Emergence of Personalized and Evidence-based Medicine
Personalized medicine, as the name suggests, differentiates patient population into different groups, with the medical decisions, practices, or treatments being tailored to suit individual needs. It has a wide range of applications in the healthcare industry, including clinical trials and drug developments. However, apart from a few success stories, the technique has recorded limited success. One of the major reasons for this limited success can be attributed to the basic flaw in the technique itself. Predictive analytics has the potential to include the environment, lifestyle, and other factors, along with genetic makeup. This is expected to help improve the success rate, thus leading to a greater adoption of the technique. Evidence-based medicine has also witnessed rapid growth rates, especially in the developed regions, such as North America and Europe. In this case too, predictive analytics can prove to be vital for success. As predictive analytics is crucial for the successful implementation of evidence-based or personalized medicine, the growth of the predictive analytics market is expected to be bolstered by the growth of personalized and evidence-based medicine.
In addition, the growing need for increasing efficiency in the healthcare sector, increasing demand to curtail healthcare costs by reducing unnecessary costs, and avoiding penalties for failing to control adverse events that are preventable, are expected to supplement the growth of the market studied.
Lack of Robust Infrastructure for Effective Functioning
The healthcare industry has begun to adopt predictive analytics for various purposes, such as identifying individuals at the risk of health treatments. Robust infrastructure is crucial effective operations, in addition to scalability of Big Data project in both the models - on premises and cloud-based. In cloud-based model, analytical and storage services can be availed from third-party vendors. In the on premises model, storage and maintenance functions are the responsibility of with healthcare providers. For storing and maintaining, secure platforms need to be made, which are expensive. In an on-premise model, the complete setup of hardware and software is being installed in health centers, i.e., hospitals or clinics, for their respective functions.
Storing healthcare data is a tedious task, because of the quantity of data being generated every fraction of a second. Moreover, maintaining the integrity of the data is a challenging job in itself, in the modern era of cybercrime. Therefore, to store or maintain healthcare data, a completely secure platform is mandatory in any institution. This demands significant investments, which most developing countries lack. Additionally, in developed regions, small and medium healthcare providers are not willing to invest big on predictive analytics. Thus, considerable investments to create a robust infrastructure are proving to be a major restraining factor for the market. The other factors, such as lack of skilled and trained IT professionals in healthcare and the healthcare provider’s reluctance to share data with third parties are hindering the market’s growth.
Asia-Pacific Expected to Register the Highest CAGR
Owing to the available polices and economic development that are expected to contribute to the growth of the market, Asia-Pacific is expected to record the highest CAGR over the forecast period. Additionally, the growth of the Information Technology (IT) industry is boosting the growth of this region. Currently, North America accounts for the largest share, followed by Europe.
Key Developments in the Market
- October 2017 - Allscripts acquired McKesson’s Enterprise Information Solutions business.
Reasons to Purchase this Report
- Current and future global healthcare predictive analytics market outlook in the developed and emerging markets.
- Analyzing various perspectives of the market, with the help of Porter’s five forces analysis.
- The segment that is expected to dominate the market.
- The regions that are expected to witness the fastest growth during the forecast period.
- Identify the latest developments, market shares, and strategies employed by the major market players.
- 3 months analyst support along with the Market Estimate sheet (in excel).
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1.1 Market Definition
2. Research Methodology
3. Executive Summary
4. Key Inferences
5. Market Overview
5.1 Current Market Scenario
5.2 Porter's Five Forces Analysis
5.2.1 Bargaining Power of Suppliers
5.2.2 Bargaining Power of Consumers
5.2.3 Threat of New Entrants
5.2.4 Threat of Substitute Products and Services
5.2.5 Competitive Rivalry within the Industry
6. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
6.1 Market Drivers
6.1.1 Emergence of Personalized and Evidence-based Medicine
6.1.2 Increasing Efficiency in the Healthcare Sector
6.1.3 Increasing Demand to Curtail Healthcare Expenditure by Reducing Unnecessary Costs
6.1.4 Avoiding Penalties for Failing to Control Adverse Preventable Events
6.2 Market Restraints
6.2.1 Lack of Robust Infrastructure for Effective Functionality
6.2.2 Lack of Skilled IT Professionals in Healthcare
6.2.3 Healthcare Providers’ Reluctance to Share Data with Third Parties
6.3.1 Expansion of Healthcare IT
6.3.2 Growing Importance of Healthcare in Emerging Economies and
6.4 Key Challenges
6.4.1 Data Storage, Maintenance, Privacy, and Security
7. Market Segmentation
7.1 By Application
7.1.1 Clinical Data Analytics
7.1.2 Financial Data Analytics
7.1.3 Administrative Data Analytics
7.1.4 Research Data Analytics
7.2 By Component
7.3 By Deployment
7.4 By End User
7.4.1 Private Organization
7.4.2 Government Organization
7.4.3 Research Institution
7.5 By Geography
7.5.1 North America
22.214.171.124 United States
126.96.36.199 United Kingdom
188.8.131.52 Rest of Europe
184.108.40.206 Australia & New Zealand
220.127.116.11 South Korea
18.104.22.168 Rest of Asia-Pacific
7.5.4 Middle East & Africa
22.214.171.124 South Africa
126.96.36.199 Rest of Middle East & Africa
7.5.5 South America
188.8.131.52 Rest of South America
8. Competitive Landscape
8.1 Merger & Acquisition Analysis
8.2 Agreements, Collaborations, and Partnerships
8.3 New Product Launches
9. Key Players
9.2 Allscripts Healthcare Solutions Inc.
9.3 Cerner Corporation
9.4 Information Builders Inc.
9.5 Medeanalytics Inc.
9.6 Optum Inc.
9.7 Oracle Corporation
9.8 Truven Healthanalytics Inc.
9.9 Verisk Analytics
* List not Exhaustive
10. Future of the Market