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
Report Attribute |
More Details |
2020 Market Size Value |
USD 5.4 Billion |
Forecast Revenues in 2025 |
USD 19.5 Billion |
Growth Rate |
CAGR of 29.3% between 2016 and 2025 |
Estimation base year |
2015 |
Historical data |
2014 - 2015. |
Forecast period |
2016 - 2025 |
Quantitative units |
From 2016 to 2025, revenue in USD millions and CAGR |
Report coverage |
Forecast revenue, company ranking and competitive landscape, growth factors and trends |
Segments covered |
End-use, application, and region |
Regional scope |
North America; Europe; Asia Pacific, Latin America; MEA |
Country coverage |
U.S.; Canada; UK; Germany; Japan; China; Brazil; Mexico; South Africa |
Key companies profiled |
IBM; Cerner Corporation; Verisk Analytics, Inc.; McKesson Corporation; SAS; Oracle; Allscripts; Optum, Inc.; MedeAnalytics, Inc. |
The scope of customization |
With purchase, you get free report customization (equivalent to up to 8 analysts working day) You can add or modify country, region and segment scope. |
Prices and purchase options |
You can get customized purchase options that meet your research needs. Explore your purchase options |
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.
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App Outlook (Revenue USD Million, 2014-2025).
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Operation Management
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Forecasting Demand
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Workforce planning and scheduling
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Inpatient Scheduling
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Outpatient Scheduling
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Financial
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Revenue Cycle Management
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Fraud Detection
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Other financial applications
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Population Health
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Population Risk Management
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Patient Engagement
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Population Therapy Management
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Other Applications
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Clinical
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Quality Benchmarking
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Patient Care Enhancement
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Clinical Outcome Analysis Management
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End-Use Outlook (Revenue USD Million, 2014-2025).
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Payers
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Providers
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Other End-Users
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Regional Outlook (Revenue USD Million, 2014-2025).
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North America
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U.S.
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Canada
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Europe
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Germany
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UK
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Asia Pacific
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Japan
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China
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Latin America
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Brazil
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Mexico
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Middle East and Africa (MEA).
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South Africa
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These are the most frequently asked questions about this report
What is the size of the healthcare predictive analytics marketb. 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.
What is the growth rate of healthcare predictive analytics?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.
Which segment had the largest market share in healthcare predictive analytics?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.
What are the major players in the healthcare predictive analytics marketb. 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.
What are the driving factors for the healthcare predictive analytics marketb. 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.
Report Scope
Report Attributes | Report Details |
Report Title | Healthcare Predictive Analytics Market Research Report |
By End-Use | Payers, Providers |
By Application | Operations Management, Population Health, Clinical, Financial |
By Companies | Cerner Corporation; Verisk Analytics, Inc; and MedeAnalytics, Inc; McKesson Corporation; SAS; Oracle; Allscripts; Optum, Inc, IBM |
Regions Covered | North America, Europe, APAC, Latin America, MEA |
Base Year | 2020 |
Historical Year | 2018 to 2019 (Data from 2010 can be provided as per availability) |
Forecast Year | 2028 |
Number of Pages | 200 |
Number of Tables & Figures | 140 |
Customization Available | Yes, the report can be customized as per your need. |
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:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of Healthcare Predictive Analytics Market.
- Historical data and forecast.
- Estimations for the forecast period 2028.
- Developments and trends in the market.
1. Payers
2. Providers
7. By Application:1. Operations Management
2. Population Health
3. Clinical
4. Financial
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- 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.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
- Business Expansion Strategies
- Consumer Insights
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- Product & Brand Management
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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.
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Healthcare Predictive Analytics Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Healthcare Predictive Analytics Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Healthcare Predictive Analytics Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Healthcare Predictive Analytics Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Healthcare Predictive Analytics Market Size & Forecast, 2018-2028
4.5.1 Healthcare Predictive Analytics Market Size and Y-o-Y Growth
4.5.2 Healthcare Predictive Analytics Market Absolute $ Opportunity
Chapter 5 Global Healthcare Predictive Analytics Market Analysis and Forecast by End-Use
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by End-Use
5.1.2 Basis Point Share (BPS) Analysis by End-Use
5.1.3 Absolute $ Opportunity Assessment by End-Use
5.2 Healthcare Predictive Analytics Market Size Forecast by End-Use
5.2.1 Payers
5.2.2 Providers
5.3 Market Attractiveness Analysis by End-Use
Chapter 6 Global Healthcare Predictive Analytics Market Analysis and Forecast by Application
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Application
6.1.2 Basis Point Share (BPS) Analysis by Application
6.1.3 Absolute $ Opportunity Assessment by Application
6.2 Healthcare Predictive Analytics Market Size Forecast by Application
6.2.1 Operations Management
6.2.2 Population Health
6.2.3 Clinical
6.2.4 Financial
6.3 Market Attractiveness Analysis by Application
Chapter 7 Global Healthcare Predictive Analytics Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Healthcare Predictive Analytics Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Healthcare Predictive Analytics Analysis and Forecast
9.1 Introduction
9.2 North America Healthcare Predictive Analytics Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Healthcare Predictive Analytics Market Size Forecast by End-Use
9.6.1 Payers
9.6.2 Providers
9.7 Basis Point Share (BPS) Analysis by End-Use
9.8 Absolute $ Opportunity Assessment by End-Use
9.9 Market Attractiveness Analysis by End-Use
9.10 North America Healthcare Predictive Analytics Market Size Forecast by Application
9.10.1 Operations Management
9.10.2 Population Health
9.10.3 Clinical
9.10.4 Financial
9.11 Basis Point Share (BPS) Analysis by Application
9.12 Absolute $ Opportunity Assessment by Application
9.13 Market Attractiveness Analysis by Application
Chapter 10 Europe Healthcare Predictive Analytics Analysis and Forecast
10.1 Introduction
10.2 Europe Healthcare Predictive Analytics Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Healthcare Predictive Analytics Market Size Forecast by End-Use
10.6.1 Payers
10.6.2 Providers
10.7 Basis Point Share (BPS) Analysis by End-Use
10.8 Absolute $ Opportunity Assessment by End-Use
10.9 Market Attractiveness Analysis by End-Use
10.10 Europe Healthcare Predictive Analytics Market Size Forecast by Application
10.10.1 Operations Management
10.10.2 Population Health
10.10.3 Clinical
10.10.4 Financial
10.11 Basis Point Share (BPS) Analysis by Application
10.12 Absolute $ Opportunity Assessment by Application
10.13 Market Attractiveness Analysis by Application
Chapter 11 Asia Pacific Healthcare Predictive Analytics Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Healthcare Predictive Analytics Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Healthcare Predictive Analytics Market Size Forecast by End-Use
11.6.1 Payers
11.6.2 Providers
11.7 Basis Point Share (BPS) Analysis by End-Use
11.8 Absolute $ Opportunity Assessment by End-Use
11.9 Market Attractiveness Analysis by End-Use
11.10 Asia Pacific Healthcare Predictive Analytics Market Size Forecast by Application
11.10.1 Operations Management
11.10.2 Population Health
11.10.3 Clinical
11.10.4 Financial
11.11 Basis Point Share (BPS) Analysis by Application
11.12 Absolute $ Opportunity Assessment by Application
11.13 Market Attractiveness Analysis by Application
Chapter 12 Latin America Healthcare Predictive Analytics Analysis and Forecast
12.1 Introduction
12.2 Latin America Healthcare Predictive Analytics Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Healthcare Predictive Analytics Market Size Forecast by End-Use
12.6.1 Payers
12.6.2 Providers
12.7 Basis Point Share (BPS) Analysis by End-Use
12.8 Absolute $ Opportunity Assessment by End-Use
12.9 Market Attractiveness Analysis by End-Use
12.10 Latin America Healthcare Predictive Analytics Market Size Forecast by Application
12.10.1 Operations Management
12.10.2 Population Health
12.10.3 Clinical
12.10.4 Financial
12.11 Basis Point Share (BPS) Analysis by Application
12.12 Absolute $ Opportunity Assessment by Application
12.13 Market Attractiveness Analysis by Application
Chapter 13 Middle East & Africa (MEA) Healthcare Predictive Analytics Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Healthcare Predictive Analytics Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Healthcare Predictive Analytics Market Size Forecast by End-Use
13.6.1 Payers
13.6.2 Providers
13.7 Basis Point Share (BPS) Analysis by End-Use
13.8 Absolute $ Opportunity Assessment by End-Use
13.9 Market Attractiveness Analysis by End-Use
13.10 Middle East & Africa (MEA) Healthcare Predictive Analytics Market Size Forecast by Application
13.10.1 Operations Management
13.10.2 Population Health
13.10.3 Clinical
13.10.4 Financial
13.11 Basis Point Share (BPS) Analysis by Application
13.12 Absolute $ Opportunity Assessment by Application
13.13 Market Attractiveness Analysis by Application
Chapter 14 Competition Landscape
14.1 Healthcare Predictive Analytics Market: Competitive Dashboard
14.2 Global Healthcare Predictive Analytics Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Cerner Corporation; Verisk Analytics
14.3.2 Inc; and MedeAnalytics
14.3.3 Inc; McKesson Corporation; SAS; Oracle; Allscripts; Optum
14.3.4 Inc
14.3.5 IBM