According to the recent report by Future Market Insights (FMI), the predictive disease analytics market size is estimated to stand at USD 18.64 billion by 2033. Over the forecast period, the market is assessed to trail at a CAGR of 22.5%. For the year 2023, the market is estimated to be worth USD 2.45 billion.
Market Propellers for Predictive Disease Analytics
The healthcare industry has been facing challenges in the form of spiking treatment expenses, a dearth of improved patient care, and low patient engagement and retention. Therefore, predictive data analysis techniques are being deployed throughout the healthcare sector to offer enhanced patient care and upgrade operations. These are some key factors propelling the healthcare analytics industry.
In November 2022, for instance, Google Cloud and Hartford HealthCare officially declared their long-term partnership. The partnership is to digitally transform their healthcare system to enhance patient care and data analytics.
Surging Governmental Support
The rise in government initiatives and huge finance invested in the healthcare industry bolstered the market. In February 2023, the European Commission invested USD 7.2 million for a new project aimed at developing an AI-based platform. This platform is going to collect and analyze clinical data on new medicines of oncology to encourage their assessment via regulators and health technology assessment agencies (HTA).
Likewise, the United States government is launching the HealthData.gov portal. The portal captures information from various federal databases on clinical data, medical and patient knowledge, and community health performance.
| Attributes | Details |
|---|---|
| Predictive Disease Analytics Market Value (2023) | USD 2.45 billion |
| Predictive Disease Analytics Market Forecast Value (2033) | USD 18.64 billion |
| Predictive Disease Analytics Market CAGR (2023 to 2033) | 22.5% |
The market generated a revenue of USD 2 billion in 2022. The market is set to register a CAGR of 22.5% to reach USD 2.45 billion in 2023.
The predictive disease analytics industry is being driven by the following factors
Predicted Growth of Predictive Disease Analytics Market Over the Forecast Period
| Duration | Market Analysis |
|---|---|
| Short-term Growth | The market is anticipated to stand at a valuation of USD 3.68 billion by 2025. Increasing emphasis on preventive care is propelling the deployment of disease prediction using symptoms dataset. With the help of predictive disease analytics, healthcare providers are better able to identify patients who are at risk of suffering from certain conditions. These solutions help in potentially minimizing healthcare expenditure. |
| Medium-term Growth | By 2028 end, the market is estimated to surpass a market worth of USD 6.76 billion. The market is expected to be led by the accelerating telehealth sector, particularly for predictive disease analytics. These solutions are predicted to be used to support telemedicine consultations and remote patient monitoring. |
| Long-term Growth | The market is projected to amass a total of USD 18.64 billion by 2033. In the long run, integration of these solutions with blockchain technology is anticipated to boost the transparency and security of patient data. As a result, making it is convenient to share and analyze health insights spanning different healthcare organizations. |
The software and services segment accounted for a maximum share of 69.9% in 2022. The segment is also anticipated to observe a significant CAGR over the forecast period. Digitalization of data and the development of platforms has led to considerable investments by the healthcare sector into the IT sector.
Since a significant amount of businesses don’t have an in-house data analytics department, they outsource data analytics work to their IT team. Due to the aforesaid factor, data analytics firms are growing in business and more of these firms are coming into the business.
These firms offer an entire range of services to businesses. The growing scope of services and new services aimed to meet evolving business demands are further enhancing segment growth.
The on-premise section led the predictive disease analytics industry by acquiring a total revenue share of 65.9% in 2022. Due to the high security and convenience of access offered by on-premise deployment, several institutions are focusing on installing instruments and software to accumulate data at their premises.
This comes in handy for small businesses. However, in case it is scaled up to manage a sizeable dataset of businesses, it can make data management tiring and challenging.
The cloud-based solutions segment is projected to register a prominent CAGR in the assessment period. Growing demand for solutions that offer easy storage, more flexibility and efficiency, and low capital requirements is boosting the adoption of cloud-based solutions.
Further, these solutions also help enhance user engagement and obtain medical evidence from anywhere and at any given time. Companies offering predictive disease analytics are actively concentrating on multiple strategic initiatives to bolster segment growth.
The payer segment is expected to rule the market, on the basis of the end user. The market share of this segment is anticipated to be 40.9% in 2022. The payer segment consists of government agencies, insurance companies, third-party payers, and health plan sponsors (unions and employers).
These companies or institutions are employing predictive disease analytics tools. To properly evaluate insurance claims before payment settlement, disease risk assessment, and detecting and detecting and preventing fraudulent claims. Increasing utilization of historical as well as current data by payers to predict future trends is expected to boost segment growth.
The provider segment is expected to expand expeditiously in the upcoming years. Some key drivers of the market include soaring healthcare outlay and increasing investment in healthcare infrastructure. Surging chronic disorders and the rising geriatric population is also pushing several providers to invest in predictive disease analytics solutions.
These solutions enable providers to identify patterns and trends and make shrewd decisions regarding treatment and allocation of resources.
These services also help by offering insights and forecasting demand for healthcare services and strategizing for future needs. In October 2022, the research team at the University of Pennsylvania Perelman School of Medicine and the University of Florida made an announcement. The declaration was to establish a set of predictive analytics algorithms to find out which patients are likely to develop a rare disease.
The United States predictive disease analytics industry occupied a huge market share in 2022. The country is home to significantly advanced healthcare facilities that boast predictive disease analytics. In addition to this, a rise in chronic disorders and a surging density of the geriatric population has been witnessed in the country. This has led to heightened demand for analytics tools from hospitals, clinics, and other organizations.
Moreover, the high count of key players in the United States market is also contributing to market growth. In September 2020, Microsoft introduced Microsoft Cloud for Healthcare aimed to unite providers and patients in gaining better insights pertaining to patient care.
The China predictive disease analytics industry is expected to account for robust CAGR in the stipulated time frame. Favorable government policies and support are catalyzing market development in this country. Additionally, increasing expenditure on healthcare is the propelling market expansion and opening up new avenues for growth.
The increasing geriatric population and surging cases of chronic disorders are two crucial factors for market growth in China. As per the United States Census Bureau’s survey, in 2020, the geriatric population amounted to 414 million individuals in Asia. Moreover, by 2060 end, that figure is going to reach 1.2 billion.
Top players in the market are concentrating their efforts on developing new solutions and tools. These efforts are made to cater to the surging demand for predictive disease analytics from the life sciences and healthcare industry. Moreover, mergers and acquisitions and extension in geographic footprint are some key tactics adopted by these players.
In January 2023, SwitchPoint Ventures and Ardent Health Service partnered together to release an innovation studio. This studio focuses on creating and deploying data-driven solutions. Additionally, Ardent has also adopted Polaris, which is SwitchPoint’s new solution to precisely predict patient volume in a clinical set-up.
Escalating investments in healthcare further bolsters startups to enter the market, thereby increasing the competition.
FMI has profiled the following players in the market report
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD billion for Value |
| Key Regions Covered | North America; Europe; Asia Pacific; Latin America; The Middle East and Africa |
| Key Countries Covered | The United States, Canada, Germany, the United Kingdom, France, Italy, NORDICS, Spain, Russia, Poland, BENELUX, China, Japan, India, ASEAN, Oceania, South Korea, Brazil, Mexico, Argentina, GCC Countries, South Africa, Northern Africa, Türkiye |
| Key Segments Covered | Component, Deployment, End User, and Region |
| Key Companies Profiled | Oracle; IBM; SAS; Allscripts Healthcare Solutions Inc.; MedeAnalytics, Inc.; Health Catalyst.; Apixio Inc. |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The market is valued at USD 2.45 billion in 2023.
The market is expected to record a 22.5% CAGR through 2033.
The market is estimated to reach USD 18.64 billion by 2033.
Healthcare tourism is positively influencing the market growth.
Oracle, IBM, and SAS are key predictive disease analytics market players.
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Predictive Disease Analytics Market
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