Efforts to address mounting concerns of healthcare outcomes is a key factor boosting the healthcare predictive analytics market. The ever-expanding need to boost patient outcomes and improve quality of healthcare is resulting in adoption of healthcare predictive analytics.
Employing healthcare predictive analytics is a win-win for both service provider and service receiver. For healthcare institutions such as hospitals, healthcare predictive analytics helps minimize financial and reimbursement penalties. In addition, healthcare predictive analytics is sought for evidence-based medicines and for standardized patient outcomes.
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The demand for healthcare predictive analytics continues to rise, especially to serve growing number of elderly patients and pediatric populations. Healthcare predictive analytics extends confidence for patients and families who seek healthcare for similar conditions.
Mounting burden of high cost of healthcare and increasing need of personalized medicines are some key factors fuelling the demand for healthcare predictive analytics. In particular, consumers in developing countries are facing sharp increase in healthcare costs due to modernization of healthcare infrastructure. In such scenarios, healthcare predictive analytics is serving to boost consumer confidence in healthcare services.
Advancement of IT Products impels Growth
Besides this, in developing countries, rapid development of the IT industry is stimulating the growth of healthcare predictive analytics market. Healthcare institutions are increasingly using software, or even outsourcing tasks of analysis of healthcare outcomes. Healthcare software is employed to extract information from existing data and learn demand patterns, based on which future outcomes and trends are predicted.
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Competition in the healthcare predictive analytics market is considerably intense due to presence of a few large players. Key players in the healthcare predictive analytics market are Verisk Analytics Inc., Optum Inc., IBM, McKesson Corporation, Cerner Corporation, Allscripts, SAS, MedeAnalytics Inc., and Oracle. Strategic collaborations and product development remain focus of key players as they strive to consolidate their position in the healthcare predictive analytics market. Geographical expansion into developing countries is also on the growth chart of savvy players in the healthcare predictive analytics market.