Predictive Analytics in Healthcare Market Size Growth Insights Top Countries Data, Industry Share, and Forecast 2022-2031

Kenneth Research recently added a report on ‘Predictive Analytics in Healthcare Industry Market’ in its database of market research reports which provides its readers an in-depth analysis on the latest trends, growth opportunities and growth drivers that are associated with the growth of the market. The report additionally shares critical insights on the COVID-19 impacts on the Predictive Analytics in Healthcare Industry Market, along with the compound growth rate (CAGR) of the market for a projected period between 2022 and 2031. The report also includes analysis of the market by utilizing different analytical tools, such as PESTEL analysis and Porter’s five forces analysis. These tools also provide an in-depth analysis on the micro and macro-environmental factors that are associated with the growth of the market during the forecast period.

In Q4 2021, U.S. current-account deficit widened stood at $224.8 billion. However, in Q1 22, CAD rose by 29.6%, reached to $291.4 billion, adding $66.6 billion to the gap. Export of good and services increased by $25.7 billion to reach $1.03 trillion in the first quarter of 2022. However, country’s goods and services deficit was $79.6 billion in June, down $5.3 billion from $84.9 billion in May, revised- reflecting some sight of relief. On the other hand, annual inflation rate in the country hit 8.5%. Energy CPI surged by 32.9% in July 2022, inflating the cost of logistic and signs to disrupt supply chain whilst electricity cost upsurged by 15.2%, highest since Feb 2006. Apart from that, In July 2022, existing US home sales declined 5.9% to 4.81 million (seasonally adjusted annual rate), the lowest since May of 2020 and below market expectations of 4.89 million. As mortgage rate touches highest at 6%, sales for houses declined for a sixth consecutive month. Global energy crises to remain at focal point impacting the economic activity in the U.S, pushing consumers to spend less on the products and services and save more.

On the other hand, the worst is expected to be seen in the European countries, especially during 2022 winters. The energy and gas crises has already started grappling the region, wherein many Western European countries including Germany is looking for coal fired solutions to tackle the gas supply shortage created by Russian-Ukraine conflict.

Amidst global concerns, market players have started looking for safe investments by holding on to the new technology and product launches. Factors like currency translation, disruption in global supply chain, Anti-China sentiments brewing across the globe, slowdown in Chinese economy, inflated products prices, USD getting stronger every week, decreasing purchasing power and strict measures taken by central banks/institutions across the world to ensure less spending and more saving, could hit the demand for the product and service badly in near future.

Healthcare Companies and Private Service Providers to have a minimal damage Caused by Inflation:

As US govt. remains committed to quality by spending more in the Medicaid and Medicare programs, incentives by govt. to medical devices, pharma companies and biotech to benefit the market players in short and long term goals. In 2021, U.S. spent $12,318/person on healthcare- highest amongst all OECD countries followed by Germany at $7,383. The federal government commitment towards healthcare systems to enable market players expanding their revenues and mitigating the risk posed by the inflation. 

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“Predictive analytics is used to analyze current data to use data mining, statistics, modeling, artificial intelligence, and machine learning to predict the future. It helps to enhance all aspects of the health field. These include patient care, chronic disease management, supply chain efficiency and hospital management. The predicted and analyzed value in the global healthcare market stood at ~USD 2 billion by the end of 2021, and it is expected to expand at  a compound annual growth rate of 21.2% from 2022 to 2030.

The main factors driving market growth include the improvement of the efficiency of the healthcare sector, the emergence of evidence-based and personalized medicine, and the increased demand for reducing healthcare expenditures by reducing unnecessary costs of healthcare.

However, the lack of a robust infrastructure with effective functions and the restriction of qualified IT professionals in the healthcare field are expected to hinder market growth. In addition, the increasing importance of healthcare in emerging economies is expected to help open new avenues for market growth during the forecast period.
Application type segmentation review: According to different applications, the market is subdivided into operation management, financial data analysis, population health management, and clinics.

End-user segmentation review :

According to the end-user, the market is divided into healthcare payers, healthcare providers, and others. Healthcare payers are the biggest contributors to market growth, because this part mainly includes insurance companies, health plan sponsors, and predictive analysis is used to evaluate insurance claims, prevent and detect fraudulent claims, and assess disease risks.

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Major participants in global predictive analysis in the healthcare market include Allscripts Healthcare Solutions Inc., Cerner Corporation, IBM Corporation, Information Builders Inc., MedeAnalytics, Inc., Optum Inc., Oracle Corporation, SAS Institute, Inc., Microsoft Corporation , Other major players in the value chain include CitiusTech Inc., Nous Infosystems, Streamline Health Solutions, LLC, Alteryx, Inc., Hortonworks Inc., Health Fidelity, Inc. and ScienceSoft USA Corporation.

Key advantages of predictive analysis of the healthcare market: 

This report involves a detailed quantitative analysis of current market trends from 2022-2030 to identify major opportunities. Market estimates are based on a comprehensive analysis of key developments in the industry. Thorough analysis of applications, components, end users, and regions. Region-based in-depth analysis helps to understand the regional market to help strategic business planning. Development strategies adopted by major manufacturers are listed to understand the market competitive scenarios.

Predictive analysis in the key segments of healthcare

By application operation management financial data analysis population health management clinics by component software and hardware services by end user healthcare payer healthcare provider others. ”

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