Global Healthcare Predictive Analytics Market by End-Use (Payers, Providers), by Application (Operations Management, Population Health, Clinical, Financial) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global healthcare predictive analytics market was valued in 2015 at USD 1.48 Billion and is forecast to grow at a 29.3% CAGR over the forecast period. The lucrative growth of the market for healthcare predictive analytics is expected to be driven by rising health-care costs and the introduction of advanced analytics.

U.S. healthcare predictive analytics market, 2014 - 2025

Many countries are confronted with the rising cost of medications. Both developed and developing countries are finding it difficult to offer quality, cost-effective care. Political instability, economic stress and a lack of proactive government-led initiatives all make it difficult to access adequate funding. Although there are certain insurance programs and health funding, an increase in healthcare costs is being observed. This is leading health-care providers toward cost-cutting tools like predictive analysis.

Each individual has a unique human genetic code. While underlying genetic differences do not usually cause adverse reactions to standard drug dosage regimens, they can have long-lasting effects. The gap between patients and caregivers has been reduced dramatically with the introduction of data enriching tools like mHealth, eHealth and Electronic Health Records (EHR) and mobile apps. These tools produce large amounts of data that can be analyzed and used to provide personalized care. Predictive modeling is a better way to personalize care. It also increases efficiency for providers.

Social media is now an integral part of a person's daily life. People can connect round-the-clock through smartphones as well as various social networking tools. Even though the privacy protocols in the healthcare industry are restrictive, social media's utility is having a significant impact on modern health-care. Social media can generate huge amounts of patient data through wearable devices and remote monitors. This data can also be used to build patient portals. Enterprises use social media analytics to analyze customer sentiments and to harness social media trends to improve their performance.

However, data theft and privacy issues, as well as a lack of skilled professionals, are important restraining factors that have a serious effect on the dynamics in the health-care predictive analysis market. The Health Insurance Portability and Accountability Act (HIPAA), was established in 1996 in the United States. HIPAA and other initiatives like it are increasing trust in systems, and attracting more people to the big data space.

Application Insights

Predictive analytics was a major application sector. Revenue Cycle Management (RCM), and fraud detection and prevention are the key financial applications. The system reduces costs for both public and private medical organizations by preventing fraud and properly managing claims payments. In two years 2014-2016, Centers for Medicare & Medicaid Services reported that predictive analytics had helped to save USD 1.5 billion by preventing fraudulent payments.

Predictive modeling and population health management are expected to see lucrative growth in the future. Population management has many important applications, including risk management, patient engagement, population therapy management and population management. Predictive modeling can help you to identify and treat diseases and root causes, as well as reduce readmissions.

End-use Insights

These systems are used by 38.0% of the major users, the payers. Insurance companies, unions, employers and health plan sponsors are all examples of payers. These utilities are used to evaluate insurance claims before settlements, for disease risk assessment and to prevent and detect fraudulent claims.

Market for healthcare predictive analytics, global, by end-use 2015

Providers include health professionals like doctors, clinicians, hospitals, clinics, and pharmacists. Due to the increased use of these services, this segment is expected to see lucrative growth.

Regional Insights

In 2015, North America accounted for a significant share of the global healthcare predictive analytics market at 60.0%. This region is the largest contributor to the global healthcare predictive analytics market. It was able to capture a significant market share due to its simplified health-care system, modern regulatory policies, and the availability of a skilled workforce.

The Asia Pacific region will experience remunerative growth during the forecast period. Sector growth will be supported by policy reforms and economic development. This sector is also aided by a thriving Information Technology (IT), and the widespread outsourcing of IT in this industry.

Competitive Insights

IBM, Cerner Corporation, Verisk Analytics, Inc., McKesson Corporation, SAS, Oracle, Allscripts, Optum, Inc., and MedeAnalytics, Inc. are some of the major players in this space.

MedeAnalytics, for example, partnered with Presbyterian Healthcare Services in New Mexico in May 2016 to offer analytics services. The firm expects this initiative to open up new markets for them to serve the untapped regions of the region.

Healthcare Predictive Analytics Market Report Scope

The Report Covers Certain Segments

This report provides an analysis of the most recent trends in each sub-segment from 2014 to 2025 and forecasts revenue growth. Grand View Research has divided the healthcare predictive analytics market by applications, end-use, and region.

• App Outlook (Revenue USD Million, 2014-2025).

  • Operation Management

    • Forecasting Demand

    • Workforce planning and scheduling

    • Inpatient Scheduling

    • Outpatient Scheduling

  • Financial

    • Revenue Cycle Management

    • Fraud Detection

    • Other financial applications

  • Population Health

    • Population Risk Management

    • Patient Engagement

    • Population Therapy Management

    • Other Applications

  • Clinical

    • Quality Benchmarking

    • Patient Care Enhancement

    • Clinical Outcome Analysis Management

  • End-Use Outlook (Revenue USD Million, 2014-2025).

    • Payers

    • Providers

    • Other End-Users

  • Regional Outlook (Revenue USD Million, 2014-2025).

    • North America

      • U.S.

      • Canada

    • Europe

      • Germany

      • UK

    • Asia Pacific

      • Japan

      • China

    • Latin America

      • Brazil

      • Mexico

    • Middle East and Africa (MEA).

      • South Africa

These are the most frequently asked questions about this report

b. Global healthcare predictive analytics market was valued at USD 4.2 billion in 2019, and is forecast to grow to USD 5.4 billion by 2020.

b. Global healthcare predictive analytics market will grow at a compound annual rate of 29.3% between 2016 and 2025, to reach USD 19.5 Billion by 2025.

b. With a 35.9% share in 2019, the financial segment was the dominant market for healthcare predictive analytics. This is due to the fact that this system helps save money for both public and private medical organizations by preventing fraud and properly managing claims payments.

b. The key players in the healthcare predictive analytics market are IBM, Cerner Corporation, Verisk Analytics, Inc., McKesson Corporation, SAS, Oracle, Allscripts, Optum, Inc., and MedeAnalytics, Inc.

b. Market growth is driven by several key factors, including pressure to control rising health-care costs, the introduction of advanced analytics and an increasing demand for personalized medicine.

Up Market Research published a new report titled “Healthcare Predictive Analytics Market research report which is segmented by End-Use (Payers, Providers), by Application (Operations Management, Population Health, Clinical, Financial), By Players/Companies Cerner Corporation; Verisk Analytics, Inc; and MedeAnalytics, Inc; McKesson Corporation; SAS; Oracle; Allscripts; Optum, Inc, IBM”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Healthcare Predictive Analytics Market Report Segments:

The market is segmented by End-Use (Payers, Providers), by Application (Operations Management, Population Health, Clinical, Financial).

Healthcare Predictive Analytics Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Healthcare Predictive Analytics Market

Overview of the regional outlook of the Healthcare Predictive Analytics Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Healthcare Predictive Analytics Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Healthcare Predictive Analytics Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Payers

                2. Providers

                1. Operations Management

                2. Population Health

                3. Clinical

                4. Financial

8. Market scenario by region, sub-region, and country.
9. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
10. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
11. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Healthcare Predictive Analytics Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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Reasons to Purchase the Healthcare Predictive Analytics Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.