The global healthcare predictive analytics market, as per a report by Market Research Future (MRFR) is touted to register a CAGR of 29.3% during the forecast period (2018-2023).
Healthcare predictive analytics is generally used in the analysis of current data in order to predict future by using statistics, data mining, modeling, machine learning, and artificial intelligence. Increasing efficiency in the healthcare sector, the rising demand to curtail healthcare cost, and the advent of evidence-based and personalized medicine are some of the primary growth stimulants of the healthcare predictive analytics market. Rising importance of healthcare, especially in emerging nations is likely to generate new growth opportunities for the market in the foreseeable future.
Developing economies across the world are facing issues owing to the increasing medication cost. Governments are thus taking efforts to offer cost-effective services to the consumers at better quality. These efforts are likely to stimulate the predictive analytics market in the healthcare industry. The soaring demand for personalization for patient care, advancing technology, and rising awareness created by the top players are considered to encourage the market growth to a large extent.
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On the contrary, the dearth of trained medical professionals is likely to curtail the market growth in the foreseeable future. Moreover, data theft and privacy issues are predicted to vitiate the market growth in the coming years.
The top players operating in the healthcare predictive analytics market include Cerner Corporation, McKesson Corporation, IBM, Cerner Corporation, Oracle, SAS, Optum, Inc., Allscripts, MedeAnalytics, Inc., Health Catalyst, Inovalon, SCIO Health Analytics, CitiusTech, Inc., Verscend Technologies, Inc, Wipro Limited, CitiusTech, Inc., and VitreosHealth.
July 2019: PayPal has recently launched a deep learning health intelligence platform, Global Care Analytics to offer predictive analysis and claims-and-cost clinical data for healthcare companies.
Healthcare Predictive Analytics Market: Segmental Analysis
The healthcare predictive analytics market has been segmented on the basis of application, component, and end user.
By application, the healthcare predictive analytics market is segmented into financial, operations management, clinical, and population health. Of these, the financial application segment is considered to gain prominence. Healthcare organizations are highly emphasizing on cost-cutting and implementing processes that ensure the profitability of their operations. This has further created increased demand for financial analytics as it offers healthcare organizations with knowledge regarding forecasting, effective budgeting, and revenue cycle management.
By component, the healthcare predictive analytics market is segmented into software, hardware, and services.
By end user, the market is segmented into providers, payers, and others. Of these, the payers’ segment is predicted to dominate the market consisting of health plan sponsors and insurance companies experiencing a lucrative growth.
Geographically, the healthcare predictive analytics market spans across Europe, Asia Pacific, America, and the Middle East & Africa.
Considering the global scenario, America is considered to dominate the global market, mainly due to the growth of the market in the North American region. The growth can be credited to the streamlined healthcare systems, high availability of trained workforce, and updated regulatory policies in the region.
Europe bags the second position in the market due to the presence of well-developed healthcare infrastructure in the region. Rising expenditure on healthcare has further triggered the demand for healthcare predictive analytics services. Moreover, favorable growth opportunities for the industry players will augment the market’s share.
The Asia Pacific is likely to expand at the fastest rate due to advancing technologies, which has resulted in the development of cost-effective healthcare predictive analytics, thereby resulting in a high acceptance rate for the devices. India and China are considered two vibrant regions and is predicted to lead the regional industry in the next few years.
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