Healthcare Predictive Analytics Market Growth Analysis, Trends Forecast by Regions and Types to 2030

Posted on 2023-04-25 by researchinsights in Healthcare // 0 Comments

San Francisco, California , USA, Apr 25, 2023 — /EPR Network/ —

Healthcare Predictive Analytics Industry Overview

The global Healthcare Predictive Analytics Market size is expected to reach USD 67.25 billion by 2030, registering a CAGR of 24.5% over the forecast period, according to a new report by Grand View Research, Inc. The rising burden of chronic diseases on a global level coupled with the increasing cost of healthcare are the key factors driving the market for healthcare predictive analytics and is resulting in wider adoption rates of the same across the globe. With the increasing adoption of telehealth and aother consultation methods, the adoption of EHRs has led to enormous patient data in the past few years. This can be leveraged by the healthcare IT companies for predictive analytics for risk management, disease management, understanding of disease spread & trajectory as well as in delivering proper medical care to the patient for the best outcomes.

All of these factors have been driving the global market growth. An increase in healthcare expenditure in developed and developing countries due to a rise in the number of chronic diseases will also support market growth. In the Europe region, the healthcare expenditure as a percentage of GDP in 2019 was 9.92%. Technological advancements as well as rapid generation of patient data, more so during the COVID-19 pandemic due to teleconsultations, EHRs, etc. have made it possible to analyze data and derive meaningful results, which are oriented towards better patient outcomes. The healthcare predictive analytics tools not only help reduce costs & assist the care providers to decide on the best treatment plans but also significantly reduce the risk of fraudulent claims made to recover money from insurance companies.

Annually, trillions of U.S. dollars’ worth of false insurance claims are made. For providers, predictive analytics has been a key to reducing costs significantly. The above-mentioned factors contribute significantly to the growth of the market. The financial application of predictive analytics is the largest in the segment owing to the massive amounts of money that can be saved by deploying these predictive tools in day-to-day work. The frauds alone when detected can be averted and result in trillions of dollars saved, moreover unnecessary tests and medication can be avoided with the help of predictive analytics, which can help determine the best treatment plans and evidence-based medicine or personalized medicines for the treatment of the disease.

A trial conducted studied the financial implications of continuous monitoring in patients with opioid-induced respiratory depression, the study found that a median hospital could save up to $535,531 annually, and can shorten the cumulative stay by 103 days. The payers had the majority share of the end-use segment, comprising insurance companies who assess risk related to false claims as well as the high cost of treatments that are a concern for the providers. Adoption of predictive analytics tools for cost reduction as well as for saving money by detecting frauds in insurance claims is a major factor driving the growth of the segment. The providers are the fastest-growing category owing to the reduction in the cost of treatments and wider adoption rates among both private as well as government-affiliated providers.

Healthcare Predictive Analytics Market Segmentation

Grand View Research has segmented the global healthcare predictive analytics market on the basis of application, end-use, and region:

Based on the Application Insights, the market is segmented into Operations Management, Financial, Population Health and Clinical.

The financial application segment dominated the market in 2021 and accounted for the largest share of more than 35.5% of the global revenue in 2021. Financial applications in the healthcare industry include revenue cycle management, assessing the risk of fraud, and reducing fraudulent claims, which cost billions per year.
Population health management is another application that has been gaining a lot of traction and is expected to grow at the fastest CAGR from 2022 to 2030. With the generation of large amounts of patient data through telehealth and other online platforms and connected devices, population health management can be done by identifying populations that need proper medical care.

Based on the End-Use Insights, the market is segmented into Payers, Providers and Other End-user.

The payers end-use segment dominated the global market in 2021 and accounted for the maximum share of more than 36.00% of the overall revenue. Payers, including insurance companies, health plan sponsors, and other third-party payers are one of the key benefiting parties, through the use of predictive analytics in healthcare settings.

Healthcare Predictive Analytics Regional Outlook

North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)

Key Companies Profile

A growing number of collaborations and partnerships among industry players are enabling them to gain a competitive edge in the market.

Some prominent players in the global Healthcare Predictive Analytics market include

IBM
Cerner Corp.
Verisk Analytics, Inc.
McKesson Corp.
SAS
Oracle
Allscripts
Optum, Inc.
MedeAnalytics, Inc.

Order a free sample PDF of the Healthcare Predictive Analytics Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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