Healthcare Predictive Analytics Market Competitors Growth Report, Size, Share and Rising Demand Forecast 2027

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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Knowledge discovery, data mining, and machine learning techniques have recently attracted considerable attention, due to the growing amount of data available, and to the growing necessity to base the reasoning on evidence taken from physical measurements. Data-driven approaches to knowledge extraction have been developed as a consequence, complementing the more traditional human-centered approaches, by enabling systems to create new knowledge, update existing knowledge, and improve their performance without intervention and reprogramming. The organization (or representation) of medical knowledge is a very active research ï¬�eld, characterized by a wide range of tools, models and languages, which, together with the availability of increasing computer abilities, allows one to specify and emulate systems of growing complexity. Frame representations, semantic networks, conceptual graph representations are few popular basic representational schemes heavily used in the industry today. 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, are some of the key factors propelling Healthcare Predictive Analytics market growth in the industry.

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

The ongoing pandemic is significantly changing the dynamics of the pharma and healthcare sector. Various countries are facing challenges such as shortage of medicines, vaccines, healthcare devices in hospitals. This is expected to open lucrative growth opportunities for market players in the coming years.

Competitive Landscape:

The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as R&D investments, license agreements, partnerships, merger and acquisitions, collaborations, and joint ventures to gain robust footing in the market.

Top Companies Profiled in the Report:

Cerner Corporation, McKesson Corporation, Verisk Analytics, Inc., IBM, Oracle, MedeAnalytics, Inc., SAS, Optum, Inc., Allscripts, and Inovalon

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Healthcare Predictive Analytics Market Segmentation:

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:

  • North America (U.S., Canada, Mexico)
  • Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
  • Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
  • Latin America (Brazil, Rest of LATAM)
  • Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)

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This study aims to define market sizes and forecast the values for different segments and countries in the coming eight years. The study aims to include qualitative and quantitative perspectives about the industry within the regions and countries covered in the report. The report also outlines the significant factors, such as driving factors and challenges, that will determine the market’s future growth.

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