According to a report,“Healthcare Predictive Analytics Market Analysis By Application (Operations Management, Financial, Population Health, Clinical), By End-Use (Payers, Providers), By Region (North America, Europe, Asia Pacific, Latin America, MEA) And Segment Forecasts, 2018 – 2025”, published by Grand View Research, Inc., The global healthcare predictive analytics market is expected to reach USD 19.5 billion by 2025. Healthcare costs are increasing day by day and are anticipated to increase further. For instance, as per the IBM Global Business Services executive report in 2014, the per capita health expenditure of the U.S. was around USD 9,400 which was almost 2.4 times greater than the global average.
Key Takeaways from the report:
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Financial applications of healthcare predictive analytics held a significant share of around 30.0% in 2015. Revenue cycle management and fraud detection are key financial applications.
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Increasing focus on population health management makes it one of the most lucrative growing application segments of the health-care predictive analytics market
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Payers form the key end-user segment of this market. Various insurance companies, health plan sponsors, and third party payers are other users of predictive.
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The usage of predictive analytics amongst payers such as hospitals, clinics, and physicians is anticipated to increase over the forecast period
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North America, being a pioneer in health-care IT technologies, dominated the global health-care predictive analytics market. Available advanced infrastructure with ample resources contributed to its dominance.
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Asia Pacific is expected to witness remunerative growth over the forecast period. Economic reforms, bolstering IT industry, and low operating costs are the key factors alluring market players to invest in this region.
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Some of the key players in this space include IBM, Cerner Corporation, Verisk Analytics, Inc., McKesson Corporation, SAS, Oracle, Allscripts, Optum, Inc.and MedeAnalytics, Inc. New product launches and collaborations are the key strategic under takings amongst the sector participants.
U.S. healthcare predictive analytics market, 2014 – 2025
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Government authorities, health organizations, and private players are striving to bring down health-care expenditure. Healthcare predictive analytics helps in bending the cost curve through optimization of the existing clinical workflow, operations, and payment strategies.
Global healthcare predictive analytics market, by end-use, 2015
With the advent of IoT in health-care and wearable technology, people are more aware of the available health metrics monitoring platforms and choose to closely monitor health parameters. This phenomenon is generating huge amount of patient data inclusive of diet habits, physiological parameters, and vital signs. Predictive modeling based on this data helps in understanding disease patterns using statistical tools to draw an analysis of key therapy trends and outcomes.
Grand View Research has segmented the global healthcare predictive analytics market on the basis of application, end-use, and region:
Global Application Outlook (Revenue, USD Million, 2014 – 2025)
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Operations Management
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Demand Forecasting
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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 and Management
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Global End-use Outlook (Revenue, USD Million, 2014 – 2025)
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Healthcare Payers
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Healthcare Providers
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Other End-Users
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
Explore healthcare predictive analytics market research database, Navigate with Grand View Compass, by Grand View Research, Inc.
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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