PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1270331
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1270331
Predictive Disease Analytics Market size was valued at USD 1,870.9 Million in 2022, expanding at a CAGR of 31.9% from 2023 to 2030.
Predictive analytics is a vital component of advanced analytics that employs a range of techniques including data mining, modelling, statistics, and artificial intelligence (AI) to make accurate predictions and facilitate better decision-making. By leveraging big data and predictive analytics, healthcare organizations can improve their operational management, enhance the accuracy of diagnosis and treatment in personalized medicine, and gain valuable insights to improve cohort treatment. In healthcare, predictive analytics can aid in the early identification of potential health risks, allowing for proactive interventions that can prevent the progression of illnesses.
Predictive Disease Analytics Market- Market Dynamics
The global predictive analytics market is experiencing significant growth, driven by the increasing adoption of predictive modeling tools, a surge in investments for Big Data initiatives by governments, and the widespread adoption of Big Data technologies. However, the market growth is likely to be restricted by a shortage of skilled IT staff and high implementation costs.
Despite these challenges, the integration of the Internet of Things (IoT) and Artificial Intelligence (AI) in predictive analytics is expected to provide lucrative growth opportunities during the analysis period. Furthermore, the rising demand for predictive analytics by small and medium-sized enterprises (SMEs) is also anticipated to contribute to the expansion of the global predictive analytics market. The integration of IoT and AI in predictive analytics can enhance the accuracy and efficiency of predictions by providing real-time data and insights. This technology can help organizations make more informed decisions, optimize their workflows, and improve overall operational efficiency. Moreover, the growing demand for predictive analytics by SMEs can be attributed to the increasing awareness of its benefits and affordability.
In conclusion, while the global predictive analytics market faces some challenges, such as a shortage of skilled IT staff and high implementation costs, the integration of IoT and AI in predictive analytics and the rising demand for predictive analytics by SMEs are expected to provide significant growth opportunities during the analysis period.
The Global Predictive Disease Analytics Market is segmented on the basis of Component, Deployment, End user and Region.
The software and services segment held the largest share of 69.9% in 2022 in the predictive analytics market and is expected to continue to grow at a rapid pace during the forecast period. This growth is primarily driven by the increasing development of platforms and the digitalization of data for analytics, which have drawn significant investments from the healthcare sector into the IT sector.
The on-premise segment dominated the predictive analytics industry in 2022, with a revenue share of 65.9%. This growth is primarily attributed to the convenience of access and security provided by on-premise solutions. Many institutions are currently installing software and instruments to store data on their premises, which has led to the growth of this segment.
The payer segment dominated the market growth in 2022, accounting for 40.9% of the market share. This segment includes insurance companies, health plan sponsors (employers and unions), government agencies, and third-party payers. Payers are increasingly adopting predictive disease analytics tools for various purposes such as evaluating insurance claims prior to payment settlement, disease risk assessment, and preventing and detecting fraudulent claims.
Predictive Disease Analytics Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
As of 2022, North America had the largest market share of 45.3% in the predictive analytics industry. The region's advanced healthcare facilities have led to a higher adoption rate of predictive analytics platforms. The increasing burden of chronic diseases and a rising percentage of the geriatric population have also contributed to the growing demand for hospitals and other healthcare organizations to adopt analytics tools. The presence of major players in the market has also been a significant factor contributing to the large share of revenue in North America. For instance, in September 2020, Microsoft launched Microsoft Cloud for Healthcare, which is an alliance between providers and patients that helps deliver better insights related to patient care.
Asia Pacific is expected to register the fastest growth rate in the predictive analytics industry over the coming years. This growth is driven by increasing favorable government initiatives and support, as well as the rise in healthcare spending, which is opening up new opportunities for the market in the region. The growing geriatric population and rising incidence of chronic conditions are also significant factors contributing to the regional expansion of the predictive analytics industry. According to a survey by the U.S. Census Bureau, in 2020, there were 414 million people in Asia who were 65 or older, and by 2060, that figure is projected to rise to 1.2 billion.
The key players in the predictive analytics industry are actively developing new tools and solutions to meet the growing demand for predictive disease analytics in the healthcare and life science sectors. These players are also adopting strategic initiatives such as regional expansions and mergers & acquisitions to gain a competitive edge in the market.
For example, in January 2023, Ardent Health Service partnered with SwitchPoint Ventures to launch an innovation studio that focuses on developing and deploying data-driven solutions. Ardent has also adopted Polaris, SwitchPoint's novel solution for accurately predicting patient volume in any clinical setting.
This proposed research study on Predictive Disease Analytics Market provides market size (US$ million), compound annual growth rate (CAGR %) and forecast estimation (2023-2030), considering 2022 as the base year
The research report elucidates potential growth opportunities across different segments/countries and explains attractive investment proposition matrix for Predictive Disease Analytics Market
The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain in the Predictive Disease Analytics Market
Impact of COVID-19 on Predictive Disease Analytics Market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight on Predictive Disease Analytics Market post-COVID will also be covered.
In order to give the users of this report a comprehensive view on the Predictive Disease Analytics Market, we have also included competitive landscape and key innovator analysis for the Predictive Disease Analytics Market.
The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
The report offersdetailed company profiling featuring major market participantswhich will help users to understand their financial information and strategic initiatives of players operating in the Predictive Disease Analytics Market.
In addition, the report also unveil the important acquisitions & mergers, collaborations & joint ventures, new launch, research & development, regional expansion of major participants involved in the market on global as well as regional level.
The global Predictive Disease Analytics Market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts
GLOBAL PREDICTIVE DISEASE ANALYTICS MARKET KEY PLAYERS
IBM Corporation
Optum, Inc.
Allscripts Healthcare Solutions, Inc.
SAS Institute, Inc.
Cerner Corporation
McKesson Corporation
Microsoft Corporation
Health Catalyst, Inc.
Oracle Corporation
Alteryx, Inc.
Inovalon, Inc.
Health Fidelity, Inc.
Linguamatics Ltd.
MedeAnalytics, Inc.
Verisk Analytics, Inc.
GLOBAL PREDICTIVE DISEASE ANALYTICS MARKET, BY COMPONENT
Software & Services
Hardware
GLOBAL PREDICTIVE DISEASE ANALYTICS MARKET, BY DEPLOYMENT
On-premise
Cloud-based
GLOBAL PREDICTIVE DISEASE ANALYTICS MARKET, BY END USER
Healthcare Payers
Healthcare Providers
Other End Users
GLOBAL PREDICTIVE DISEASE ANALYTICS MARKET, BY REGION
North America
The U.S.
Canada
Europe
Germany
France
Italy
Spain
United Kingdom
Russia
Netherlands
Sweden
Poland
Rest of Europe
Asia Pacific
India
China
South Korea
Japan
Australia
Thailand
Indonesia
Philippines
Rest of APAC
Latin America
Brazil
Mexico
Argentina
Colombia
Rest of LATAM
The Middle East and Africa
Saudi Arabia
United Arab Emirates
Israel
Turkey
Algeria
Egypt
Rest of MEA