The global healthcare predictive analytics market is estimated to be USD XX billion in 2016 and is projected to reach USD XX billion by 2021, growing at a CAGR of XX% during the forecast period from 2016 to 2021.
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.
Global Healthcare Predictive Analytics Market-Market Dynamics
The ability of predictive analytics technology to help in the critical decision-making process, especially clinical decision, makes it an invaluable asset to have and provides a competitive advantage. The report details several factors that drive and restrain the market. In addition, it discusses the opportunities that exist for the market players. Some of these are listed below.
Some of the factors driving the market are:
Emergence of personalized and evidence-based medicine,
Growing need for increasing efficiency in healthcare sector
Demand for curtailing healthcare cost by reducing unnecessary costs
Chances of avoiding penalties for failing to control adverse conditions
Some of the key restraints the market faces are:
Lack of properly trained IT professionals in healthcare
Healthcare providers' reluctance to share data with the third party (analytics firm)
Data integrity and safety concerns
High infrastructural costs
The technology has several opportunities for the market players. These include:
Introduction and implementation of Electronic Health Records (EHR)
Rising investments in venture capital funds
Implementation of trends in the medical-IT field, such as precision medicines, EHR, analytics-driven personalized medicines, clinical DSS, health and disease management, and so on
Increasing demand for healthcare analytics in emerging economies
The global healthcare predictive analytics market is segmented on the basis of application (clinical data analytics, financial data analytics, administrative data analytics, and research data analytics), component (software, hardware, and services), deployment (on-premise model and cloud-based model), end-user (private organization (hospitals, clinics, physicians), government organization and research institutions), and geography (North America, Europe, Asia-Pacific, Middle East & Africa and Latin America).
Currently, the descriptive analytics segment accounts for the largest market share of 62% in the global healthcare technology but its share is expected to decrease in the coming years. With advancement in technology, customers will shift to the second stage of analytics, which is predictive analytics, and hence predictive analytics is expected to see the highest CAGR in the forecast period. By application, the clinical analytics segment is forecasted to have the highest growth rate. Although the market growth of the cloud-based services segment is increasing substantially, the on-premise delivery system segment still accounts for the largest share due to its multi-vendor framework. This kind of architecture usually ensures the safety of data and transactions from attacks.
The primary stakeholders of this technology are healthcare IT firms, healthcare analytics vendors, care organizations, health insurance providers, healthcare payers, healthcare providers, research firms, consultants, ambulatory services, and venture capitalists.
Some of the key players in the market are:
Allscripts Healthcare Solutions Inc.
Key Deliverables in the Study
Market analysis for the healthcare predictive analytics market, with region-specific assessments and competition analysis on the global and regional scale.
Market definition along with the identification of key drivers and restraints.
Identification of factors instrumental in changing the market scenario, rising prospective opportunities, and identification of key companies that can influence this market on a global and regional scale.
Extensively researched competitive landscape section with profiles of major companies along with their market share.
Identification and analysis of the macro and micro factors that affect the global healthcare predictive analytics market on both global and regional scale.
A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information.
A wide-ranging knowledge and insights about the major players in this industry and the key strategies adopted by them to sustain and grow in the studied market.
Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped.
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