PRESS RELEASE
Published July 11, 2023
InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the “Global Predictive Disease Analytics Market Size, Share & Trends Analysis Report By Component (Hardware, Software & Services), By Deployment (On-premise and Cloud-based), By End-user (Healthcare Providers, Healthcare Payers)- Market Outlook And Industry Analysis 2031″
The Global Predictive Disease Analytics Market is estimated to reach over USD 13.17 billion by 2031, exhibiting a CAGR of 21.13% during the forecast period.
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A subset of advanced analytics called predictive analytics uses various methods, including modeling, data mining, statistics, and artificial intelligence, to help generate predictions and improve decision-making (AI). Predictive analytics, big data, and improved insights contribute to better operational management of the healthcare industry and more accurate diagnosis and treatment in personalized medicine.
The market expansion is primarily driven by improved healthcare sector efficiency, the advent of personalized and evidence-based treatment, and an increased demand for healthcare spending to be reduced by eliminating wasteful expenses. Furthermore, predictive analytical tools are more widely used in the healthcare sector due to rising government initiatives and financial investments.
List of Prominent Players in the Predictive Disease Analytics Market:
- Oracle
- IBM
- SAS
- Allscripts Healthcare Solutions Inc.
- MedeAnalytics, Inc.
- Health Catalyst
- Apixio Inc.
Market Dynamics:
Drivers-
The healthcare sector is facing difficulties such rising treatment costs, inadequate patient care, and low patient engagement and retention rates. As a result, the industry is adopting predictive disease analytics to optimize operations and give patients better care.
The healthcare analytics sector is expanding for the most part due to these considerations. For instance, Hartford HealthCare and Google Cloud announced their long-term agreement in November 2022 to advance the digital transformation of their healthcare system to better data analytics and improve patient care. Furthermore, COVID-19 accelerated the sector’s market expansion because of the escalating demand for digital solutions and sophisticated analytical tools for monitoring the patient population.
Challenges:
The lack of widespread adoption of digital health solutions is primarily due to patient data privacy concerns and recent data breaches. Healthcare institutions keep thorough patient records that include the patient’s name, address, social security number, date of birth, and payment account information, making them a frequent target for cyberattacks.
Patients don’t want their medical records shared with online services and software. In the near future, adopting digital health solutions, such as healthcare predictive analytics, is expected to be hindered by the rising frequency of healthcare data breaches.
Regional Trends:
The North America predictive disease analytics market is expected to register major market share in revenue and projected to grow at a high CAGR soon. The most cutting-edge medical facilities are in the area, accelerating platform adoption.
The demand for hospitals and other businesses to embrace analytics tools has increased due to the growing burden of chronic diseases and the rising percentage of the elderly population. The existence of major companies has also influenced the market’s substantial proportion of income. Besides, the Asia Pacific had a substantial share in the market.
The market expansion is attributable to expanding supportive government programs. Furthermore, increased healthcare spending spurs market expansion and creates new business prospects. The geographical expansion is primarily caused by two factors: an increasing senior population and an increase in the prevalence of chronic diseases.
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Recent Developments:
- In January 2023, SwitchPoint Ventures and Ardent Health Service collaborated to open an innovation studio. The studio’s main priorities will be creating and implementing data-driven solutions. Polaris, SwitchPoint’s ground-breaking technology for precisely forecasting patient volume in any healthcare context, has also been adopted by Ardent.
Segmentation of Predictive Disease Analytics Market-
By Component
- Software & Services
- Hardware
By Deployment
By End User
- Healthcare Payers
- Healthcare Providers
- Other End Users
By Region-
North America-
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- South East Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of Middle East and Africa
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