Global healthcare predictive analytics market is expected to reach USD 19.5 billion by 2025. Healthcare predictive analytics is a transformative tool that may allow preventative and proactive treatment options. It uses enhanced computing techniques like data mining, statistical techniques and predictive modeling, and machine learning. The healthcare predictive analytics market is estimated to grow at a significant CAGR of 29.3% over the forecast period as the scope and its applications are rising enormously across the globe.
The factors that are playing a major role in the growth of healthcare predictive analytics market are the rising healthcare cost, the rise of personalized and evidence-based medicine, and rising efficacy in the healthcare sector. However, the lack of skilled IT professionals in the healthcare sector may restrain overall market growth in the years to come. Healthcare predictive analytics industry is segmented based on component, application, end-user, and region. Services, software, and hardware are the components that could be explored in healthcare predictive analytics in the forecast period.
The market may be categorized based on applications like research data analytics, clinical data analytics, operations management, population health, financial, and others could be explored in the forecast period. Operation management sector comprises outpatient and inpatient scheduling, demand forecasting, and workforce planning and scheduling. Population health sector comprises population therapy management, population risk management, and patient engagement. Financial sector comprises fraud detection and revenue cycle management.
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The financial sector accounted for the substantial market share of healthcare predictive analytics and is estimated to continue its dominance in the years to come. It helps to save costs for public and private medical organizations via proper payment management of claims and fraud prevention. Also, population health management sector is estimated to grow at the fastest pace in the years to come.
Healthcare providers, healthcare payers, and other end-users could be explored in healthcare predictive analytics in the forecast period. Healthcare payers sector accounted for the substantial market share of healthcare predictive analytics and is estimated to lead the overall market in the years to come. The sector comprises third-party payers, insurance companies, and health plan sponsors.
Globally, North America accounted for the substantial market share of healthcare predictive analytics and is estimated to lead the overall market in the years to come. The reason behind the overall market growth could be the availability of well-trained personnel’s, well-organized healthcare systems, and updated regulatory policies. The United States is a major consumer of healthcare predictive analytics in this region.
Europe and the Asia Pacific are also estimated to have a positive influence on future growth. Europe is the second largest region with significant market share. However, Asia Pacific is estimated to grow at the highest CAGR in the forecast period. The aspects that may be ascribed to the growth comprise developing IT industries and economic development. The developing countries like India and China are the major consumers of healthcare predictive analytics in this region.
The key players of healthcare predictive analytics market are MedeAnalytics, Inc., IBM, Optum, Inc., Cerner Corporation, Allscripts, Verisk Analytics, Inc., Oracle, McKesson Corporation, and SAS. These players are concentrating on inorganic growth to sustain themselves amidst fierce competition.
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