Healthcare Predictive Analytics Market Size Worth $67.25 Billion by 2030: Grand View Research, Inc.

2022-06-15

SAN FRANCISCO, June 15, 2022 /PRNewswire/ --

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 other 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.

Key Insights & Findings from the report:

The financial application segment accounted for the largest market share in 2021 due to the need to curb fraudulent insurance claims. Population health management is estimated to be the fastest-growing application segment from 2022 to 2030.

North America led the market share in 2021 due to ever-improving healthcare infrastructure and advancements in technology and IT.

Healthcare predictive analytics has played a major role in saving the region in terms of high-end fraudulent insurance claims as well as providing the best possible treatments on a personalized level for reaching optimum patient outcomes This has been a key driving force for the market.

Asia Pacific is estimated to be the fastest-growing regional market from 2022 to 2030 due to the rapidly advancing healthcare sector, increasing expenditure, and overall improvement & adoption in healthcare IT.

The COVID-19 pandemic had an adverse impact on how healthcare predictive analysis was looked at.

Various studies on the virus that caused the outbreak could be studied due to the massive amount of patient data that was generated during the pandemic.

This has been seen as an opportunity for the market. Healthcare predictive analytics tools for personalized treatment plans for each patient as well as reduced treatment costs are primary factors driving the market.

Read 150-page market research report, "Healthcare Predictive Analytics Market Size, Share & Trends Analysis Report By End-use (Payers, Providers), By Application (Clinical, Financial Management), By Region (Europe, North America, Asia Pacific), And Segment Forecasts, 2022 - 2030",

published by Grand View Research.

Healthcare Predictive Analytics Market Growth & Trends

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:

Healthcare Predictive Analytics Market - Application Outlook (Revenue, USD Million, 2016 - 2030)

Operations Management

Demand Forecasting

Workforce Planning And Scheduling

Inpatient Scheduling

Outpatient Scheduling

Financial

Revenue Cycle Management

Fraud Detection

Other Financial Applications

Population Health

Population Risk Management

Patient Engagement

Population Therapy Management

Other Applications

Clinical

Quality Benchmarking

Patient Care Enhancement

Clinical Outcome Analysis And Management

Healthcare Predictive Analytics Market - End-use Outlook (Revenue, USD Million, 2016 - 2030)

Payers

Providers

Other End-user

Healthcare Predictive Analytics Market - Regional Outlook (Revenue, USD Million, 2016 - 2030)

North America

U.S.

Canada

Europe

U.K

Germany

Asia Pacific

Japan

China

Latin America

Brazil

Mexico

Middle East & Africa (MEA)

South Africa

List of Key Players of Healthcare Predictive Analytics Market

IBM

Cerner Corp.

Verisk Analytics, Inc.

SAS

MedeAnalytics, Inc.

Check out more related studies published by Grand View Research:

U.S. Healthcare Payer Analytics Market

- The U.S. healthcare payer analytics market is expected to reach USD 19.4 billion by 2030, registering a CAGR of 22.3% from 2022 to 2030, according to a new report by Grand View Research, Inc. The digital advancements in the healthcare field, and the digitization of records, are one of the key factors driving the growth of this market. Adoption of such technologies is on an upward trend thus propelling the market. Digital data is being used to derive meaningful results, cost reduction, and minimize fraudulent insurance claims.

Europe Digital Health Market - The Europe digital health market size is expected to reach USD 323.4 billion by 2030 and is expected to expand at a CAGR of 27.1% over the forecast period, according to a new report by Grand View Research, Inc. Increasing aging population, rise in prevalence of chronic disorders in Europe, and growing demand for remote patient monitoring are among the major factors driving the market growth in this region. In addition, improved IT infrastructure, growing digitalization of healthcare, and rising medical expenses are also anticipated to accelerate the market growth over the forecast period. Moreover, the shortage of healthcare professionals and overburdened healthcare facilities are also expected to increase the adoption of digital health platforms.

Healthcare Fraud Analytics Market - The global healthcare fraud analytics market size is expected to reach USD 11.2 billion by 2030, according to a new report by Grand View Research, Inc. The market is projected to advance at a CAGR of 24.3% from 2022 to 2030. The rising incidence of fraudulent activities in the healthcare sector, increasing number of patients seeking health insurance, high returns on investment, and the increasing number of pharmacy claims-related frauds are the major drivers propelling the market growth.

Browse through Grand View Research's Healthcare IT Industry Research Reports.

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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