Prescriptive analytics is the final stage as well as the future of healthcare analytics. It goes beyond predicting future outcomes to suggest alternative options at hand and then demonstrates the implication of each option to make the decision-making process more rational, streamlined, and optimized.
Global Healthcare Prescriptive Analytics Market-Market Dynamics
To predict the future, we need data from the past as well as the present and the present never stops generating data, and analyzing the data being generated at the same time makes this process complex and machine-intensive.
Adding more complexity to it is the nature of data, which is not the traditional data what we are used to handling but includes audio, videos, and images of different sizes and quality. Hence, predicting the future and then suggesting alternative options along with the implication of each option requires advanced technology, computing system, and better techniques.
Some of the drivers of this market are:
Recent advancements in technology
Integration of big data in healthcare
Need to curtail healthcare cost
Need to increase efficiency
The technology has certain constraints to overcome. These include:
High cost of initial investments
Lack of properly trained IT professionals in healthcare
Healthcare providersâ°ÃÂª reluctance to share data with the third party (analytics firm)
Data integrity and safety concerns
The technology has several opportunities as well. These include:
Introduction and implementation of Electronic Health Records (EHR)
Rising investments in venture capital funds
Implementation of trends in the medical-IT field, such as precision medicines, EHR, analytics-driven personalized medicines, clinical DSS, health and disease management, and so on.
The global healthcare prescriptive analytics market is segmented on the basis of application (clinical data analytics, financial data analytics, administrative data analytics, and research data analytics), component (software, hardware, and services), deployment (on-premise model and cloud-based model), end-user (private organization (hospitals, clinics, physicians), government organization and research institutions), and geography (North America, Europe, Asia-Pacific, Middle East & Africa and Latin America).
Currently, the descriptive analytics segment accounts for the largest market share of 62% in the global healthcare technology but its share is expected to decrease and predictive analytics is expected to gain some ground in the near future. In the long run, prescriptive analytics is going to gain ground and is expected to see rapid growth.
By application, the clinical analytics segment is forecasted to have the highest growth rate. Although the market growth of the cloud-based services segment is increasing substantially, the on-premise delivery system segment still accounts for the largest share due to its multi-vendor framework. This kind of architecture usually ensures the safety of data and transactions from attacks.
The primary stakeholders of this technology are healthcare IT firms, healthcare analytics vendors, care organizations, health insurance providers, healthcare payers, healthcare providers, research firms, consultants, ambulatory services, and venture capitalists.
Some of the key players in the market are:
Allscripts Healthcare Solutions Inc.
Key Deliverables in the Study
Market analysis for the healthcare prescriptive analytics market, with region-specific assessments and competition analysis on the global and regional scale.
Market definition along with the identification of key drivers and restraints.
Identification of factors instrumental in changing the market scenario, rising prospective opportunities, and identification of key companies that can influence this market on a global and regional scale.
Extensively researched competitive landscape section with profiles of major companies along with their market share.
Identification and analysis of the macro and micro factors that affect the global healthcare prescriptive analytics market on both global and regional scale.
A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information.
A wide-ranging knowledge and insights about the major players in this industry and the key strategies adopted by them to sustain and grow in the studied market.
Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped.
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