According to the current analysis of Reports and Data, the global Healthcare Predictive Analytics market was valued at USD 3.74 Billion in 2019 and is expected to reach USD 28.77 Billion by the year 2027, at a CAGR of 28.9 %. The study covers Healthcare predictive analytics – analytical technique that analyses and predicts outcomes using statistical methods and technology, operating on massive amounts of relevant data for individual patients. Healthcare Predictive Analytics is widely being used in the healthcare sector all over the globe. The recent emergence of Healthcare Predictive Analytics as a time saving and cost minimizing tool is a major disruptive finding in the healthcare sector. In line with this, numerous firms and hospitals are adopting Healthcare Predictive Analytics, for time saving and cost cutting purpose. For instance, West Tennessee Healthcare saved more than 8,000 hours annually using Cerner’s Continuous Advancement Services from an optimization project which reduced the number of discrete task assays that nurses completed on a timely basis.
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The pharma and healthcare industry is expected to observe significant growth over the coming years attributed to the increasing incidence of chronic diseases across the globe, growing geriatric patient pool, availability of advanced and minimally invasive surgical and diagnostics procedures, favorable reimbursement scenario, and presence of a robust product pipeline of drugs and therapeutics. In addition, the growing integration of IoT, ML, and AI in medical procedures and equipment along with rapid progress in drug design and development. A combination of innovation and technology has brought about massive changes in the healthcare industry and the rapid adoption of telemedicine, remote consultation, and e-prescription has significantly contributed to the revenue growth of the market.
Research Methodology:
Reports and Data utilizes a unique approach to research to offer a comprehensive overview of the global Healthcare Predictive Analytics Market to offer insights into investment opportunities for stakeholders, investors, clients, and businesses to make informed decisions. The report includes SWOT analysis, Porter’s Five Forces analysis, feasibility analysis, and investment return analysis to offer a better understanding of the market scenario.
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Asia Pacific is expected to lead the market growth over the coming years owing to rapid advancements in the healthcare sector in APAC countries such as India, China, and Japan. North America is anticipated to register the highest market growth over the forecast period attributed to the increasing availability of robust healthcare and clinical settings, legalization of medical marijuana, favorable reimbursement scenario, presence of key market players, and rapid technological advancements in the region.
The growing popularity of over-the-counter medications driving market growth
Growing incidence of acute and chronic diseases and lesser access to advanced medical facilities owing to low disposable income levels are driving the demand for over-the-counter medications. Availability of generic and low-cost alternatives to medical therapies are some other factors playing a major role in driving demand for over-the-counter medications.
Restriction on product launches and R&D activities to hamper the market growth
The imposition of strict government regulations and shortage of funds has put a halt on product launches and R&D activities and is expected to restrain market growth over the forecast period. In addition, the launch of expensive drugs and therapies and increasing regulations regarding safety and approvals are also hampering the market growth.
Further key findings from the report suggest
- Healthcare Predictive Analytics market is growing at a CAGR of 3% in North America followed by Asia Pacific and Europe, respectively. Growing adoption of electronic health records system to effectively manage patient health and reduce overall cost is the prominent factor to accelerate the market growth during forecast period across all regions
- As of 2019, financial application type segment is the dominating Healthcare Predictive Analytics which holds a significant share of the global healthcare predictive analytics market. European regional market is the prominent revenue generating source for this product segment, followed by North America, Asia-Pacific, and other regions
- Population health application type segment is expected to be the fastest growing market segment during the forecast period 2019 – 2027 with a value of USD 767 million for the year 2019. However, Patient Data Confidentiality is major challenge for the market growth of this market segment
- The ‘Payers’ End use sub-segment was valued the highest in the year 2019 and it is expected to remain the highest growing sub-segment by 2027, in the same sector.
- Asia Pacific is expected to account for the third largest share of the global Healthcare Predictive Analytics market. Developing nations such China, and India are likely to witness significant growth
- The European region for Healthcare Predictive Analytics was valued the second-highest amongst all regions
- Reluctance to adopt healthcare predictive analytics in emerging countries and dearth of skilled professionals is likely to hinder the market growth during the forecast period
- Exponential increase in healthcare database volume, increasing investments on digital tech to effectively manage available information, rising adoption of electronic health records to effectively manage patients health are expected to alleviate restraints to industry growth
- Key participants include Cerner Corporation, McKesson Corporation, Verisk Analytics, Inc., IBM, Oracle, MedeAnalytics, Inc., SAS, Optum, Inc., Allscripts, and Inovalon
For the purpose of this report, Reports and Data has segmented the Healthcare Predictive Analytics market on the basis of application, end use, and region:
Application Type (Revenue, USD Million; 2017–2027)
- Operations Management
- Financial
- Population Health
- Clinical Data
End Use (Revenue, USD Million; 2017–2027)
- Payers
- Providers
- Others
Regional Outlook (Revenue in USD Million; 2017–2027)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of the Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Australia
- Rest of Asia-Pacific
- Middle East & Africa (MEA)
- South Africa
- Saudi Arabia
- Rest of Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
Frequently asked questions addressed in the report:
- What is the revenue growth rate of the global Healthcare Predictive Analytics market over the forecast period?
- What are the major factors driving the growth of the Global Healthcare Predictive Analytics Market?
- What are the key challenges impacting the global Healthcare Predictive Analytics market growth?
- What are the outcomes of the SWOT Analysis and Porter’s Five Forces Analysis conducted in the report?
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