Predictive Disease Analytics Market Trends

Global Predictive Disease Analytics Market Overview

The Predictive Disease Analytics Market Size was valued at USD 2.1 Billion in 2022 and is projected to grow from USD 2.6 Billion in 2023 to USD 13.7 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 23.20% during the forecast period (2023 - 2032). Increased demand to reduce healthcare costs by eliminating wasteful expenses, the emergence of individualized and evidence-based therapy, and increased healthcare sector efficiency, are the key market drivers enhancing the market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Predictive Disease Analytics Market Trends

• Increase in efficiency in the healthcare sector is driving the market growth

Increased healthcare sector efficiency, the emergence of personalized and evidence-based medicine, and the rise in demand to reduce wasteful spending on healthcare are the main reasons driving the market's expansion. However, the market's expansion is anticipated to be hampered by a lack of reliable infrastructure for optimal operation and a shortage of trained IT workers in the healthcare sector. Additionally, during the projected period, the increasing relevance of healthcare in emerging economies is anticipated to assist pave the way for new growth opportunities. 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 with better care. The healthcare predictive 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 in order to better data analytics and improve patient care.

The healthcare sector is rapidly becoming digitalized thanks to the quick development of technology and significant investment made by the sector. These analytical tools are being used all around the world to control patients' retention. The use of healthcare analytics also boosts employee productivity, enhances patient care, and lessens the stress on caregivers. To bring innovation in research and care, Databricks developed the Lakehouse paradigm for the healthcare and life science industries in March 2022. Analytics, data management, and cutting-edge AI for disease prediction, medical picture classification, and biomarker identification can all be done on one platform.

Predictive analytical tools are being more widely used in the healthcare sector due to a combination of rising government initiatives and rising financial investments in the area. For instance, in February 2023, the European Commission allocated USD 7.2 million for a new project that aims to create an AI-based platform for gathering and analyzing clinical data on novel oncology drugs in order to support regulators' and HTA agencies' evaluations of those drugs. Similar to this, the American government has launched a number of initiatives in this area, such as the HealthData.gov portal, which compiles data from a number of federal databases on subjects like clinical data, community health performance, and medical and scientific knowledge. In addition to hospitals, policymakers are using these platforms to analyze data and models in order to better decide which healthcare institutions should be funded and how to provide treatment for patients. Major market participants concentrate on creating technologically sophisticated instruments as well in order to increase their market dominance. Thus, driving the Predictive Disease Analytics market revenue.

Predictive Disease Analytics Market Segment Insights:

Predictive Disease Analytics Component Insights

The Market segments of Predictive Disease Analytics, based on Component, includes software & services and hardware. Software & services segment dominated the global market in 2022. Significant investments from the healthcare sector have been made in the IT sector due to the creation of platforms and the digitalization of data for analytics. The majority of firms outsource the data analytics aspect of their IT because they lack a data analytics division. As a result, there are more companies offering a wide range of services to organizations through data analytics. The growth of the industry is further boosted by expanding the services that data analytics offers.

Predictive Disease Analytics Deployment Insights

The Predictive Disease Analytics Market segmentation, based on Deployment, includes on-premise and cloud-based. On-premise segment dominated the global market in 2022. The ease of access and security are credited with the increase; most institutions are currently building tools and software to store data on-site, which is fueling category expansion. The present technologies are helpful for small organizations, but if the company manages a huge dataset, they may become difficult and time-consuming to employ when scaled up. For data security and storage, a large financial expenditure might be necessary.

Predictive Disease Analytics End User Insights

The Predictive Disease Analytics Market segmentation, based on End User, includes healthcare payers, healthcare providers, and other end users. Healthcare payers segment dominated the Predictive Disease Analytics Market in 2022. Insurance firms, corporations and unions who sponsor health plans, as well as governmental organizations and third-party payers, are examples of payers. Payers use predictive disease analytics systems for disease risk assessment, analyzing insurance claims before payment settlement, and preventing and identifying fraudulent claims. Payers utilize recent and previous data to forecast the future.

Figure 1: Predictive Disease Analytics Market, by End User, 2022 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Predictive Disease Analytics Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Predictive Disease Analytics Market dominated this market in 2022 (45.80%). The most cutting-edge medical facilities are located in the area, which accelerates platform adoption. The demand for hospitals and other businesses to embrace analytics tools has increased as a result of the growing burden of chronic diseases and the rising percentage of the elderly population. Further, the U.S. Predictive Disease Analytics market held the largest market share, and the Canada Predictive Disease Analytics market was the fastest growing market in the North America region.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: PREDICTIVE DISEASE ANALYTICS MARKET SHARE BY REGION 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Predictive Disease Analytics market accounted for the healthy market share in 2022. The geographical expansion is primarily caused by two factors: an increasing senior population and an increase in the prevalence of chronic diseases. Further, the German market of Predictive Disease Analytics held the largest market share, and the U.K market of Predictive Disease Analytics was the fastest growing market in the European region

The Asia Pacific Predictive Disease Analytics market is expected to register significant growth from 2023 to 2032. The market expansion is attributable to expanding supportive government programs. Additionally, the increase in healthcare spending spurs market expansion and creates new business prospects. Moreover, China’s market of Predictive Disease Analytics held the largest market share and the Indian market of Predictive Disease Analytics was the fastest growing market in the Asia-Pacific region.

Predictive Disease Analytics Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Predictive Disease Analytics market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Predictive Disease Analytics industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Predictive Disease Analytics industry to benefit clients and increase the market sector. In recent years, the Predictive Disease Analytics industry has offered some of the most significant advantages to medicine. Major players in the Predictive Disease Analytics market, including Oracle, IBM, SAS, Allscripts Healthcare Solutions Inc., MedeAnalytics, Inc., Health Catalyst, and Apixio Inc., are attempting to increase market demand by investing in research and development Deployments.

Software development, licensing, and support are all services provided by Microsoft Corp. (Microsoft). The company provides a wide variety of operating systems, server applications, cross-device productivity tools, business solution tools, desktop and server administration tools, video games, and training and certification services. Additionally, it creates, produces, and markets hardware items like PCs, tablets, game consoles, and other sophisticated gadgets. The company offers a wide range of services, such as consultancy, cloud-based solutions, and solution support. Through original equipment manufacturers, distributors, resellers, online marketplaces, Microsoft stores, and other partner channels, Microsoft promotes, distributes, and sells its products. The company has operations throughout the Middle East, Africa, the Americas, Europe, and Asia-Pacific. The US city of Redmond, Washington, is where Microsoft is based. Microsoft introduced Microsoft Cloud for Healthcare in September 2020. This partnership between patients and providers will help in providing improved patient care insights.

An operator of healthcare networks with a focus on communities, technology, and people is Ardent Health Services. Health systems with a number of hospitals and centers for life-saving technologies make up the company's subsidiaries and facilities, allowing patients to benefit from its distinctive combination of resources and established managerial know-how. SwitchPoint Ventures and Ardent Health Service joined together to establish an innovation lab in January 2023. 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.

Key Companies in the market of Predictive Disease Analytics include

• Oracle


• IBM


• SAS


• Allscripts Healthcare Solutions Inc.


• MedeAnalytics, Inc.


• Health Catalyst


• Apixio Inc.

Predictive Disease Analytics Industry Developments

February 2023: The European Commission has committed USD 7.2 million to a new initiative that aims to create an AI-based platform for gathering and evaluating clinical data on novel oncology drugs in order to enable regulators' and HTA agencies' evaluation of these drugs.

June 2020: A platform for healthcare data analytics was launched by the NIH to gather patient information for COVID-19 meaningful insights. However, it is anticipated that difficulties with privacy, a lack of rules, and algorithm bias will impede industry expansion.

Predictive Disease Analytics Market Segmentation:

Predictive Disease Analytics Component Outlook

• Software & Services


• Hardware

Predictive Disease Analytics Deployment Outlook

• On-premise


• Cloud-based

Predictive Disease Analytics End User Outlook

• Healthcare Payers


• Healthcare Providers


• Other End Users

Predictive Disease Analytics Regional Outlook

• North America
  
  
  
  • US.
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America