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

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  • 90 Pages
  • August 2020
  • Region: Global
  • Mordor Intelligence
  • ID: 5175583
UP TO OFF until Sep 30th 2023
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.

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.

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.

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.

Reasons to Purchase this report:
  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support

Table of Contents

1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
4.1 Market Overview
4.2 Market Drivers
4.2.1 Emergence of Personalized and Evidence-based Medicine
4.2.2 Growing Need of Increasing Efficiency in Healthcare Sector
4.2.3 Increasing Demand to Curtail Healthcare Costs by Reducing Unnecessary Costs
4.3 Market Restraints
4.3.1 Lack of Robust Infrastructure
4.3.2 Lack of Properly Trained IT Professionals in Healthcare
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5.1 By Application
5.1.1 Clinical Data Analytics
5.1.2 Financial Data Analytics
5.1.3 Research Data Analytics
5.1.4 Operations Management
5.1.5 Others
5.2 By Product
5.2.1 Hardware
5.2.2 Software and Services
5.3 By Mode of Delivery
5.3.1 On-premise
5.3.2 Cloud-based
5.4 By End-user
5.4.1 Healthcare Provider
5.4.2 Pharmaceutical Industry
5.4.3 Others
5.5 Geography
5.5.1 North America United States Canada Mexico
5.5.2 Europe Germany United Kingdom France Italy Spain Rest of Europe
5.5.3 Asia-Pacific China Japan India Australia South Korea Rest of Asia-Pacific
5.5.4 Middle-East and Africa GCC South Africa Rest of Middle-East and Africa
5.5.5 South America Brazil Argentina Rest of South America
6.1 Company Profiles
6.1.1 Allscripts Healthcare Solutions
6.1.2 Cerner Corporation
6.1.3 Information Builders Inc.
6.1.4 International Business Machines Corporation (IBM)
6.1.5 Mckesson Corporation
6.1.6 Medeanalytics, Inc
6.1.7 Optum Inc
6.1.8 Oracle Corporation
6.1.9 Sas Institute Inc.
6.1.10 Health Catalyst

Companies Mentioned

A selection of companies mentioned in this report includes:

  • Allscripts Healthcare Solutions
  • Cerner Corporation
  • Information Builders Inc.
  • International Business Machines Corporation (IBM)
  • Mckesson Corporation
  • Medeanalytics, Inc
  • Optum Inc
  • Oracle Corporation
  • Sas Institute Inc.
  • Health Catalyst