Global Healthcare Predictive Analytics Market size is poised to demonstrate significant growth at a double-digit CAGR of 29.3% throughout the forecast period (2018-2023). Moreover, major companies are currently involved in new product launches; this, in turn, is benefitting the healthcare predictive analytics market growth excellently.
Healthcare predictive analytics are advanced analytics that makes accurate predictions about future trends and probable outcomes that can dramatically impact the growth of the healthcare industry. As a result of these remarkable benefits, healthcare predictive analytics are garnering huge market prominence. These tools are adopted across the healthcare sectors globally, which drives its healthcare predictive analytics market significantly.
Moreover, recent collaborations between healthcare organizations and pharmaceutical companies to improve treatment plans are accelerating the healthcare analytics market growth on the global platform, revolutionizing the healthcare sector completely. Additionally, the increasing prices of medical facilities and the rising popularity of personalized medicines are expected to drive the growth of the market.
Conversely, the lack of skilled professionals and data privacy theft issues are the major factors limiting the growth of the healthcare analytics market. Nevertheless, augmenting demand for better treatment plans would support the market growth of the market throughout the assessment period.
Also, the demand to curtail healthcare costs would play a vital role in the overall growth of the market. Furthermore, factors such as the high adoption of healthcare IT solutions and the availability of cost-effective technology are projected to boost the size of the healthcare analytics market, improving existing procedures, and providing better services.
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Healthcare Predictive Analytics Market Segmentation
The healthcare predictive analytics market is segmented based on component, application and end-user
By Component, the healthcare predictive analytics market is segmented into Services, Software, and Hardware.
By Application, the healthcare predictive analytics market is segmented into Operations Management (Demand Forecasting, Workforce Planning Scheduling, Inpatient Scheduling, Outpatient Scheduling, others), Financial (Revenue Cycle Management, Fraud Detection, Other Financial Applications, others), Population Health (Population Risk Management, Patient Engagement, Population Therapy Management, others), Clinical (Quality Benchmarking, Patient Care Enhancement, Clinical Outcome Analysis and Management)
By End User, the healthcare predictive analytics market is segmented into Payers, Providers, and others.
By Regions, the healthcare predictive analytics market is segmented into Americas, Europe, Asia Pacific, Middle East Africa, and Rest-of-the-World.
Healthcare Predictive Analytics Market Regional Analysis
North America leads the global healthcare predictive analytics market with the presence of several major players. Also, factors such as the rapid technological advancements in RCM and clinical analytics and increasing adoption of healthcare IT drive the growth of the regional market, excellently. Additionally, streamlined healthcare systems, updated regulatory policies, and availability of the trained workforce are some of the key factors helping the region to attain a lucrative market share.
Moreover, rising government initiatives to reduce medical errors and the increasing uptake of big data mHealth solutions in the region increases the healthcare analytics market share. Also, the increased focus on big data management analysis, the establishment of healthcare policies by the federal government, and early emergence adoption of healthcare predictive analytics across the healthcare sectors in the region are estimated to fuel the growth of the market during the forecast period.
Europe stands second in the global healthcare predictive analytics market. Huge government support alongside the presence of several well-established players and healthcare sectors in the region fosters the growth of the market. Moreover, rising numbers of healthcare infrastructures and the proliferation of healthcare insurance companies are increasing the growth of the regional market.
The Asia Pacific healthcare predictive analytics market is emerging as a profitable market due to the technological advancements that have resulted in the development of cost-effective healthcare predictive analytics. The region witnesses a high acceptance of predictive analytics in the rising numbers of healthcare set-ups. Also, rapidly developing countries such as India and China, propel the growth of the APAC health analytics industry, hugely.
Healthcare Predictive Analytics Market Competitive Analysis
Highly competitive, the healthcare predictive analytics market appears fragmented, with several well-established players forming a competitive landscape. To gain a larger competitive advantage in this market, players adopt strategic initiatives such as mergers acquisitions, collaboration, expansion, and product technology launch try. These players invest substantially to meet their goals of innovation and increase the footprints. Such players who are expanding their footprint internationally, are making it difficult for local vendors to compete with them with their extensive technology portfolio and cost-competitive pricing.
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Healthcare Predictive Analytics Market Major Players
Players leading the global healthcare predictive analytics market include IBM, Cerner Corporation, Verisk Analytics, Inc., McKesson Corporation, SAS, Oracle, Allscripts, Optum, Inc., MedeAnalytics, Inc., Inovalon, Health Catalyst, SCIO Health Analytics, Verscend Technologies, Inc., CitiusTech, Inc., Wipro Limited, and VitreosHealth, among others.
Healthcare Predictive Analytics Industry/Innovations/Related News:
Australian Health predictive Analytics Startup Prospection announced that it has raised USD 10 MN funding to expand further in the APAC region. The company says its first external funding round will be used to expand its analytics platform into new therapy areas, enhance its artificial intelligence capabilities into the APAC market. Prospection is working on filling the gaps between clinical trials and treatment across 70 therapy programs, using predictive analytics platform and machine learning in healthcare data. The company wants to help improve outcomes for patients through better insights and predictive analytics.
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