Predictive analytics is a form of advanced analytics that helps predict the future state based on key parameters. The incorporation of analytics aids healthcare systems to decrease healthcare expenditure & enhance the value of care. Predictive analytics offers benefits mainly in clinical care, administrative tasks, and operational management. With the use of predictive analytics healthcare companies can proactively identify patients who are at highest risk of poor health and could benefit the most from mediation or treatment. It is useful at every step in a patient's journey, including diagnosis, prognosis, and treatment. This is one solution for improving risk management and helping providers transition to value-based care.
The global healthcare predictive analytics market is estimated to account for US$ 2,981.7 Mn in terms of value by the end of 2022.
Increase in adoption or usage of healthcare predictive analytics is expected to augment growth of the healthcare predictive analytics market during the forecast period. For instance, healthcare predictive analytics is useful at every step in a patient's journey, including diagnosis, prognosis, and treatment. In June 2022, MetroMedi (India) launched Health Advisory Services for their Customers' Health and Well-being to reduce the usage of medicines with Data Analytics and Artificial Intelligence. Healthcare data analytics can be applied to every aspect of patient care and operations management. It helps improve the provision of clinical care, enhancing disease prevention, and measuring the effectiveness of various treatment options.
Increase in use of technologically advanced analytical solutions is expected to offer lucrative growth opportunities for players in the healthcare predictive analytics market. For instance, in March 2022, Microsoft Corp. announced advancements in cloud technologies for healthcare and life sciences with the general availability of Azure Health Data Services and updates to Microsoft Cloud for Healthcare. Combined with the recent close of its acquisition of Nuance Communications, Microsoft is uniquely positioned to amplify an organization’s ability to help others by leveraging trusted Artificial Intelligence (AI) to address the challenges transforming the future of healthcare for all.
To know the latest trends and insights prevalent in the Global Healthcare Predictive Analytics Market, click the link below:
Lack of robust infrastructure and lack of skilled IT professionals in healthcare are major factors expected to hamper growth of the healthcare predictive analytics market. Robust infrastructure is a key for effective operations and scalability of any project, but the lack of IT professionals has forced healthcare to recruit IT help from other industries. Moreover, the shortage of skilled professionals is the major contributor to the ailing healthcare system, and this is proving to be a major restraining factor in the market.
Global Healthcare Predictive Analytics Market - Impact of Coronavirus (Covid-19) Pandemic
Outbreak of COVID-19 had had a positive impact on the growth of the healthcare predictive analytics market. Predictive analytics tools are helping healthcare organizations stay ahead of poor outcomes, resource shortages, and other impacts of the pandemic. In June 2020, Cleveland Clinic researchers created a predictive model that can forecast patient volume, bed capacity, ventilator availability, and other metrics. Moreover, the model provides reliable information to optimize care for COVID-19 and other patients. Furthermore, team from Mount Sinai created a predictive analytics model based on three clinical features, such as age, minimum oxygen saturation, and type of patient encounter. The results showed that these features can accurately classify COVID-19 patients as likely to live or die.
The global healthcare predictive analytics market was valued at US$ 2,730.2 Mn in 2021 and is forecast to reach a value of US$ 5,235.6 Mn by 2028 at a CAGR of 9.8% between 2022 and 2028.
Among application, financial data analytics segment held dominant position in the global healthcare predictive analytics market in 2022, accounting for 41.7% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
The healthcare industry worldwide is experiencing positive trends in the predictive analytics domain. Studies have shown that over the years, more than 40% of healthcare executives have reported around 50% increase in data volume. As data sets become larger and more difficult to handle, healthcare providers or organizations are increasingly adopting predictive analytics, as it processes and analyzes the vast amounts of data that a healthcare provider regularly collects into actionable insights that affect operating profit and patient outcomes.
Major players operating in the global healthcare predictive analytics market include Optum, Inc., Health Catalyst, Allscripts Healthcare Solutions, Medeanalytics, Inc., Mckesson Corporation, Oracle Corporation, Cerner Corporation, Information builders, and International Business Machines Corporation (IBM), among others.
In March 2021, McKesson Corp. announced the launch of ScriptPAS, a pharmacy management platform for oncology practices, to enhance its patient care portfolio.
In September 2020, Inovalon launched the Inovalon DataStream API for analytical derivations of patient-specific data to strengthen its product portfolio and enhance its market position.
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