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, adoption of advanced analytics, growing need for cost curbing tools such as healthcare predictive analytics software are key factors contributing to high CAGR of Healthcare Predictive Analytics market during forecast period.
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 World Health Organization (WHO) declared the severe acute respiratory syndrome novel coronavirus 2 (SARS-CoV-2) outbreak in Wuhan, China, as a worldwide pandemic in December 2019. SARS-CoV-2 infection is classified as a novel coronavirus disease by the WHO. COVID-19 has infected more than 150 million people worldwide, resulting in more than 3 million deaths. COVID-19 has had a big influence on the healthcare business, causing major disruptions throughout the supply chain, from raw materials to manufacture and delivery. The global demand for medical ventilators has prompted manufacturers to increase demand by up to 40% to 50%. Producers have also collaborated in order to meet rising demand. Governments and a variety of organisations, as well as other industry personnel, are all working hard to address the global problem. Leading personnel are active in research and development operations, strategic alliances and collaborations, and creative product releases in order to meet consumer demands for pharmaceuticals, vaccines, diagnostics, and medical equipment such as ventilators. Without a doubt, this is the first time in contemporary history that the diagnostics industry has been given such prominence. Participants in the healthcare business have abruptly shifted from under the carpet to above the carpet's demand. The world has acknowledged the necessity for early warning systems in the healthcare sector, currently for COVID-19, but this pattern will continue in the future for other sorts of diagnostics.
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Key Players covered in this report are
Cerner Corporation, McKesson Corporation, Verisk Analytics, Inc., IBM, Oracle, MedeAnalytics, Inc., SAS, Optum, Inc., Allscripts, and Inovalon
Based on Product Type market is segmented into:
Application Type (Revenue, USD Million; 2017–2027)
- Operations Management
- Population Health
- Clinical Data
End Use (Revenue, USD Million; 2017–2027)
Based on Region market is segmented into:
- North America
- South America
- Middle East & Africa
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
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