Predictive Analytics in Healthcare Market Expected to Reach $8,464 Million by 2025

 

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.

 

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.

 

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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.
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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.

Predictive Analytics in Healthcare Market expected to Grow faster with key winning strategies

Predictive Analytics in Healthcare Market is estimated to reach $8.46 billion by 2025 from $1.80 billion in 2017, recording a CAGR of 21.2% from 2018 to 2025.

Drive market growth by reducing unnecessary costs to reduce health care costs, increasing the efficiency of the health care sector, and increasing the use of personalized health care. However, the lack of a robust infrastructure for effective functionality and a lack of skilled healthcare professionals are hindering market growth. Meanwhile, the growing importance of healthcare in emerging countries is expected to provide new opportunities for market participants.

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Of the applications, the financial data analytics segment will generate more than one-third of total market share in 2017 and will remain the lead until 2025. Between health care providers and payers. However, the population health segment is expected to register the fastest CAGR of 22.1% from 2018 to 2025. The report also analyzes operations management and clinical segments.

Among the components, the service segment is expected to contribute 47% of the total market share in 2017 and remain the lead throughout the study period. This is because most end users, such as hospitals and insurance companies, prefer to work with analytics companies to use predictive analytics tools and solutions. However, the software segment will grow at the fastest CAGR of 21.8% from 2018 to 2025. This is because some companies are leaning on predictive software tools to develop personalized models. The hardware segment is expected to grow at a constant rate during the forecast period.

Among end-users, the healthcare payer segment generated a 46% share of total revenue in 2017 and maintained its advantage during the forecast period. This is because this segment primarily includes insurance companies and health insurance companies, and predictive analytics are used to assess claims, prevent and detect fraudulent claims, and assess disease risk. The healthcare provider segment will grow at the highest CAGR of 21.7% from 2018 to 2025 due to higher healthcare costs and lower readmission rates. The report also analyzes other end users in the market.

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Due to the growing awareness of the importance of predictive analytics in developing regions and increased research and development activities to develop predictive analytic tools, predictive analytics in the Asia-Pacific market in the healthcare market was 25.6% from 2018 to 2025. You will be able to grow with the fastest CAGR. North America, on the other hand, will account for nearly half of total market share in 2017 and will maintain that share until 2025. This is due to the highest adoption of predictive analytics software and solutions in the healthcare industry and an established healthcare infrastructure.

The leading market players analyzed in the report 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. Various strategies such as expansions, joint ventures, mergers & acquisitions, collaborations, partnerships, and others have been implemented by these players to gain a stronghold in the industry.