The global healthcare predictive analytics market size was estimated to be USD 14.71 billion in 2023 and is expected to reach at USD 163.14 billion by 2034 with a CAGR of 24.45% during the forecast period 2024-2034. The increasing demand for sophisticated analytics systems to enhance patient outcomes, the imperative to control escalating healthcare expenses while maintaining high-quality care, the upsurge in personalized medicine, a rise in healthcare expenditure, the growing embrace of evidence-based medicine for precise patient care, a surge in Electronic Health Records (EHRs) utilization for patient information, the escalating burden of chronic illnesses, a robust healthcare sector, a surge in the integration of digital platforms, a rising prevalence of the Internet of Medical Things (IoMT), expanding government investments, and the growing implementation of advanced healthcare predictive analytics platforms are some of the key factors boosting the market growth.
Growing implementation of advanced healthcare predictive analytics platforms is predicted to boost the market growth during the forecast period. Healthcare predictive analytics involves sophisticated software that autonomously examines data to enhance overall patient outcomes and deliver more efficient care. It finds extensive application in remote monitoring, diagnosis, designing treatment courses, prognosis, clinical decision support, enhancing care quality, and reducing care costs. With the capacity to store substantial data, predict patient responses, and offer a more tailored healthcare experience, predictive analytics in healthcare contributes to improved patient well-being, streamlined diagnosis, identification of high-risk patients, deeper insights, and empowers healthcare professionals to make informed decisions. For instance, in March 2022, Databricks has introduced a new platform called Databricks Lakehouse for Healthcare and Life Sciences, designed for data management, analytics, and advanced AI applications such as disease medical image classification, prediction, and biomarker discovery.
By component, software was the highest revenue-grossing segment in the global healthcare predictive analytics market in 2023 owing to the rising usage of predictive analytics tools for anticipating seasonal diseases and the uptick in the introduction of new products. For instance, in July 2022, Trilliant Health has unveiled SimilarityIndex, an analytics tool that empowers healthcare organizations to achieve precise benchmarking by identifying the most comparable markets, facilities, providers, and patient populations. Additionally, hardware is predicted to grow at the fastest CAGR during the forecast period owing to the growing utilization of healthcare analytics to diminish healthcare costs and enhance the quality of care. Healthcare providers and organizations are employing parallel processing or upgraded hardware to swiftly analyze vast amounts of data.
By application, financial was the highest revenue-grossing segment in the global healthcare predictive analytics market in 2023 owing to the need to enhance patient outcomes and diminish hospital readmission rates, an increasing emphasis on analytics tailored to personalized medicine, a surge in financial fraud cases within the healthcare industry, a growing demand for financial analytics solutions in healthcare facilities, and a rising trend in the introduction of innovative platforms. For instance, in October 2022, Oracle revealed that WellSpan Health has chosen the Oracle Fusion Cloud-Based Predictive Analytics Application Suite to streamline operations and enhance business visibility. Additionally, clinical analytics is predicted to grow at the fastest CAGR during the forecast period owing to the escalating count of clinical trials, a rising need for a technologically efficient platform to handle extensive volumes of patient data associated with clinical trials, and a surge in technological advancements.
By end-user, payers was the highest revenue-grossing segment in the global healthcare predictive analytics market in 2023 owing to the rise in strategic collaborations among healthcare payers to foster the development of innovative solutions, and a growing population of healthcare insurance holders. Additionally, providers is predicted to grow at the fastest CAGR during the forecast period owing to the proliferation of hospitals, an increasing adoption of healthcare analytic software in healthcare facilities, and a rise in collaborations among market players. For instance, in March 2022, Cognito Therapeutics, a pioneer in creating therapeutic interventions for neurodegenerative diseases, and Aetion, a leading provider of real-world evidence technology and analytics, have announced a strategic partnership. The collaboration aims to develop a certified predictive model for identifying individuals with rapidly advancing Alzheimer's disease and mild cognitive impairment (MCI).
North America region is anticipated for the highest revenue share during the forecast period owing to the elevation of healthcare infrastructure, a growing embrace of predictive analytics by health systems and payers, a surge in the population affected by chronic diseases, and an increasing introduction of innovative systems. For instance, in September 2023, SAS, a worldwide leader in AI and analytics, has unveiled SAS Health, a comprehensive enterprise solution for analytics and data automation. This innovative system streamlines health data management, enhances data governance, and expedites the generation of patient insights. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the established framework of the healthcare system and skilled personnel for conducting predictive analysis, financial capability to train staff in utilizing these analytics tools, swift integration of healthcare predictive analytics to mitigate increasing healthcare costs and enhance treatment outcomes for patients, and a notable increase in the implementation of cutting-edge systems. For instance, in January 2024, The Uppaluri K&H Personalized Medicine Clinic has introduced GeneConnectRx, an advanced artificial intelligence (AI) platform developed by GenepoweRx, the diagnostic division of K&H clinic. This groundbreaking development in personalized medicine represents a significant shift, enabling healthcare providers to tailor treatments according to the unique genetic characteristics of each individual.
Growing implementation of advanced healthcare predictive analytics platforms is predicted to boost the market growth during the forecast period. Healthcare predictive analytics involves sophisticated software that autonomously examines data to enhance overall patient outcomes and deliver more efficient care. It finds extensive application in remote monitoring, diagnosis, designing treatment courses, prognosis, clinical decision support, enhancing care quality, and reducing care costs. With the capacity to store substantial data, predict patient responses, and offer a more tailored healthcare experience, predictive analytics in healthcare contributes to improved patient well-being, streamlined diagnosis, identification of high-risk patients, deeper insights, and empowers healthcare professionals to make informed decisions. For instance, in March 2022, Databricks has introduced a new platform called Databricks Lakehouse for Healthcare and Life Sciences, designed for data management, analytics, and advanced AI applications such as disease medical image classification, prediction, and biomarker discovery.
By component, software was the highest revenue-grossing segment in the global healthcare predictive analytics market in 2023 owing to the rising usage of predictive analytics tools for anticipating seasonal diseases and the uptick in the introduction of new products. For instance, in July 2022, Trilliant Health has unveiled SimilarityIndex, an analytics tool that empowers healthcare organizations to achieve precise benchmarking by identifying the most comparable markets, facilities, providers, and patient populations. Additionally, hardware is predicted to grow at the fastest CAGR during the forecast period owing to the growing utilization of healthcare analytics to diminish healthcare costs and enhance the quality of care. Healthcare providers and organizations are employing parallel processing or upgraded hardware to swiftly analyze vast amounts of data.
By application, financial was the highest revenue-grossing segment in the global healthcare predictive analytics market in 2023 owing to the need to enhance patient outcomes and diminish hospital readmission rates, an increasing emphasis on analytics tailored to personalized medicine, a surge in financial fraud cases within the healthcare industry, a growing demand for financial analytics solutions in healthcare facilities, and a rising trend in the introduction of innovative platforms. For instance, in October 2022, Oracle revealed that WellSpan Health has chosen the Oracle Fusion Cloud-Based Predictive Analytics Application Suite to streamline operations and enhance business visibility. Additionally, clinical analytics is predicted to grow at the fastest CAGR during the forecast period owing to the escalating count of clinical trials, a rising need for a technologically efficient platform to handle extensive volumes of patient data associated with clinical trials, and a surge in technological advancements.
By end-user, payers was the highest revenue-grossing segment in the global healthcare predictive analytics market in 2023 owing to the rise in strategic collaborations among healthcare payers to foster the development of innovative solutions, and a growing population of healthcare insurance holders. Additionally, providers is predicted to grow at the fastest CAGR during the forecast period owing to the proliferation of hospitals, an increasing adoption of healthcare analytic software in healthcare facilities, and a rise in collaborations among market players. For instance, in March 2022, Cognito Therapeutics, a pioneer in creating therapeutic interventions for neurodegenerative diseases, and Aetion, a leading provider of real-world evidence technology and analytics, have announced a strategic partnership. The collaboration aims to develop a certified predictive model for identifying individuals with rapidly advancing Alzheimer's disease and mild cognitive impairment (MCI).
North America region is anticipated for the highest revenue share during the forecast period owing to the elevation of healthcare infrastructure, a growing embrace of predictive analytics by health systems and payers, a surge in the population affected by chronic diseases, and an increasing introduction of innovative systems. For instance, in September 2023, SAS, a worldwide leader in AI and analytics, has unveiled SAS Health, a comprehensive enterprise solution for analytics and data automation. This innovative system streamlines health data management, enhances data governance, and expedites the generation of patient insights. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the established framework of the healthcare system and skilled personnel for conducting predictive analysis, financial capability to train staff in utilizing these analytics tools, swift integration of healthcare predictive analytics to mitigate increasing healthcare costs and enhance treatment outcomes for patients, and a notable increase in the implementation of cutting-edge systems. For instance, in January 2024, The Uppaluri K&H Personalized Medicine Clinic has introduced GeneConnectRx, an advanced artificial intelligence (AI) platform developed by GenepoweRx, the diagnostic division of K&H clinic. This groundbreaking development in personalized medicine represents a significant shift, enabling healthcare providers to tailor treatments according to the unique genetic characteristics of each individual.
Segmentation: Healthcare Predictive Analytics Market Report 2023 - 2034
Healthcare Predictive Analytics Market Analysis & Forecast by Component 2023 - 2034 (Revenue USD Bn)
- Hardware
- Software
Healthcare Predictive Analytics Market Analysis & Forecast by Application 2023 - 2034 (Revenue USD Bn)
- Clinical
- Clinical Outcome Analysis And Management
- Patient Care Enhancement
- Quality Benchmarking
- Financial
- Fraud Detection
- Revenue Cycle Management
- Other Financial Applications
- Population Health
- Population Therapy Management
- Population Risk Management
- Patient Engagement
- Other Applications
- Operations Management
- Workforce Planning And Scheduling
- Outpatient Scheduling
- Inpatient Scheduling
- Demand Forecasting
Healthcare Predictive Analytics Market Analysis & Forecast by End-user 2023 - 2034 (Revenue USD Bn)
- Providers
- Payers
- Others
Healthcare Predictive Analytics Market Analysis & Forecast by Region 2023 - 2034 (Revenue USD Bn)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of LATAM
- Middle East & Africa
- South Africa
- GCC
- Rest of MEA
Table of Contents
1. Research Methodology
2. Introduction
4. Market Environment Analysis
5. Market Dynamics
7. Healthcare Predictive Analytics Market: Component Estimates & Trend Analysis
8. Healthcare Predictive Analytics Market: Application Estimates & Trend Analysis
9. Healthcare Predictive Analytics Market: End-user Estimates & Trend Analysis
10. Regional Market Analysis
11. North America Healthcare Predictive Analytics Market
12. Europe Global Healthcare Predictive Analytics Market
13. Asia Pacific Global Healthcare Predictive Analytics Market
14. Latin America Global Healthcare Predictive Analytics Market
15. MEA Global Healthcare Predictive Analytics Market
16. Competitor Analysis
17. Company Profiles
Companies Mentioned
- IBM
- Allscripts Healthcare Solutions
- Verisk Analytics Inc.
- Cerner Corporation
- McKesson Corp.
- Information Builders Inc.
- Oracle
- Sas Institute Inc.
- Optum Inc.
- Health Catalyst
- MedeAnalytics Inc.
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 200 |
| Published | March 2024 |
| Forecast Period | 2023 - 2034 |
| Estimated Market Value ( USD | $ 14.71 Billion |
| Forecasted Market Value ( USD | $ 163.14 Billion |
| Compound Annual Growth Rate | 24.4% |
| Regions Covered | Global |
| No. of Companies Mentioned | 11 |
