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Healthcare Predictive Analytics Market to Reach $128.2 Billion, Globally, by 2033 at 24.3% CAGR: Allied Market Research

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Allied Market Research

01 Aug, 2024, 14:15 GMT

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The global healthcare predictive analytics market is experiencing growth due to several factors such as convergence of data availability, technological advancements, regulatory imperatives, and collaborative initiatives propels the continued evolution and adoption of predictive analytics in healthcare.

PORTLAND, Ore., Aug. 1, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Healthcare Predictive Analytics Market by Application (Clinical Analytics, Financial Analytics, Operational Analytics and Others), Component (Hardware and Software), End-User (Payers, Providers and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033". 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.

Request Sample of the Report on Healthcare Predictive Analytics Market Forecast 2033 - https://www.alliedmarketresearch.com/request-sample/A292452 

Prime determinants of growth

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.

Report Coverage & Details

Report Coverage

Details

Forecast Period

2024–2033

Base Year

2023

Market Size In 2023

 $14.6 Billion

Market Size In 2035

$128.2 Billion

CAGR

24.30 %

No. Of Pages in Report

260

Segments Covered

Application, Component, End User and Region

Drivers 

Adoption Of Electronic Health Records (EHRs) And Digital Healthcare Systems

Advancements In Machine Learning and Artificial Intelligence Technologies

Cost Containment and Improved Patient Outcomes

Opportunities

Potential For Predictive Analytics in Personalized Medicine and Precision Healthcare

Growth Opportunities in Emerging Economies

Restraint

Data Privacy and Security Concerns

Want to Explore More, Connect to our Analyst - https://www.alliedmarketresearch.com/connect-to-analyst/A292452 

Segment Highlights

Increase in Adoption of Clinical Analytics

Clinical analytics is witnessing increasing adoption due to its ability to improve patient outcomes and optimize clinical workflows. By analyzing vast amounts of patient data, including electronic health records and diagnostic imaging, clinical analytics enables healthcare providers to identify patterns, predict disease progression, and personalize treatment plans, leading to more effective and timely interventions. In addition, financial analytics is driven by the growing need for healthcare organizations to manage costs, maximize revenue, and optimize resource allocation. Predictive models in financial analytics help forecast reimbursement trends, identify billing errors, and optimize revenue cycle management, ultimately improving financial performance. Furthermore, operational analytics is fueled by the demand for operational efficiency and quality improvement in healthcare delivery. By analyzing operational data such as patient flow, staff productivity, and resource utilization, healthcare organizations can identify bottlenecks, streamline processes, and enhance patient satisfaction.

Growth in Adoption of Advanced Hardware Medical Devices

The healthcare predictive analytics market is experiencing significant growth, driven primarily by the increasing demand for both hardware and software solutions. In terms of hardware, the growing adoption of advanced medical devices and sensors capable of collecting vast amounts of patient data is a key driving factor. These hardware components, such as wearable devices, remote patient monitoring systems, and IoT-enabled medical devices, facilitate the continuous gathering of real-time health data, providing healthcare providers with valuable insights for predictive analytics. Additionally, the rising emphasis on precision medicine and personalized healthcare has spurred investments in hardware infrastructure to support data collection and analysis.

For Purchase Related Queries/Inquiry - https://www.alliedmarketresearch.com/purchase-enquiry/A292452 

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.

Key Players

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

The report provides a detailed analysis of these key players in the global healthcare predictive analytics market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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.
  • In September 2021, Healthcare analytics company Trilliant Health developed a new predictive analytics tool that enables strategy teams to see a 10-year view of the healthcare market with insights all the way down to the local market level.

AVENUE- A Subscription-Based Library (Premium on-demand, subscription-based pricing model) Offered by Allied Market Research:

AMR introduces its online premium subscription-based library Avenue, designed specifically to offer cost-effective, one-stop solution for enterprises, investors, and universities. With Avenue, subscribers can avail an entire repository of reports on more than 2,000 niche industries and more than 12,000 company profiles. Moreover, users can get an online access to quantitative and qualitative data in PDF and Excel formats along with analyst support, customization, and updated versions of reports.

Get an access to the library of reports at any time from any device and anywhere. For more details, follow the link: https://www.alliedmarketresearch.com/library-access

About Allied Market Research:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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Delaware 19801 USA.
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