Predictive Analytics in Healthcare Market to Reach $8,464 Million by 2025
Pune, Maharashtra, India, December 15 2020 (Wiredrelease) Allied Analytics –:The initiative undertaken by organizations and companies to spread awareness in regards with importance of predictive analytics in healthcare and growth in importance of decreasing the healthcare costs and readmission rates are the major driving factors that are projected to boost the market growth.
According to a new report published by Allied Market Research, titled,”Predictive Analytics in Healthcare Market by Application, Components, and End User: Global Opportunity Analysis and Industry Forecast, 2017 – 2023,”the global predictive analytics in healthcare market was valued at $1,806 million in 2017, and is estimated to reach $8,464 million at a CAGR of 21.2% from 2018 to 2025. North America was the highest contributor to the predictive analytics in healthcare market in 2017; however, Asia-Pacific is expected to witness the highest growth during the forecast period.
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Predictive analytics helps to provide models that capture relationships using many factors to analyze the risk with particular set of conditions and helps to effectively interpret big data for their benefits. It helps healthcare professionals make better decisions and allows them to provide personalized care to each individual. The increase in healthcare costs throughout the world motivates the healthcare providers to increase the adoption of predictive analytics.
The major factors that drive the growth of the predictive analytics in healthcare market include increase in demand to curtail healthcare expenditure by reducing unnecessary costs increasing efficiency in the healthcare sector, and emergence of personalized and evidence-based medicine. However, lack of robust infrastructure for effective functionality and limited skilled IT professionals in healthcare limit the market growth. Conversely, growth in importance of healthcare in emerging economies is anticipated to provide numerous opportunities for the market growth during the forecast period.
Among applications, the financial data analytics segment occupied the largest share, and is anticipated to continue its dominance during the forecast period, owing to the increase in acceptance of predictive analytics for the fraud detection & prevention and management of revenue cycles among the healthcare providers and payers.
Among end users, the healthcare payer segment occupied the largest share. This segment mainly includes insurance companies, health plan sponsors where predictive analytics is adopted to evaluate insurance claims, prevent & detect fraudulent claims, and assess disease risk, thus boosting the market growth.
Based on region, North America occupied the largest share in 2017 owing to the highest adoption rate of predictive analytics software and solutions in the healthcare industry and well-established healthcare infrastructure. However, Asia-Pacific is expected to grow at the highest CAGR during the study period, due to increase in awareness regarding the importance of predictive analytics in the developing regions and large number of R&D activities for the development of predictive analytics tools.
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Key Findings of the Predictive Analytics in Healthcare Market:
Based on application, the clinical segment is projected to grow at the highest rate during the analysis period.
North America dominated the market in 2017, and is projected to continue its dominance in future.
China is expected to grow at the highest rate in Asia-Pacific during the forecast period.
Based on component, the service segment was the largest contributor in 2017.
Based on end user, the healthcare provider segment is expected to witness lucrative growth opportunities during the forecast period.
The key players operating in the global predictive analytics in healthcare market include Allscripts Healthcare Solutions Inc., Cerner Corporation, IBM Corporation, Information Builders Inc., MedeAnalytics, Inc., Optum Inc., Oracle Corporation, SAS Institute, Inc., Microsoft Corporation, and Verisk Analytics.
Other prominent players in the value chain include CitiusTech Inc., Nous Infosystems, Streamline Health Solutions, LLC, Alteryx, Inc., Hortonworks Inc., Health Fidelity, Inc., and ScienceSoft USA Corporation.
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