The global predictive disease analytics market size is expected to reach USD 10.2 billion by 2030 and is expected to expand at 22.7% CAGR from 2023 to 2030, according to a new report by Grand View Research, Inc. Predictive disease analytics refers to software solutions used by healthcare organizations, hospitals, and physicians to analyze and process patient data in order to provide data-driven, high-quality care, precise diagnostics, and individualized treatments. Predictive analytics is an advanced method to enhance patient outcomes in healthcare.
Predictive Disease Analytics Market Report Highlights
· Cloud-based solutions are anticipated to have the highest CAGR during the forecast period. The ease of storage, inexpensive capital requirements, increased flexibility, and efficiency are attributed to its development.
· On the basis of end user, payer segment dominated the market in 2022.Payers, such as insurance firms, health plan sponsors, as well as other third-party payers, are among the primary beneficiaries of predictive analytics in healthcare settings. Thus, boosting the segment growth.
· Due to the rising prevalence of chronic diseases, greater awareness of preventive health and rising percentage of geriatric population in North America, the region had the largest market share.
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Additionally, predictive analytics solutions are used by healthcare providers to comprehend disease prevalence, disease management, risk management & trajectories, and to provide suitable medical care to patients for optimal outcomes. Healthcare providers use it to evaluate the risk rate to an individual's health as well as predict future outcomes in preparation. Its use at various levels to avoid unnecessary expenditure had also increased the utilization of this technology, which is anticipated to continue throughout the forecast period. As a result, the global predictive disease analytics market is expected to grow.
Predictive analytics has played a significant part in combating COVID-19 problems, decreasing the incidence of poor outcomes for patients, and addressing resource management during the crisis. The massive amount of patient data produced during the outbreak not only provided analytics firms and the healthcare sector with data to properly analyze disease spread, but it also aided in resource allocation. Several institutions, including hospitals, was using predictive analytics to determine the probability of a patient developing severe symptoms, the trajectory of their infection/disease, and several other parameters. For instance, in 2020, researchers at the Cleveland Clinic in the U. S. created an automated analytics model that predicted an individual's chance of testing positive. Hence, propelling the market growth.
The global market is expanding rapidly as a result of the increasing burden of chronic diseases, the emergence of personalized and evidence-based medicine, the growing need for increased efficiency in the healthcare sector, and the growing demand to reduce healthcare costs by eliminating unnecessary costs. As per the center for disease control, six out of every ten Americans have at least one chronic illness, such as heart disease or stroke, cancer, or diabetes. Hence, it will increase the product demand and further boost the market growth.
Another important reason driving market growth is the use of evidence-based medicine to provide the right kind of treatment to the right patient. The utilization of Electronic Health Records (EHRs) for patient records has increased in recent years, with adoption of EHRs in the case of office-based doctors increasing from 42% in 2008 to nearly 88% in 2021 in the U. S. Healthcare predictive analytics makes use of EHRs to recommend the best course of action in the event of a medical treatment or medication. This not only greatly reduces patient costs but also leads to improved outcomes. The adoption of electronic health systems, analytics tools, and artificial intelligence (AI) are expected to drive market development. The expense of healthcare has risen over the years owing to the increasing burden of chronic diseases on a global level.
The companies in the predictive disease analytics market are continuously expanding their product and services portfolio to accelerate the development of the product. For instance, in June 2022, Engagys LLC, a Health Consultant Company, announced the debut of a new affordable subscription service for healthcare systems, health plans, & healthcare technology leaders. Executive Advisory Services is intended to provide healthcare customer engagement practitioners with practical and actionable guidance, insights, and best practices that they can put to use immediately. This is expected to strengthen the company’s position in predictive analytics solution and further boost the market growth.
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Segmented the global predictive disease analytics market based on component, deployment, end user, and region:
Predictive Disease Analytics Component Outlook (Revenue, USD Million, 2018 - 2030)
· Hardware
· Software and Services
Predictive Disease Analytics Deployment Outlook (Revenue, USD Million, 2018 - 2030)
· On-premise
· Cloud-based
Predictive Disease Analytics End User Outlook (Revenue, USD Million, 2018 - 2030)
· Healthcare Payers
· Healthcare Providers
· Other End-Users
Predictive Disease Analytics Regional Outlook (Revenue, USD Million, 2018 - 2030)
· North America
o U.S.
o Canada
· Europe
o Germany
o U.K.
o France
o Italy
o Spain
o Denmark
o Sweden
o Norway
· Asia Pacific
o China
o Japan
o India
o South Korea
o Australia
o Thailand
· Latin America
o Brazil
o Mexico
o Argentina
· Middle East & Africa
o South Africa
o Saudi Arabia
o UAE
o Kuwait
List of Key Players in the Predictive Disease Analytics Market
· SAS
· Allscripts Healthcare Solutions Inc.
· MedeAnalytics, Inc.
· Health Catalyst
· Apixio Inc.
· IBM
· Oracle
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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