at a considerable CAGR over the forecast period. Regional growth is attributed to the growing geriatric population coupled with sophisticated healthcare infrastructure along with investment in healthcare analytics. Moreover, an increasing number of government initiatives that aim to promote the application of AI, ML, and analytics in healthcare organizations are further contributing to the regional market growth.

North America Held Considerable Share in the Global Healthcare Predictive Analytics Market

The presence of a huge geriatric population which is highly prone to chronic disorders and the rising interest of healthcare organizations towards utilization of predictive analytics for better patient care are some of the prominent factors contributing to the high share of the regional market. The growing funding for predictive analytics platform startups is further contributing to regional market growth. For instance, in July 2021, Cincinnati-based Bon Secours Mercy Health made a strategic investment in healthcare analytics firm Trilliant Health. The health system’s goal is to accelerate the development of Trilliant’s predictive analytics platform, while also gaining access to data on national and local healthcare trends.

Market Players Outlook

The major companies serving the global healthcare predictive analytics market include Cerner Corp., Information Builders Inc., IBM Corp., Oracle Corp., and Health Catalyst among others. The market players are considerably contributing to the market growth by the adoption of various strategies, including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market.

For instance, in October 2021, Digital behavioral health company SonderMind acquired Qntfy, a predictive analytics platform that uses mental health biometric data to suggest potential treatment options. SonderMind’s platform connects patients with therapists for virtual and in-person visits while managing operations like payments and the telehealth suite. The deal will allow the company to deliver personalized care using data without loading that extra work on mental healthcare providers.

In the same month, Signant Health made a strategic investment in ThoughtSphere, a leading provider of data aggregation and analytics software that helps clinical trial sponsors and contract research organizations (CROs) take control over the increasing volume and variety of clinical trial data. With this investment, Signant now offers customers additional opportunities beyond data capture to cover the full continuum of the patient-data journey, up to the point of regulatory dossier and submission.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global healthcare predictive analytics market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.