Predictive Disease Analytics Market Share, Size, Trends, Industry Analysis Report, By Component (Software, Service, and Hardware); By Deployment; By End-User; By Region; Segment Forecast, 2023 - 2032
- Published Date:Jun-2023
- Pages: 115
- Format: PDF
- Report ID: PM3377
- Base Year: 2022
- Historical Data: 2019-2021
Report Outlook
The global predictive disease analytics market was valued at USD 1.94 billion in 2022 and is expected to grow at a CAGR of 21.9% during the forecast period. Growing technological advancements in the market are revolutionizing the overall healthcare industry. Several businesses are adopting artificial intelligence to improve their revenue streams. For example, in April 2022, Biofourmis raised US$ 300 million to scale up its virtual care offerings, including delivering personalized and predictive in-home care and expanding its services to patients with complex chronic conditions. Technology is fundamental in global health care as predictive analytics has become more useful in personal medicine, operational management, and epidemiology. The shift toward artificial intelligence has had a tremendously positive impact on the global market.
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The increasingly pervasive use of predictive analytics in various healthcare applications results in better-individualized patient care, earlier interventions, and lower hospital expenses. Importantly, the technology already benefits a range of healthcare settings, including the biggest university institutions, healthcare insurance firms, and small private medical practices. Predictive analytics capabilities are currently prevalent in electronic health record (EHR) systems, and analysts anticipate that companies will continue to expand their offerings.
Healthcare professionals can use these predictive analytics techniques to identify the possibilities for making operational & clinical decisions that are more efficient in predicting trends and even controlling the spread of diseases. This is accomplished through the examination of both historical & current healthcare data.
COVID-19 has accelerated the growth of the global market due to the rising adoption of digitalized health solutions for patients and growing investments in them. The need for these analytics has heightened with the increasing importance of early detection and intervention in infectious diseases. Moreover, machine learning models can analyze large amounts of data from diverse sources, such as EHRs, public health databases, and social media, to identify patterns and risk factors associated with COVID-19 infection and outcomes.
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Industry Dynamics
Growth Drivers
Spur in the adoption and launches of predictive analytics are set to escalate the predictive disease analytics market growth. The remarkable properties of solutions and appropriate patient care and outcomes have enhanced the demand for analytics in the healthcare industry. As a result, several businesses are contributing to the market. For example, in December 2022, human health data provider Net Health Systems introduced the RADAR care management system, which involves predictive models that harness the power of machine learning (ML) ‘s ability to recognize patients at a high risk of hospitalization, pressure ulcers, mortality, and falls. Adopting these solutions among a huge population is propelling the market’s revenue.
Increasing cases of chronic diseases are another factor fuelling the growth of the predictive analytics market. According to the CDC, chronic diseases are the foremost causes of death and disability in the U.S. Nearly 60% of adults have at least one chronic disease. For example, as per the National Association of Chronic Disease Directors, chronic conditions like cancer, diabetes, and cardiovascular disease are the primary causes of death in the United States. The growing prevalence of chronic disease is improving the need for analytics to identify the risk of developing chronic conditions.
Report Segmentation
The market is primarily segmented based on component, deployment, end-user, and region.
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By Component |
By Deployment |
By End-User |
By Region |
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The software segment held the largest share of the global market in 2022
In 2022, the software segment dominated the market share. This is due to growing digitalization and the rapidly expanding IT industry. The software is widely adopted across many countries to provide essential tools for collecting, managing, analyzing, and integrating healthcare data. A large number of businesses are also investing in this segment. For instance, in April 2021, Well Sky introduced a new predictive analytics service, “CareInsights,” for personal care. This service analyses personal care to present providers with an inclusive view of crucial factors.
Most businesses across the globe use data analytics divisions to function their tools and services for future trends properly. Most analytic firms offer a full range of services to businesses. Extending the services provided by data analytics boosts the segment's growth even further.
On-premises segment dominated the global market in 2022
In 2022, the on-premises segment held the largest global share. This is attributed to various benefits such as security, data privacy, customization, performance, and latency. On-premises solutions offer greater flexibility and customization options, allowing organizations to tailor their predictive disease analytics software to their needs and workflows. Depending on the size and complexity of the data being analyzed, an on-premises solution is faster and more efficient than a cloud-based solution that relies on internet connectivity.
The healthcare payer segment accounted for the largest share in 2022
Healthcare payers are the leading contributors to market development, as this segment primarily comprises insurance businesses, government agencies, & health-plan sponsors, and use these predictive tools are used to evaluate insurance claims, detect fraud claims, & evaluate disease risk assessment. As a result, most healthcare payers rely on analytics, which is why this segment is gaining huge momentum. As per a recent study, nearly 83% of healthcare practitioners believe that such predictive tools are one of their top strategic priorities.
North America is dominating the global market.
North America is projected to have the largest share of the global market. This can be linked to advancements in technology and the prominence of industry participants, remarkably in the United States. The substantial funding provided to new players by venture capitalists is likely to fuel market growth. Augmented healthcare expenditure in the region is one of the key aspects of improving global revenue. For example, U.S. spending on healthcare increased from 2.7% in 2021 & reached around USD 4.3 trillion. As a share of the nation's Gross Domestic Product, health spending accounted for almost 18.3%.
Intensifying innovations in predictive analytics development techniques are anticipated to be key opportunities for well-known players. The proliferation of advanced technologies such as machine learning, artificial intelligence, and big data will likely boost market growth during the forecast period.
However, Asia Pacific is expected to grow fastest due to the geriatric population and increasing chronic diseases in this region. With longer life expectancies and lower fertility rates, Asia Pacific is at the forefront of one of the most important global demographic trends. For example, by Census Bureau data published in June 2022, there were projected to be nearly 414 million Asian people aged 65 and older, around 20% higher than the total U.S. population (331.4 million). Older adults are often at risk for social isolation, which can lead to a range of negative health outcomes.
Analytics solutions can help identify individuals at risk for social isolation and connect them with resources and services that can help them stay engaged with their communities. Subsequently, a growing older population is increasing the risks of various diseases, hence the demand for predictive analytics solutions. This is further responsible for augmenting the growth of the global market.
Competitive Insight
The global predictive disease analytics market involves Oracle, IBM, SAS, Allscripts Healthcare Solutions., MedeAnalytics, Health Catalyst, and Apixio Inc.
Recent Developments
- In March 2022, Databricks introduced a new lakehouse platform. This platform is for data management, analytics & advanced AI use cases like medical image classification, disease prediction, & biomarker discovery.
- In November 2022, Zephyr AI partnered with MedStar Health to further advance its AI-based insights product, transforming the lives of chronically ill patients.
Predictive Disease Analytics Market Report Scope
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Report Attributes |
Details |
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Market size value in 2023 |
USD 2.36 billion |
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Revenue forecast in 2032 |
USD 14.04 billion |
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CAGR |
21.9% from 2023 – 2032 |
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Base year |
2022 |
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Historical data |
2019– 2022 |
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Forecast period |
2023– 2032 |
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Quantitative units |
Revenue in USD billion and CAGR from 2023 to 2032 |
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Segments covered |
By Component, By Deployment, By End-User, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Key companies |
Oracle, IBM, SAS, Allscripts Healthcare Solutions Inc., MedeAnalytics, Inc., Health Catalyst, and Apixio Inc. |
FAQ's
The predictive disease analytics market report covering key segments are component, deployment, end-user, and region.
Predictive Disease Analytics Market Size Worth $14.04 Billion By 2032.
The global predictive disease analytics market expected to grow at a CAGR of 21.9% during the forecast period.
North America is leading the global market.
key driving factors in predictive disease analytics market are rising cases of chronic diseases.
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