Healthcare Predictive Analytics Global Market Report 2024

The healthcare predictive analytics market size has grown exponentially in recent years. It will grow from $16.63 billion in 2023 to $20.68 billion in 2024 at a compound annual growth rate (CAGR) of 24.3%. The expansion observed in the historical period can be attributed to factors such as increased healthcare expenditure, the impact of the COVID-19 pandemic, and the growing integration of artificial intelligence (AI) into healthcare.

The healthcare predictive analytics market size is expected to see exponential growth in the next few years. It will grow to $52.61 billion in 2028 at a compound annual growth rate (CAGR) of 26.3%. The anticipated growth in the forecast period can be attributed to factors such as the increasing adoption of healthcare facilities, supportive government initiatives, a growing focus on personalized medicines, and the rising prevalence of chronic diseases. Noteworthy trends expected in the forecast period include a concentration on the launch of AI-based predictive analytics platforms, efforts to obtain approval from governments across different countries, a focus on introducing innovative products, and an emphasis on forming partnerships and collaborations.

The anticipated rise in the number of chronic diseases is poised to be a driving force behind the growth of the healthcare predictive analytics market. Chronic diseases, characterized by prolonged duration and often lasting a person's lifetime, account for a substantial portion of global deaths. In September 2023, the World Health Organization reported 41 million deaths annually, with 74% attributed to non-communicable diseases (NCDs) or chronic diseases. These include 17.9 million deaths from cardiovascular diseases, 9.3 million from cancer, 4.1 million from chronic respiratory diseases, and 2.0 million from diabetes. The increasing prevalence of chronic diseases underscores the significance of healthcare predictive analytics in offering a proactive and personalized approach to patient care, ultimately improving outcomes and the efficiency of healthcare resources.

Supportive government initiatives are anticipated to play a pivotal role in driving the healthcare predictive analytics market in the forecasted period. Governments worldwide are introducing programs and initiatives aimed at addressing public health threats, fostering an environment conducive to the growth of healthcare predictive analytics. An example is the Centers for Disease Control and Prevention (CDC) in the United States, which, in April 2022, launched the Center for Forecasting and Outbreak Analytics (CFA). This initiative leverages infectious disease modeling and analytics to enhance outbreak response and decision-making at federal, state, and local levels, highlighting the role of government support in advancing healthcare predictive analytics.

The healthcare predictive analytics market is witnessing a surge in product innovations as companies strive to enhance their product portfolios and expand their consumer base. In September 2021, Trilliant Health, a group of US-based healthcare technology and analytics companies, introduced a cutting-edge predictive analytics tool. This tool enables strategy teams to visualize a 10-year outlook of the healthcare market, leveraging diverse data sets such as claims, demographics, and psychographics. With over 300 algorithms, this innovative tool provides dynamic insights into future healthcare service demand, empowering health systems to make informed investments in patient care.

Increasing government approvals are becoming a notable trend in the healthcare predictive analytics market, with major players securing approvals for their products. In February 2022, the US Food and Drug Administration (FDA) granted 510k clearance to AHI System, a clinical support software developed by Fifth Eye Inc. This AI-based medical device provides real-time detection of insufficient blood flow and predictive insights into hemodynamic instability, enhancing patient care. Such government approvals underscore the credibility and effectiveness of healthcare predictive analytics solutions.

In January 2022, Huron, a Chicago-based consulting firm, acquired Perception Health Inc. to strengthen its healthcare predictive analytics and data capabilities. Perception Health's disease prediction platform, offering actionable predictive insights, complements Huron's data-driven approach. This acquisition enables clients to benefit from comprehensive data insights across the care continuum, improving risk detection and patient care decision-making.

Major companies operating in the healthcare predictive analytics market report are IBM, UnitedHealth Group Incorporated, Cerner Corp, Change Healthcare Inc., Allscripts Healthcare Solutions, Inc., SAS Institute Inc., Wipro Limited, TIBCO Software Inc., MedeAnalytics, Inc., Health Catalyst, Practo, Mfine, Medi Buddy, Indegene, Ping A Good Doctor, JD Health, Aindra Systems Pvt. Ltd., Artificial Learning Systems Pvt. Ltd., Niramai Health Analytix Pvt. Ltd., Qure.AI, Insilico Medicine, Insigma Hengtian Software Ltd., Skin Analytics, Babylon Health, Cambridge Cognition, DeepMind Technologies, BenevolentAI, Renalytix AI, Exscientia, Iktos, Better Doc, Biovotion, BrainControl, Coimbra Genomics, Dacadoo, Doctoralia, Emperra, Exovite, Healthbank, NeurNation, Nutrino, Psious, Px Healthcare, SilverCloud, TrialReach, XtremeVRI, Novartis, Webiomed, Botkin, Gero, Ardigen, MediSensum, Care Mentor AI, Diagnocat, IQVIA, deltAlyz Canada, Pilotcore, McKesson Corporation, Microsoft Corporation, Apixio Inc., ThirdEye Data Analytics Services Pvt. Ltd., Synergo Group, Roche, Pfizer, PRA Health science, Gesto, Intensicare, Didoc, Deenty, Examedi, Dentalink, Cero, Wecancer, MedPass, Pixeon, Hi Technologies, Conexa Saude, Wuru, Yerbo, Welii, BioScience, Caecus, Epitrack, GE Healthcare, Deep Genomics Inc., Dhoner Healthtech, Welltok Inc., Oncora Medical, Recursion Pharmaceuticals Inc., Nucleai, Pepticom, Nvidia Corporation, Safermom, Ubenwa, Medsaf, GenRx,AstraZeneca, Rology, hearX Group, DilenyTech, iNNOHEALTH Technology Solutions.

North America was the largest region in the healthcare predictive analytics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the healthcare predictive analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the healthcare predictive analytics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The primary components of healthcare predictive analytics include services, software, and hardware. The services encompass various functionalities, such as detecting early signs of patient condition deterioration, risk scoring for chronic illnesses, preventing patient suicide and self-harm, and reducing hospital readmission rates. The delivery models for healthcare predictive analytics include stand-alone and integrated solutions, serving purposes such as operations management, financial analysis, population health management, and clinical decision support. The end-users of predictive analytics services include healthcare payers and healthcare providers.

The healthcare predictive analytics market research report is one of a series of new reports that provides healthcare predictive analytics market statistics, including healthcare predictive analytics industry global market size, regional shares, competitors with a healthcare predictive analytics market share, detailed healthcare predictive analytics market segments, market trends and opportunities, and any further data you may need to thrive in the healthcare predictive analytics industry. This healthcare predictive analytics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The healthcare predictive analytics market consists of revenues earned by entities by providing neural networks, decision trees, and regression. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.