A Detailed Analysis of the COVID 19 Impact on Predictive Analytics in Healthcare Market

The predictive analysis of the healthcare market was valued at $180 million in 2017 and is estimated to reach $8,464 million with an annual CAGR of 21.2% from 2018 to 2025. However, the Asia Pacific region is expected to show the highest growth during the forecast period.

Predictive analytics captures relationships using multiple factors, providing a model to analyze risk with a specific set of conditions, and helps to effectively interpret the benefits of big data. Help healthcare professionals make better decisions and provide personalized treatment to each individual. Increased healthcare costs worldwide motivate healthcare providers to increase adoption of predictive analytics.

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Key factors driving the growth of predictive analytics in the healthcare market include increased demand to reduce healthcare spending by reducing unnecessary costs to increase the efficiency of the healthcare sector and the emergence of personalized, evidence-based medicines. However, it lacks a strong infrastructure for effective functions, and skilled IT professionals in the medical field limit market growth. Conversely, growth in the importance of healthcare in emerging economies is expected to provide numerous opportunities for market growth during the forecast period.

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Among the applications, financial data analysis was the largest share, and it is expected to continue to dominate over the forecast period, with increased acceptance of predictive analytics for fraud detection and prevention and revenue cycle management among healthcare providers. Payer.

Among the end-users, the health care payer segment occupied the largest share. This segment mainly includes insurance companies, health plan sponsors adopted by predictive claims to accelerate market growth by evaluating insurance claims, preventing and detecting fraudulent claims, and assessing disease risk.

Depending on the region, North America occupied the largest share in 2017 due to the highest adoption rate of predictive analytics software and solutions in the healthcare industry and well-established healthcare infrastructure. However, the Asia Pacific region is expected to grow at the highest CAGR during the study period due to a growing awareness of the importance of predictive analytics in developing countries and a lot of R&D activity to develop predictive analytics tools.

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Key results of predictive analytics in the healthcare market:
• Depending on the application area, the clinical field is expected to grow at the highest rate during the analysis period.
• North America dominated the market in 2017 and is expected to continue to dominate.
• During the forecast period, China is expected to grow at the highest rate in the Asia Pacific region.
• By component, the service sector made the largest contribution in 2017.
• Based on the end user, healthcare providers are expected to witness profitable growth opportunities during the forecast period.
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The leading players in the global predictive analytics of the healthcare market are Allscripts Healthcare Solutions Inc., Cerner Corporation, IBM Corporation, Information Builders Inc., MedeAnalytics, Inc., Optum Inc., Oracle Corporation, SAS Institute, Inc., Microsoft Corporation. And Verisk Analytics.

Other key players in the value chain include CitiusTech Inc., Nous Infosystems, Streamline Health Solutions, LLC, Alteryx, Inc., Hortonworks Inc., Health Fidelity, Inc. And ScienceSoft USA Corporation.

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