The Global Predictive Disease Analytics Market Size is valued at 2.39 billion in 2022 and is predicted to reach 13.17 billion by the year 2031 at a 21.13% CAGR during the forecast period for 2023-2031.
Predictive analytics, a subset of advanced analytics, makes better decisions using modeling, data mining, statistics, and artificial intelligence (AI) techniques. The market is expanding primarily due to factors such as increased the need for healthcare spending to be decreased by removing wasteful expenditures, the emergence of tailored and evidence-based treatments, and enhanced healthcare sector efficiency. Furthermore, due to growing government initiatives and growing financial investments in the field, predictive analytical techniques are being employed more frequently in the healthcare industry.
Additionally, two major factors driving the increased usage of predictive analytical tools in the healthcare sector are government efforts and the rising amount of money invested in the field.
In addition to hospitals, policymakers are using these platforms to analyze data and models to improve decisions and policies about healthcare institutions and the provision of patient care. The essential firms also develop cutting-edge technical instruments to increase their market domination. However, challenges like privacy concerns, a lack of rules, and algorithm bias are anticipated to impede market expansion.
Recent Developments:
- In January 2023, SwitchPoint Ventures and Ardent Health Service collaborated to open an innovation studio. The studio's main priorities will be creating and implementing data-driven solutions. Polaris, SwitchPoint's ground-breaking technology for precisely forecasting patient volume in any healthcare context, has also been adopted by Ardent.
Competitive Landscape:
Some of the predictive disease analytics market players are:
- Oracle
- IBM
- SAS
- Allscripts Healthcare Solutions Inc.
- MedeAnalytics, Inc.
- Health Catalyst
- Apixio Inc
Market Segmentation:
The predictive disease analytics market is segmented on the basis of component, deployment and application. Based on components, the market is segmented as Software & Services and Hardware. By deployment, the market is segmented into On-premise and Cloud-based. Based on end-user, the market is segmented as Healthcare Providers, Healthcare Payers, and Other End Users.
Based On Component, The Software & Services Segment Is Accounted As A Major Contributor In The Predictive Disease Analytics Market
The software & services category is expected to hold a significant share of the global predictive disease analytics market in 2022. Significant investments from the healthcare sector have been made in the IT sector due to the creation of platforms and the digitalization of data for analytics. Most firms outsource the data analytics aspect of their IT because they lack a data analytics division. As a result, more companies are offering a wide range of services to organizations through data analytics. The industry's growth is further boosted by expanding data analytics services.
Healthcare Payers Segment Witnessed Growth At A Rapid Rate
The healthcare payers segment is projected to grow at a rapid rate in the global predictive disease analytics market. Insurance firms, businesses and unions that sponsor health plans, governmental organizations, and third-party payers are examples of healthcare payers. Healthcare payers use predictive disease analytics technologies to review insurance claims before paying out, to determine the risk of diseases, and to stop and identify fraudulent claims. Healthcare payers forecast the future using past and current data.
The North America, Predictive Disease Analytics Market Holds A Significant Regional Revenue Share
The North America predictive disease analytics market is expected to register the highest market share in revenue in the near future. The region has the most advanced medical facilities, which hastens platform adoption. The need for hospitals and other organizations to adopt analytics tools has grown due to the burden of chronic diseases and the proportion of the growing older population. The existence of significant corporations has also had an impact on the market's sizable amount of income. For instance, a U.S.-based company, Microsoft, will introduce Microsoft Cloud for Healthcare in September 2020. This alliance between patients and providers will help provide better patient care insights. In addition, Asia Pacific is projected to grow rapidly in the global predictive disease analytics market. Expanding favorable government programs are to blame for the market expansion.
Furthermore, rising healthcare spending encourages market growth and generates new business opportunities. A growing senior population and an increase in the prevalence of chronic diseases are the two main causes of regional spread. In 2020, 414 million people in Asia were 65 or older, and the U.S. Census Bureau estimates that number will increase to 1.2 billion by 2060.
Predictive Disease Analytics Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2022 |
USD 2.39 Bn |
|
Revenue forecast in 2031 |
USD 13.17 Bn |
|
Growth rate CAGR |
CAGR of 21.13 % from 2023 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Billion, and CAGR from 2023 to 2031 |
|
Historic Year |
2019 to 2022 |
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Forecast Year |
2023-2031 |
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Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
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Segments covered |
Component, Deployment And Application |
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Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
|
Competitive Landscape |
Oracle; IBM; SAS; Allscripts Healthcare Solutions Inc.; MedeAnalytics, Inc.; Health Catalyst; and Apixio Inc. |
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Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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