Healthcare Predictive Analytics Market, By Application (Clinical Data Analytics, Financial Data Analytics, Administrative Data Analytics, and Research Data Analytics), By Component (Software, Hardware, and Services), By Deployment (On Premise and Cloud Based), By End-User (Healthcare Providers, Industry, and Research Institutions), and By Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America) - Size, Share, Outlook, and Opportunity Analysis, 2022 - 2028

Published In : Sep 2022

Code : CMI5246

Pages :165

Formats :

Excel and PDF

Industry : Healthcare IT

Market Challenges And Opportunities

Global Healthcare Predictive Analytics Market Drivers:

Rising burden of chronic diseases on a global level is expected to augment growth of the global healthcare predictive analytics market over the forecast period. Healthcare predictive analytics can be used to improve disease management and an understanding of the spread and trajectory of disease as well as providing appropriate medical care to the patient for best outcomes. For instance, worldwide, chronic diseases are the leading causes of death and disability, according to the World Health Organization (WHO).

Growing need of increasing efficiency in the healthcare sector is expected to boost the growth of the healthcare predictive analytics market during the forecast period. For instance, predictive analytics help improve the efficiency of personnel & other available resources in the healthcare sector. In March 2021, Health Catalyst, Inc. announced the launch of the new Healthcare.AI. Created to address healthcare business opportunities and challenges across revenue, cost, and quality, Healthcare.AI suite of augmented intelligence products and services will significantly expand the effective use and use cases of AI in healthcare.

Global Healthcare Predictive Analytics Market Opportunities:

Increase in demand or adoption of healthcare predictive analytics is expected to offer lucrative growth opportunities for players in the healthcare predictive analytics market. For instance, in March 2022, Databricks announced the launch of lakehouse platform, named the Databricks Lakehouse for Healthcare and Life Sciences, for data management, analytics and advanced AI use cases like disease prediction, medical image classification, and biomarker discovery. GE Healthcare, Walgreens, ThermoFisher, and Regeneron are some early adopters.

Increasing cost of healthcare is expected to provide significant growth opportunities for players in the global healthcare predictive analytics market. For instance, predictive analytics can help reduce healthcare costs & improve quality of care. Using continuous monitoring and predictive analytics can cut medical costs by nearly US$ 535,000 annually, according to an economic data model from Medtronic (July 2021). According to the study, continuous monitoring could result in $ 535,531 annual hospital cost savings for a median-sized U.S. hospital.

Global Healthcare Predictive Analytics Market Restraints:

Lack of skilled IT professionals in healthcare is expected to hamper the growth of the global healthcare predictive analytics market. For instance, the shortage of skilled professionals is the major contributor to the ailing healthcare system. The shortage of skilled professionals will continue for a limited period of time as more & more data analysts are being trained on various aspects of data storage, prediction, and analysis. The lack of IT workers has forced healthcare to recruit IT help from other industries.

Lack of robust (healthcare) infrastructure is expected to hinder growth of the global healthcare predictive analytics market. With lack of robust infrastructure and growing renewal investment needs, the demand for more accurate and robust prediction models is also increasing. Robust infrastructure is a key for effective operations and scalability of any project. This is proving to be a major restraining factor in the market.