Predictive Analytics in Healthcare Market Insights on Market Challenges and New Trends

Predictive Analytics in Healthcare Market is estimated to reach $8.46 billion by 2025 from $1.80 billion in 2017, recording a CAGR of 21.2% from 2018 to 2025.

Drive market growth by reducing unnecessary costs to reduce health care costs, increasing the efficiency of the health care sector, and increasing the use of personalized health care. However, the lack of a robust infrastructure for effective functionality and a lack of skilled healthcare professionals are hindering market growth. Meanwhile, the growing importance of healthcare in emerging countries is expected to provide new opportunities for market participants.

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Of the applications, the financial data analytics segment will generate more than one-third of total market share in 2017 and will remain the lead until 2025. Between health care providers and payers. However, the population health segment is expected to register the fastest CAGR of 22.1% from 2018 to 2025. The report also analyzes operations management and clinical segments.

Among the components, the service segment is expected to contribute 47% of the total market share in 2017 and remain the lead throughout the study period. This is because most end users, such as hospitals and insurance companies, prefer to work with analytics companies to use predictive analytics tools and solutions. However, the software segment will grow at the fastest CAGR of 21.8% from 2018 to 2025. This is because some companies are leaning on predictive software tools to develop personalized models. The hardware segment is expected to grow at a constant rate during the forecast period.

Among end-users, the healthcare payer segment generated a 46% share of total revenue in 2017 and maintained its advantage during the forecast period. This is because this segment primarily includes insurance companies and health insurance companies, and predictive analytics are used to assess claims, prevent and detect fraudulent claims, and assess disease risk. The healthcare provider segment will grow at the highest CAGR of 21.7% from 2018 to 2025 due to higher healthcare costs and lower readmission rates. The report also analyzes other end users in the market.

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Due to the growing awareness of the importance of predictive analytics in developing regions and increased research and development activities to develop predictive analytic tools, predictive analytics in the Asia-Pacific market in the healthcare market was 25.6% from 2018 to 2025. You will be able to grow with the fastest CAGR. North America, on the other hand, will account for nearly half of total market share in 2017 and will maintain that share until 2025. This is due to the highest adoption of predictive analytics software and solutions in the healthcare industry and an established healthcare infrastructure.

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.