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

The global predictive analytics in healthcare market was valued at $1,806 million in 2017, and is estimated to reach $8,464 million by 2025 at a CAGR of 21.2% from 2018 to 2025.

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

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  1. Predictive Analytics in Healthcare Market

  2. Lowering excessive costs incurred in healthcare expenditure, surge in efficiency in the healthcare industry, and rise in usage of personalized and evidence-based medicine fuel the growth in the global predictive analytics in healthcare market. Asia-Pacific would grow at the highest CAGR of 25.6% during the forecast period. North America accounted for nearly half of the total market share in 2018 and would maintain its dominating position through 2025. The global predictive analytics in healthcare market garnered $2.20 billion in 2018 and is projected to garner $8.46 billion by 2025, growing at a CAGR of 21.2% from 2018 to 2025. Get Sample Report

  3. Lowering excessive costs incurred in healthcare expenditure, surge in efficiency in the healthcare industry, and rise in usage of personalized and evidence-based medicine fuel the growth in the market. However, scarcity of skilled IT professionals in the healthcare industry and unavailability of robust infrastructure for efficient functionality limit the market growth. On the other hand, increase in significance of healthcare in the emerging countries is projected to offer lucrative opportunities for market players.

  4. Among applications, the financial analytics segment garnered more than one-third of the total revenue in 2018 and would is expected to dominate by 2025. This is due to the surge in implementation of predictive analytics for fraud detection & prevention along with effective management of revenue cycles of healthcare payers and providers. However, the population health management segment is projected to grow at the highest CAGR of 22.1% from 2018 to 2025.

  5. Among components, the services segment accounted for nearly half of the total market share in 2018 and is projected to maintain its dominant share during the forecast period. This is due to preference to predictive analytics tools and solutions by end users including hospitals and insurance companies. However, the software segment would register the fastest growth rate with a CAGR of 21.8% from 2018 to 2025. Asia-Pacific would grow at the highest CAGR of 25.6% during the forecast period, 2018–2025. On the other hand, North America accounted for nearly half of the total market share in 2018 and is estimated to maintain its dominating position through 2025.

  6. Leading industry players: The key market players discussed in the research include Cerner Corporation, Allscripts Healthcare Solutions Inc., Information Builders Inc., Microsoft Corporation, IBM Corporation, Optum Inc., MedeAnalytics, Inc., SAS Institute, Inc., Oracle Corporation, and Verisk Analytics

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