PORTLAND, Oregon, November 8, 2018 /PRNewswire/ --
Pressing need to curtail healthcare expenditure by reducing unnecessary costs, increasing efficiency in the healthcare sector, and emergence of personalized and evidence-based medicine drive the growth of the global predictive analytics in the healthcare industry.
Allied Market Research published a report, titled, Predictive Analytics in Healthcare Market by Application (Operations Management, Financial Data Analytics, Population Health, and Clinical), Component (Software, Hardware, and Service), and End User (Healthcare Payer, Healthcare Provider, and Others): Global Opportunity Analysis and Industry Forecast, 2018-2025. The report offers detailed analyses of the key winning strategies, industry dynamics, market size & estimations, top investment pockets, and competitive landscape. As per the report, the global predictive analytics in healthcare market was valued at $1.80 billion in 2017 and is estimated to reach $8.46 billion by 2025, registering a CAGR of 21.2% from 2018 to 2025.
Reducing unnecessary costs to curtail healthcare expenditure, increasing efficiency in the healthcare sector, and increasing use of personalized and evidence-based medicine drive the growth of the market. However, lack of robust infrastructure for effective functionality and dearth of skilled IT professionals in healthcare hamper the market growth. On the other hand, rise in importance of healthcare in the emerging economies is expected to create new opportunities for the market players.
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Financial data analytics segment to maintain lion's share by 2025
Among applications, the financial data analytics segment generated more than one-third of the total market share in 2017 and would maintain its lead through 2025, owing to the growing acceptance of predictive analytics for the fraud detection & prevention as well as management of revenue cycles among healthcare providers and payers. However, the population health segment is expected to register the fastest CAGR of 22.1% from 2018 to 2025, owing to the increasing use of predictive analytics to evaluate disease treatment patterns as well as reduce readmission rates. The report also analyzes operations management and clinical segments.
Software segment to register fastest growth through 2025
Among components, the services segment contributed 47% of the total market share in 2017 and is expected to maintain its lead throughout the study period. This is because most of the end users such as hospitals and insurance companies prefer using predictive analytics tools and solutions in collaboration with analytical companies. However, the software segment would grow at the fastest CAGR of 21.8% from 2018 to 2025, as several companies are inclined toward predictive software tools to develop personalized models. The hardware segment is expected to grow at a steady rate during the forecast period.
Healthcare payer segment to contribute largest share by 2025
Among end users, the healthcare payer segment generated 46% share of the total revenue in 2017 and would maintain its dominance during the forecast period. This is because this segment mainly includes insurance companies and health plan sponsors where predictive analytics is used to evaluate insurance claims, prevent & detect fraudulent claims, and assess disease risk. The healthcare providers segment would grow at the highest CAGR of 21.7% from 2018 to 2025 due to increase in healthcare costs and reduce readmission rate. The report also analyzes other end users of the market.
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Asia-Pacific to register the fastest growth, North America to remain dominant
Growing awareness about the importance of predictive analytics in the developing regions and increasing number of R&D activities for the development of predictive analytics tools would enable the Asia-Pacific predictive analytics in healthcare market to grow at the fastest CAGR of 25.6% from 2018 to 2025. On the other hand, North America contributed nearly half of the total market share in 2017 and would maintain its lion's share through 2025, owing to the highest adoption rate of predictive analytics software and solutions in the healthcare industry coupled with the well-established healthcare infrastructure in the region.
Frontrunners of the industry
The leading market players analyzed in the report include Allscripts Healthcare Solutions Inc., Cerner Corporation, IBM Corporation, Information Builders Inc., MedeAnalytics, Inc., Optum Inc., Oracle Corporation, SAS Institute, Inc., Microsoft Corporation, and Verisk Analytics. Various strategies such as expansions, joint ventures, mergers & acquisitions, collaborations, partnerships, and others have been implemented by these players to gain a stronghold in the industry.
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