Healthcare Prescriptive Analytics Market - Growth, Trends, and Forecast (2020 - 2025)

Prescriptive analytics is the future of healthcare analytics. It goes beyond predicting future outcomes to suggest alternative options at hand and then demonstrates the implication of each option to make the decision-making process more rational, streamlined, and optimized. The major factors for the growth of the market include integration of big data in healthcare, growing need of increasing efficiency in healthcare sector, and increasing demand to curtail healthcare costs. To predict the future, we need data from the past as well as the present, and analyzing the data being generated at the same time makes this process complex and machine intensive. Additionally, unnecessary healthcare cost, can also be reduced by analytics. Hence, the usage of prescriptive analytics 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.

Key Market Trends

Cloud Based Segment is Expected to Show Better Growth in the Forecast Years

Based on Deployment, it is segmented into on-premise, and cloud-based. The cloud-based segment is expected to show better growth during the forecast period, owing to the Increasing adoption of cloud platforms, cost advantage, and availability. It maintains and analyzes the huge amount of data among various industries. The prescriptive analytics market is driven by the increasing need for real-time accessibility of structured and unstructured data to forecast outcomes for better decision making. In addition, an increasing rate of cyber-crimes resulted in an increasing need for crime detection and prevention, which is expected to fuel the market growth.

North America Dominates the Healthcare Prescriptive Analytics Market

The healthcare infrastructure in the United States is experiencing positive trends in the prescriptive analytics domain, owing to factors such as increased internet penetration and technological advancements. Thus, the rising demand of advanced technologies such as Internet of Thing (IoT) and big data across various industries and organization is expected to enhance the growth of the studied market.

Competitive Landscape

The global players in the healthcare prescriptive analytics market are – IBM, Allscripts Healthcare Solutions, Cerner Corporation, Mckesson Corporation, Medeanalytics, Inc, Optum Inc, Oracle Corporation, SAS Institute Inc. and Verisk Analytics, Inc.

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