Healthcare Predictive Analytics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The market is segmented by application (Clinical Data Analytics, Financial Data Analytics, Research Data Analytics, Operations Management, and Others), product, mode of delivery, end-user, and geography.

Market Snapshot

 Healthcare Predictive Analytics Market Overview
Study Period: 2018 - 2026
Base Year: 2020
Fastest Growing Market: Asia Pacific
Largest Market: North America
CAGR: 9.8 %
 Healthcare Predictive Analytics Market Major Players

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Market Overview

The major factors for the growth of the healthcare predictive analytics market include the emergence of personalized and evidence-based medicine, growing need of increasing efficiency in the healthcare sector, and increasing demand to curtail healthcare costs by reducing unnecessary costs.

Healthcare expenditure as a percentage of GDP is continuously growing in almost every part of the world, including developed and developing countries. In developed countries like the United States, health care spending was 17.8% of the GDP in 2015, increasing from 13% in 2000. In the majority of European countries, the healthcare expenditure share has already reached double-digit numbers and continues to increase. Developing countries are also witnessing the rapid growth in healthcare expenditure. Predictive analytics can be instrumental in reducing costs at multiple fronts like reducing hospital readmissions, eliminating unnecessary diagnostic tests and reducing unnecessary emergency room visits. Additionally, unnecessary tests which are the major components of healthcare cost, can also be reduced by analytics. The predictive analytics has the potential to reduce such visits, as it can predict the future outcomes well in advance. Its usage at various levels to curb unnecessary expenditures has been very helpful in improving the adoption rate for the technology, and the trend is expected to continue during the forecast period.

Scope of the Report

As per the scope of this report, predictive analytics is the second stage of analytics in healthcare and organizations that are convinced that they have a complete and accurate descriptive analytics program move to the next stage of analytics. Predictive analytics uses data mining, machine learning, predictive modeling and statistical techniques, and other advanced computing techniques, to determine the probable future, based on the available descriptive data.

By Application
Clinical Data Analytics
Financial Data Analytics
Research Data Analytics
Operations Management
Others
By Product
Hardware
Software and Services
By Mode of Delivery
On-premise
Cloud-based
By End-user
Healthcare Provider
Pharmaceutical Industry
Others
Geography
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
Middle-East and Africa
GCC
South Africa
Rest of Middle-East and Africa
South America
Brazil
Argentina
Rest of South America

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Key Market Trends

Clinical Data Analytics is expected to Witness Lucrative Growth

Predictive modeling, part of clinical data analytics, is being used by the healthcare providers to estimate the risk percentage to an individual’s health. The clinical data analytics help the patients and caregivers with post-operation issues, such as surgical site infections, poor physical function, and reaction to medicines and allergies, as healthcare providers are equipped with the patients’ historical medical data, which has been provided through the electronic health records. Moreover, with clinical data analytics, patients can explain their health conditions to different doctors repeatedly. This can be achieved through an acute analysis of their clinical data, further providing preventive care. The growth of clinical data analytics is expected to reduce healthcare costs, increase the accessibility of big data in healthcare industry, and technological advancements. The patient data captured, shared, and aggregated by these applications is the primary source of the data that healthcare organizations analyze using these clinical analytic tools.

 Healthcare Predictive Analytics Market Key Trends

North America is Expected to Dominate the Market

The healthcare infrastructure in the United States is experiencing positive trends in the predictive analytics domain. Studies have shown that since last few years, more than 40% of healthcare executives reported a 50% increase in data volume. As the data sets become bigger and more difficult to handle, health systems and payers are increasingly adopting predictive analytics. Healthcare organizations are also realizing that social determinants of health contribute to the wellbeing of a patient more than the medical issues. In 2016, both social determinants of health along with drug usage and emergency room admissions data rapidly drove the predictive model for identifying cost risks of population clusters. One of the trends being observed is that of non-competing healthcare organizations partnering with each other to manage the health of a population. Government payers like Medicare and Medicaid are readily moving toward capitated payment and value-based-purchasing models where outcomes will be measured and rewarded. Thus, owing to the better healthcare infrastructure the market is expected to witness high growth.

 Healthcare Predictive Analytics Market Growth Rate

Competitive Landscape

The market studied is a moderately competitive owing to the presence of various market players. Some of the market players are Allscripts Healthcare Solutions, Cerner Corporation, Information Builders Inc., International Business Machines Corporation (IBM), Mckesson Corporation, Medeanalytics, Inc, Optum Inc, Oracle Corporation, and Truven Holding Corp.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Emergence of Personalized and Evidence-based Medicine

      2. 4.2.2 Growing Need of Increasing Efficiency in Healthcare Sector

      3. 4.2.3 Increasing Demand to Curtail Healthcare Costs by Reducing Unnecessary Costs

    3. 4.3 Market Restraints

      1. 4.3.1 Lack of Robust Infrastructure

      2. 4.3.2 Lack of Properly Trained IT Professionals in Healthcare

    4. 4.4 Porter's Five Force Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Application

      1. 5.1.1 Clinical Data Analytics

      2. 5.1.2 Financial Data Analytics

      3. 5.1.3 Research Data Analytics

      4. 5.1.4 Operations Management

      5. 5.1.5 Others

    2. 5.2 By Product

      1. 5.2.1 Hardware

      2. 5.2.2 Software and Services

    3. 5.3 By Mode of Delivery

      1. 5.3.1 On-premise

      2. 5.3.2 Cloud-based

    4. 5.4 By End-user

      1. 5.4.1 Healthcare Provider

      2. 5.4.2 Pharmaceutical Industry

      3. 5.4.3 Others

    5. 5.5 Geography

      1. 5.5.1 North America

        1. 5.5.1.1 United States

        2. 5.5.1.2 Canada

        3. 5.5.1.3 Mexico

      2. 5.5.2 Europe

        1. 5.5.2.1 Germany

        2. 5.5.2.2 United Kingdom

        3. 5.5.2.3 France

        4. 5.5.2.4 Italy

        5. 5.5.2.5 Spain

        6. 5.5.2.6 Rest of Europe

      3. 5.5.3 Asia-Pacific

        1. 5.5.3.1 China

        2. 5.5.3.2 Japan

        3. 5.5.3.3 India

        4. 5.5.3.4 Australia

        5. 5.5.3.5 South Korea

        6. 5.5.3.6 Rest of Asia-Pacific

      4. 5.5.4 Middle-East and Africa

        1. 5.5.4.1 GCC

        2. 5.5.4.2 South Africa

        3. 5.5.4.3 Rest of Middle-East and Africa

      5. 5.5.5 South America

        1. 5.5.5.1 Brazil

        2. 5.5.5.2 Argentina

        3. 5.5.5.3 Rest of South America

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 Allscripts Healthcare Solutions

      2. 6.1.2 Cerner Corporation

      3. 6.1.3 Information Builders Inc.

      4. 6.1.4 International Business Machines Corporation (IBM)

      5. 6.1.5 Mckesson Corporation

      6. 6.1.6 Medeanalytics, Inc

      7. 6.1.7 Optum Inc

      8. 6.1.8 Oracle Corporation

      9. 6.1.9 Sas Institute Inc.

      10. 6.1.10 Health Catalyst

    2. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability
**Competitive Landscape covers- Business Overview, Financials, Products and Strategies and Recent Developments

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Frequently Asked Questions

The Healthcare Predictive Analytics Market market is studied from 2018 - 2026.

The Healthcare Predictive Analytics Market is growing at a CAGR of 9.8% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

North America holds highest share in 2020.

Cerner Corporation, Information Builders Inc., International Business Machines Corporation (IBM), Oracle Corporation, Health Catalyst are the major companies operating in Healthcare Predictive Analytics Market.

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