Healthcare predictive analytics market is anticipated to grow at a significant CAGR of 25.5% during the forecast period. Healthcare predictive analytics support healthcare organizations, hospitals, and doctors to access, analyze, and process patient data to provide data-based quality care, accurate diagnosis, and personalized treatments. In August 2023, a survey conducted by the Healthcare Information and Management Systems Society (HIMSS) and healthcare data analytics company Arcadia about the current state of healthcare analytics platforms demonstrates that less than 60 percent of health systems’ data is used to inform intelligent business decisions.
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Access to high-quality data, organization size, analytics investment challenges, data accuracy, and data utilization play major roles in the current healthcare data analytics landscape. In March 2023, SpectrumAi raised $20 million in Series A funding, with investment led by CVS Health Ventures. The funding will help the startup push its applied behavior analysis (ABA) electronic health record, Twyll, and Patterns, its network analytics platform. The growing investment in healthcare predictive analytics technologies is anticipated to offer lucrative opportunities for the growth of the global market.
Segmental Outlook
The global healthcare predictive analytics market is segmented based on component, deployment model, and application. Based on components, the market is segmented into software and services. Based on the deployment model, the market is segmented into cloud-based and on-premises. Based on application, the market is segmented into clinical data analytics, financial data analytics, research data analytics, operations management, and others.
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Market Players Outlook
The major companies serving the global healthcare predictive analytics market include Cerner Corp., Information Builders Inc., IBM Corp., Oracle Corp., and Health Catalyst among others. The market players are considerably contributing to the market growth by the adoption of various strategies, including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market.
For instance, in October 2021, Digital behavioral health company SonderMind acquired Qntfy, a predictive analytics platform that uses mental health biometric data to suggest potential treatment options. SonderMind’s platform connects patients with therapists for virtual and in-person visits while managing operations like payments and the telehealth suite. The deal will allow the company to deliver personalized care using data without loading that extra work on mental healthcare providers.
In the same month, Signant Health made a strategic investment in ThoughtSphere, a leading provider of data aggregation and analytics software that helps clinical trial sponsors and contract research organizations (CROs) take control over the increasing volume and variety of clinical trial data. With this investment, Signant now offers customers additional opportunities beyond data capture to cover the full continuum of the patient-data journey, up to the point of regulatory dossier and submission.
By Component (Software, Services),
By Deployment Model (Cloud Based, On-premises),
By Application (Clinical Data Analytics, Financial Data Analytics, Research Data Analytics, Operations Management, and Others
The Report Covers
Market value data analysis of 2024 and forecast to 2030.
Annualized market revenues ($ million) for each market segment.
Country-wise analysis of major geographical regions.
Key companies operating in the global healthcare predictive analytics market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
Analysis of market-entry and market expansion strategies.
Competitive strategies by identifying ‘who-stands-where’ in the market.
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