Healthcare Predictive Analytics Market: Trends, Growth Opportunities and Industry Statistics Till 2032

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The global Healthcare Predictive Analytics Market, which is the use of statistical methods and technology to analyze and predict outcomes for individual patients, is expected to reach USD 41.37 Billion by 2032 with a compound annual growth rate (CAGR) of 21%.

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The market is driven by the increasing amount of data available in the healthcare industry, as well as the growing necessity to base reasoning on evidence taken from physical measurements. Healthcare Predictive Analytics is being widely used in the industry due to its ability to save time and minimize costs.

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However, the high cost of analytics solutions, dearth of skilled personnel, and operational gaps between payers and providers are the major hindrances for market growth.

Despite the obstacles, Healthcare Predictive Analytics has the capability to address issues like incorrect diagnoses and low medication adherence. It finds application in tailoring drug regimens for individuals, generating follow-up alerts, and enabling real-time monitoring of diagnoses. Consequently, it leads to an enhancement in the quality of life for patients dealing with chronic conditions and their families, while also reducing long-term healthcare expenses and elevating the standard of care. The acquisition and representation of knowledge within clinical decision support systems are also dynamic areas of research, with the focus expanding from merely diagnosing to encompassing the broader aspects of patient management in knowledge-based medical systems.

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The financial application type segment is the dominant segment for Healthcare Predictive Analytics as of 2019, with the European regional market being the prominent revenue-generating source, followed by North America, Asia-Pacific, and other regions. The 'payers' end-use sub-segment was valued the highest in 2019 and is expected to remain the highest growing sub-segment by 2027.

Asia-Pacific is expected to account for the third-largest share of the global Healthcare Predictive Analytics market, with developing nations such as China and India witnessing significant growth. However, the reluctance to adopt Healthcare Predictive Analytics in emerging countries and the dearth of skilled professionals are likely to hinder market growth during the forecast period.

Key players in the Healthcare Predictive Analytics market include Cerner Corporation, McKesson Corporation, Verisk Analytics, Inc., IBM, Oracle, MedeAnalytics, Inc., SAS, Optum, Inc., Allscripts, and Inovalon.

The market is segmented by application type, end-use, and region, with operations management, financial, population health, and clinical data being the different application types, and payers, providers, and others being the end-use segments. North America has the highest CAGR for the market at 3%, followed by Asia-Pacific and Europe, respectively.

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