Healthcare Predictive Analytics Market: Overview
A significant rise in the demand in the healthcare predictive market expected to be seen in the forecast period. This can be attributed to the increasing prices of medical facilities and increasing popularity of personalized medicines. Regionally, North America is expected to head the healthcare predictive analytics market.
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The global healthcare predictive analytics market is segmented into its type, application, component, delivery model, end-user, and geography. On the basis of type, the market is divided into predictive analytics, descriptive analytics, and prescriptive analytics. Based on an application the market is segregated into financial analytics, clinical analytics, population health analytics and operational and administrative analytics. The financial analytics is further classified into claims processing, revenue cycle management, fraud, waste, and abuse (FWA), payment integrity and risk adjustment, the clinical analytics is further divided into comparative analytics/comparative effectiveness, quality improvement and clinical benchmarking, reporting and compliance and clinical decision support and precision health and the operational and administrative analytics is divided into workforce management, supply chain management and strategic analysis. On the basis of a component, the market is classified into services, software, and hardware. Based on the delivery model the market gets divided into on-demand and on-premise model. Based on end-user, the market is segregated into providers, payers and HIEs, ACOs, TPAs, and MCOs. Providers include post-acute organization, hospitals, physician practices and IDNs and ambulatory settings and players include government agencies, private insurance companies and employers and private exchanges. Diversification on the basis of a region is seen into North America, Asia-Pacific, Europe, Latin America and the Middle East and Africa.
Developing nations worldwide are facing issues due to the immense rise in the cost of medication for which the governments are taking noteworthy efforts to provide cost-effective services at a better quality to the consumers. These efforts are expected to boost the healthcare predictive analytics market globally. Also, rising demand for personalization for patient care, increasing awareness created by the key players in the market and the technological advancements have resulted in an enhancement in the market demand. However, there are certain restraining factors to the market which include data theft issues and several privacy issues and lack of skilled professionals. These factors may hinder the market growth.
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The key shareholder in the healthcare predictive analytics market has been North America. The major factor contributing towards the growth in this region is the availability of skilled workforce. Growth is mainly centered in the U.S. and Canada. Following North America in its growth will be Asia Pacific. Major reasons for the growth include the rapid development of the information technology industry, economic development in this region and the tremendously rising IT outsourcing. Countries such as Japan, India, and China are important contributors in this region. A significant market share is also provided by regions such as Europe which includes the U.K., Germany and France, Latin America and the Middle East and Africa.
Market Competitive Players
Some of the major companies in the healthcare predictive analytics market include Allscripts, Optum Inc., SAS, Verisk Analytics Inc., MedeAnalytics Inc., IBM, Oracle, McKesson Corporation and Cerner Corporation.
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Healthcare Predictive Analytics Market by Geographical Analysis: North America( U.S.), Europe( UK, France, Germany), Asia-Pacific (China, Japan, India), Latin America( Brazil), Middle East and Africa
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