It is estimated that the global healthcare predictive analytics market overview is assessed to flourish a sound CAGR of more than 29.50% to reach USD 65.5 billion during the appraisal time frame from 2022 to 2030. The global healthcare predictive analytics market is expected to witness tremendous growth owing to the government initiatives to increase EHR adoption, growing venture capital investments, growing pressure to curb healthcare spending and improve patient outcomes. Other key factors such as rising healthcare costs; curb fraudulent claims, optimize provider networks, operational costs; increasing competition, the growing need to increase memberships are compelling healthcare payers to adopt analytics solutions.
In recent years, the healthcare industry has witnessed an exponential growth in data generated from various sources such as electronic health records, medical devices, wearables, and patient interactions. The immense volume of data presents a unique opportunity for healthcare organizations to leverage predictive analytics to improve patient outcomes, optimize operational efficiency, and enhance overall healthcare delivery. The emergence of Healthcare Predictive Analytics (HPA) has revolutionized the industry, offering data-driven insights and evidence-based decision-making capabilities.
On the regional basis, the healthcare predictive analytics market report in the Americas is predicted to dominate the market during the forecast period. The North American region holds substantial share in the global market.
This owes to the growth of federal healthcare regulations that curb the rising healthcare costs; rising government initiatives focusing on personalized medicine, growing EHR adoption; and population health management.
For instance, IBM invests a significant amount of its revenue in research activities to continuously improve its product portfolio. The company has invested nearly USD 24 billion in the development of its big data and analytics software and services. The major steps undertaken by the company was the acquisition of Truven Health Analytics in April 2016. This acquisition had assisted the company to acquire a major share of the global market.
Currently, the global healthcare predictive analytics market is dominated by numerous players. The major players in this market are involved in new product launches, strategic partnerships and collaborations to increase their product portfolio. For example, in August 2018, Verscend Technology acquired Cotiviti Holdings, Inc., a leading provider of payment accuracy and analytics-driven solutions focused primarily on the healthcare industry. Also, in July 2018, Health Catalyst acquired Medicity, a PHM company offering solutions for HIEs, business intelligence, and provider and patient engagement.
The global healthcare predictive analytics market is segmented on the basis of component, application, and end user.
Some of the key players in the global intraocular lens market are IBM Corporation (US), Optum, Inc. (US), Cerner Corporation (US), SAS Institute, Inc. (US), Allscripts Health Solutions (US), McKesson Corporation (US), MedeAnalytics, Inc. (US), Inovalon (US), Oracle Corporation (US), Health Catalyst (US), SCIO Health Analytics (US), Verscend Technologies, Inc. (US), CitiusTech, Inc. (US), Wipro Limited (India), and VitreosHealth (US).
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