VANCOUVER, British Columbia, Feb. 02, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Healthcare Predictive Analytics Market finds that factors such as rising need of increasing efficiency in the healthcare sector, growing demand to curtail healthcare costs and development of personalized & evidence-based medicine are expected to augment the growth of Healthcare Predictive Analytics Market in upcoming years.
The total Global Healthcare Predictive Analytics Market is estimated to reach USD 74.62 Billion by 2028. The market stood at a revenue of USD 20.16 Billion in 2021.
The market is projected to grow at a Compound Annual Growth Rate (CAGR) of 27%, states Vantage Market Research, in a report, titled “Healthcare Predictive Analytics Market by Application (Operations Management, Financial, Population Health, Clinical), by End-Use (Quality Benchmarking, Patient Care Enhancement, Clinical Outcome Analysis and Management), by Region (North America, Latin America, Europe, Asia Pacific) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Market Dynamics:
Increasing Adoption of Electronic Health Records to Better Manage Patient Outcomes
Healthcare predictive analytics provides various advantages for adopting electronic health services. These services are used to manage patient record and provide accurate outcome, thus, increases the demand for Healthcare Predictive Analytics Market. Various biotech and pharmaceutical companies are dependent on these analytics to give effective clinical treatments. Many healthcare companies such as, Komodo Health, GNS Healthcare, NextGen Healthcare and Flatiron Health provides advance technology which gives accurate & quick diagnose result at the time of treatment. These analytics are used to reduce the incidence of costly readmissions. All these reasons are responsible for propelling the growth of Healthcare Predictive Analytics Market in the upcoming years.
Restraint: Lack of Robust Infrastructure for Effective Functionality and Limited Skilled IT Professionals in Healthcare Sector
The major issue in healthcare sector is nothing but lack of infrastructure. Various healthcare organizations are still encumbered with provision of healthcare IT infrastructure. These organizations require the correct labor to implement the new technology in this industry. Therefore, lack of robust infrastructure of healthcare sector and availability of limited skilled IT professionals in healthcare department are responsible for hindering the growth of Healthcare Predictive Analytics Market.
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COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the electronics industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
The Report on Healthcare Predictive Analytics Market Highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
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Regional Analysis:
Asia Pacific Accounted Fastest Growth of Healthcare Predictive Analytics Market
Asia Pacific is expected to witness the fastest growth of the Healthcare Predictive Analytics Market during the forecast period. This surge is mainly occurred due to the enforcement of federal health regulations to encourage the development of healthcare IT solutions in the region. In addition, factors such as, technological advancements, availability of quick healthcare services and rising focus on PHM are expected to influence the growth of Healthcare Predictive Analytics Market in the region.
List of Prominent Players in the Healthcare Predictive Analytics Market:
Cerner Corporation, Information Builders Inc., International Business Machines Corporation (IBM), Oracle Corporation, Health Catalyst are the major companies operating in Healthcare Predictive Analytics Market., Health Catalyst are the major companies operating in Healthcare Predictive Analytics Market.
Recent Developments:
June, 2021: Flatiron signed partnership agreement with Foundation Medicine, Inc. to integrate its solutions with OncoEMR for offering integrated genomic profiling to customers.
July, 2021: Enlitic signed partnership agreement with NMC Healthcare. This is a multi-faceted partnership with private healthcare companies to incorporate Enlitic’s solutions in GCC countries.
May, 2020: APIXIO introduced HCC Complete that provides AI to support a comprehensive chart review experience for Medicare Advantage and Affordable Care Act organizations.
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Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Healthcare Predictive Analytics Market?
- How will the Healthcare Predictive Analytics Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Healthcare Predictive Analytics Market?
- What is the Healthcare Predictive Analytics market drivers and restrictions?
- What will be the CAGR and size of the Healthcare Predictive Analytics Market throughout the forecast period?
This market titled “Healthcare Predictive Analytics Market” will cover exclusive information in terms of Geographic Segmentation, Regional Analysis, Forecast, and Quantitative Date – Units, Key Market Trends, and various others as mentioned below:
| Report Attribute | Details |
| Market Size in 2021 | USD 20.16 Billion |
| Projected Market Size in 2028 | USD 74.62 Billion |
| CAGR Growth Rate | CAGR of 27% from 2022–2028 |
| Base Year | 2021 |
| Historic Years | 2016 - 2020 |
| Forecast Years | 2022 - 2028 |
| Segments Covered | Application
|
| Quantitative Data - Units | Revenue in USD Million/Billion and CAGR from 2022 to 2028 |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
| Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
| Number of Companies Covered | 10 companies with scope for including additional 15 companies upon request |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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