Healthcare Predictive Analytics Market Size, Growth and Share Analysis By Components (Services, Software, Hardware), Applications (Operations Management, Financial Analytics, Population Health, Clinical Analytics), End User (Payers, Providers) – Global Forecast Till 2023
Healthcare Predictive Analytics Market Analysis
The global healthcare predictive analytics market size is expected to exhibit a robust 29.3% CAGR over the forecast period from 2018 to 2023, according to the latest research report from Market Research Future (MRFR). The global market healthcare predictive analytics is expected to grow significantly over the forecast period due to the growing awareness about the utility of predictive analytics in the healthcare sector. Progressive developments in the technology behind healthcare predictive analytics have enabled the development of powerful healthcare predictive analytics engines that allow insightful, accurate predictions about a wide range of factors. This is likely to drive the global healthcare predictive analytics market over the forecast period.
The growing interest in population health management systems is likely to be a major driver for the global market of healthcare predictive analytics over the forecast period. Prediction and prevention of diseases goes hand in hand, leading to governments investing heavily in predictive analytics for use in healthcare applications. Population health management systems store healthcare data for large populations and can predict outbreaks of certain chronic diseases. This makes population health management systems highly valuable for governments all over the world. Healthcare predictive analytics can provide risk scores for chronic diseases in population health management systems, making the management of population health resources easier and more efficient.
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The increasing interest in personalized medication is also likely to be a major driver for the global healthcare predictive analytics market over the forecast period. Healthcare predictive analytic systems can offer predictions of how patients will react to certain drugs by matching the patient’s genetic profile to the medicine on offer. This may improve the outcomes of the process and allow researchers to better understand the relationship between genetic variants and therapies. Supply chain management is also a major application for predictive analytics. Only a small portion of healthcare agencies use automated supply chain, leading to lapses and inefficiencies in the chain. This can be prevented by the use of predictive analytics, making supply chains more efficient. Ensuring strong data security is also likely to be a major application for healthcare predictive analytics in the coming years.
Healthcare Predictive Analytics Market Competitive Leaderboard:
Leading players in 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.
In March 2018, Verscend acquired General Dynamics, adding the latter’s healthcare fraud, abuse, and waste tracking solutions to its portfolio.
Healthcare Predictive Analytics Market Segmentation:
The global healthcare predictive analytics market is segmented on the basis of component, application, end user, and region.
The healthcare predictive analytics market, by component, is categorized into services, software, and hardware.
Based on application, the healthcare predictive analytics market is segmented into operations management, financial, population health, and clinical. The operations management segment is further divided into demand forecasting, workforce planning and scheduling, inpatient scheduling, and outpatient scheduling. The financial segment is further divided into revenue cycle management, fraud detection, and others. The population health segment is further divided into population risk management, patient engagement, population therapy management, and others. The clinical segment is further divided into quality benchmarking, patient care enhancement, and clinical outcome analysis and management.
On the basis of end user, the healthcare predictive analytics market is segmented into payers, providers, and others.
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Healthcare Predictive Analytics Market Regional Analysis:
The Americas, further segmented into North and Latin America, hold the dominant market share in the global healthcare predictive analytics, led by North America. The U.S. holds the largest share in the global healthcare predictive analytics market and is likely to remain a major regional market over the forecast period. North America is home to several leading players in the global healthcare predictive analytics market, leading to widespread incorporation of healthcare predictive analytics solutions in the region. This is a major driver for the Americas market for healthcare predictive analytics. Europe holds the second largest share in the global healthcare predictive analytics market, with Asia Pacific expected to exhibit the highest market growth rate of healthcare predictive analytics over the forecast period.
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