How Predictive Analytics in Healthcare Market Impacting Healthcare Industry During Forecast Period? Infosystems, CitiusTech Inc., Streamline Health Solutions, LLC, Hortonworks Inc., Alteryx, Inc.
In its application, predictive analytics is growing and has been very helpful in various industries, including marketing, manufacturing, and law, identification of fraud, crime, and health care. The health care industry, with its many stakeholders, is a key beneficiary of predictive analytics, understanding advanced technology as an integral part of the provision of health care services.
The lucrative growth of the healthcare predictive analytics vertical is regulated by pressure to curb healthcare costs, the implementation of advanced analytics, and growing demand for personalized medicine.
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Government agencies, health organizations, and private players are bending the cost curve. To this end, predictive healthcare analytics provides insights that help formulate strategies and enable healthcare costs to be optimized for clinical workflow, operations, and payment.
Growth Drivers that Support the Global Predictive Analytics in Healthcare Market:
• The application segment was spearheaded by financial applications for predictive analytics. Revenue Cycle Management (RCM) and fraud detection & prevention are among the main financial applications. This scheme, through fraud prevention and proper reimbursement processing of claims, saves costs for private and public medical organizations.
• Payers account for a large share of the end-user segment as one of the main consumers of these systems. Payers include insurance providers, sponsors of the health benefit (employers and unions), and payers from third parties. They use these utilities for insurance claims review prior to their reimbursement settlement, disease risk assessment, and fraudulent claims prevention and identification.
• In 2015, North America held a large share. The U.S. is the main contributor to making this field the leading segment of the predictive analytics market for global healthcare. In this area, simplified health-care systems, revised regulatory regulations, and the availability of skilled staff have helped to gain a lucrative market share.
• Europe is expected to hold a large market share. Due to the high levels of technology adoption already in place, the region is seeing progress.
• All over the world, Healthcare Predictive Analytics is used. A major obstacle for market growth is the shortage of well-trained experts and the high cost of analytical solutions. The other major obstacles to market growth are concerns about unreliable and incomplete results, and reluctance to implement healthcare predictive analytics in developing countries.
Companies are Keen to launch new Products and Expand Their Global Footprint
• In June 2019, for example, the Healthcare Financial Management Association (HFMA) collaborated with one of Allscripts firms, EPSi, a market pioneer in integrated healthcare decision analytics, budgeting and preparation solutions, on an ongoing analytics analysis and content series to assist healthcare finance leaders lead their organizations in implementing value-enhancing strategies.
• In May 2016, to provide analytic services, MedeAnalytics collaborated with Presbyterian Healthcare Services in New Mexico. This programme is expected to open new avenues for the business to appeal to the region's untapped markets.
Major companies functioning in the global Predictive Analytics in Healthcare Market are Nous Infosystems, CitiusTech Inc., Streamline Health Solutions, LLC, Hortonworks Inc., Alteryx, Inc., ScienceSoft USA Corporation, Health Fidelity, Inc.
• Operations Management
• Financial Data Analytics
• Population Health
By End User:
• Healthcare Payer
• Healthcare Provider
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