The global Healthcare Predictive Analytics Market size is expected to reach USD 67.25 billion by 2030, registering a CAGR of 24.5% over the forecast period, according to a new report by Grand View Research, Inc. The rising burden of chronic diseases on a global level coupled with the increasing cost of healthcare are the key factors driving the market for healthcare predictive analytics and is resulting in wider adoption rates of the same across the globe. With the increasing adoption of telehealth and other consultation methods, the adoption of EHRs has led to enormous patient data in the past few years. This can be leveraged by the healthcare IT companies for predictive analytics for risk management, disease management, understanding of disease spread & trajectory as well as in delivering proper medical care to the patient for the best outcomes.
All of these factors have been driving the
global market growth. An increase in healthcare expenditure in developed and
developing countries due to a rise in the number of chronic diseases will also
support market growth. In the Europe region, the healthcare expenditure as a
percentage of GDP in 2019 was 9.92%. Technological advancements as well as
rapid generation of patient data, more so during the COVID-19 pandemic due to
teleconsultations, EHRs, etc. have made it possible to analyze data and derive
meaningful results, which are oriented towards better patient outcomes. The
healthcare predictive analytics tools not only help reduce costs & assist
the care providers to decide on the best treatment plans but also significantly
reduce the risk of fraudulent claims made to recover money from insurance
companies.
Annually, trillions of U.S. dollars’ worth
of false insurance claims are made. For providers, predictive analytics has
been a key to reducing costs significantly. The above-mentioned factors
contribute significantly to the growth of the market. The financial application
of predictive analytics is the largest in the segment owing to the massive
amounts of money that can be saved by deploying these predictive tools in
day-to-day work. The frauds alone when detected can be averted and result in
trillions of dollars saved, moreover unnecessary tests and medication can be
avoided with the help of predictive analytics, which can help determine the
best treatment plans and evidence-based medicine or personalized medicines for
the treatment of the disease.
A trial conducted studied the financial
implications of continuous monitoring in patients with opioid-induced
respiratory depression, the study found that a median hospital could save up to
$535,531 annually, and can shorten the cumulative stay by 103 days. The payers
had the majority share of the end-use segment, comprising insurance companies
who assess risk related to false claims as well as the high cost of treatments
that are a concern for the providers. Adoption of predictive analytics tools
for cost reduction as well as for saving money by detecting frauds in insurance
claims is a major factor driving the growth of the segment. The providers are
the fastest-growing category owing to the reduction in the cost of treatments
and wider adoption rates among both private as well as government-affiliated
providers.
Related Press Release@ Healthcare Predictive Analytics Market Report
Healthcare
Predictive Analytics Market Report Highlights
- The financial application segment accounted for the
largest market share in 2021 due to the need to curb fraudulent insurance
claims. Population health management is estimated to be the
fastest-growing application segment from 2022 to 2030
- North America led the market share in 2021 due to
ever-improving healthcare infrastructure and advancements in technology
and IT
- Healthcare predictive analytics has played a major
role in saving the region in terms of high-end fraudulent insurance claims
as well as providing the best possible treatments on a personalized level
for reaching optimum patient outcomes This has been a key driving force for
the market
- Asia Pacific is estimated to be the fastest-growing
regional market from 2022 to 2030 due to the rapidly advancing healthcare
sector, increasing expenditure, and overall improvement & adoption in
healthcare IT
- The COVID-19 pandemic had an adverse impact on how
healthcare predictive analysis was looked at
- Various studies on the virus that caused the
outbreak could be studied due to the massive amount of patient data that
was generated during the pandemic
- This has been seen as an opportunity for the market.
Healthcare predictive analytics tools for personalized treatment plans for
each patient as well as reduced treatment costs are primary factors
driving the market
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
No comments:
Post a Comment