Concerns of Mounting Healthcare Costs stirs adoption of Healthcare Predictive Analytics

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.

Healthcare Predictive Analytics Market : Consumption (Sales) Comparison by Application 2025

Global Healthcare Predictive Analytics Market: Snapshot

The mounting concern for optimizing healthcare costs among myriad healthcare providers and payers is a key factor boosting the demand for predictive analytics in the healthcare sector. The ever-growing need for boosting patient outcomes and improving the quality of care is a seminal trend boosting the evolution of healthcare productive analytics. In recent years, there is a surging interest among payer organizations and several healthcare institutions in using predictive tools for mediating hospital readmissions. This has especially gathered steam in monitoring a growing number of elderly patients and pediatric populations. The functionality of predictive discussions in simplifying admission scores for such patients has gained significance among researchers and clinicians. In addition, they are gaining adoption in the management of chronic diseases and various cancer types.

A number of hospitals are considering the role of healthcare predictive analytics in minimizing financial and reimbursement penalties. Furthermore, predictive analytics are being considered helpful in supporting evidence-based medicines and further in realizing the goal of standardized patient outcomes. To reap the full potential of various predictive analytics models within the healthcare industry, it is essential that the stakeholders furnish an integrated and comprehensive set of healthcare data. In addition, concerted efforts by decision makers to implement these solutions are important. Several factors need to be meticulously considered to leverage the full potential of predictive analytics in various healthcare settings. For instance, it is more prudent to develop predictive analytics for some specific clinical settings or patient needs than for a generic parameter.

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Global Healthcare Predictive Analytics Market: Overview

The global market for healthcare predictive analytics is estimated to grow at a progressive rate in the next few years. The rising pressure on consumers due to the high cost of medication and the increasing popularity of personalized medicines are expected to augment global healthcare predictive analytics market in the next few years. The research study throws light on the key factors and potential opportunities that are anticipated to encourage the growth of the global market in the coming years. In addition, an in-depth analysis of the competitive scenario has been included in the scope of the report.

Global Healthcare Predictive Analytics Market: Drivers and Restraints

Several developing nations across the globe are facing issues due to the tremendous rise in the cost of medication. As a result, governments worldwide are making notable efforts to offer quality and cost-effective services to consumers. This is expected to boost the demand for healthcare predictive analytics throughout the forecast period. In addition, the rising demand for personalization for patient care with the use of advanced technology is anticipated to encourage the growth of the overall market in the near future.

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On the flip side, several privacy issues and data theft are predicted to restrict the growth of the global healthcare predictive analytics market in the next few years. In addition, the lack of skilled professionals is projected to hamper the growth of the global market in the near future. Nonetheless, the key players in the market are making efforts to overcome these challenges and create an awareness regarding the advantages of implementing healthcare predictive analytics. This is likely to supplement the growth of the market in the market in the coming years.

Global Healthcare Predictive Analytics Market: Region-wise Outlook

The global market for healthcare predictive analytics has been divided on the basis of geography into Europe, Latin America, North America, the Middle East and Africa, and Asia Pacific. According to the research study, in the last few years, North America held a key share of the global market and is expected to remain in the leading position across the forecast period. The significant contribution from the U.S. and the availability of skilled workforce are some of the major factors that are anticipated to encourage the growth of the North America healthcare predictive analytics market in the near future.

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Furthermore, Asia Pacific is likely to witness a healthy growth in the coming few years, thanks to the economic development in this region. The rapid development of the information technology industry and the tremendously rising IT outsourcing are estimated to fuel the growth of Asia Pacific market in the forecast period. The research study has provided the forecast statistics related to the regional segments of the global healthcare predictive analytics market.

Key Players Mentioned in the Research Report are:

The study presents insights into the vendor analysis of the healthcare predictive analytics market across the globe. The company profiles of the prominent players in the global market have been listed in the research study to offer a strong understanding of the market. In addition, the business plans that are being used by these players have been discussed in order to guide the market players in making effective business decisions in the near future.

Some of the key players operating in the global healthcare predictive analytics market are Optum, Inc., Allscripts, Verisk Analytics, Inc., SAS, IBM, MedeAnalytics, Inc., McKesson Corporation, Oracle, and Cerner Corporation. A rise in the number of strategic collaborations and the rising focus on new product development are anticipated to supplement the growth of the global healthcare predictive analytics market in the next few years. Moreover, advancement in technology is another key factor propelling the global market.

Healthcare Predictive Analytics Market Driven by Cost Efficiency

San Francisco, California, November 14, 2017: Healthcare Predictive Analytics Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 – 2025 is the latest report added in the vast report repository of the TMR Research which talks about the global landscape of the healthcare predictive analytics market for the given forecast period. The study report maps the global market for healthcare predictive analytics in terms of the latest trends that are currently prevailing in the market, driving and restraining factors of the global market, and the possible opportunities that may arise in the market over the course of the given forecast period. The study report also provide an in-depth evaluation of the current dynamics of the global healthcare predictive analytics market and talks about the overall competitive landscape of the market. The research report is the result of the data gathered through comprehensive assessment of the market and the information collected from the experts in the industry. The study report also provides crucial information on the prominent players that are presently plying their trade in the global healthcare predictive analytics market. The report also cover the overall prospects of growth of the global market during the course of the mentioned forecast period of 2017 to 2025.

A number of clinic and hospitals are thinking over the role of the healthcare predictive analytics in cutting down the reimbursement and financial penalties. Moreover, the predictive analytics are being thought to be more helpful in backing up the evidence-based prescriptions and further in assessing the goal of regularized patient outcomes. To enjoy the full benefits of different predictive analytics models within the healthcare sector, it is necessary that the shareholders furnish a comprehensive and an integrated set of healthcare information. In addition to this, concentrated efforts by the regulating authorities to implement these services and solutions are also important. Numerous factors are need to be considered with meticulous planning to gain full advantage of the predictive analytics for some certain clinical settings or needs of patients that for a general parameter.

The growing concern for improving costs surrounding healthcare among the myriad of healthcare service provides and players is expected to be the chief factor responsible for the overall growth of the global healthcare predictive analytics market. The ever increasing demand for augmenting patient outcomes and enhancing the overall quality of healthcare is a seminal trend propelling the growth of the global healthcare predictive analytics market. In the recent years, there has been a growing interest among the payer organizations and numerous healthcare institutes in making use of predictive tools for handling hospital readmissions. This has specifically gained much attention in administrating an increasing number of geriatric patients and younger patients. The operability of predictive talks in simplifying scores of admission for such patients has acquired enough significance among the clinicians and researchers. In addition to this, they are gaining increasing uptake in the management of chronic disorders and several cancer types.

Several emerging countries across the world are facing a problem because of the exponential rise in the overall cost of medication. As a result, governments across the globe are making considerable efforts of provide quality and pocket friendly healthcare services to the customers. This is also expected to augment the overall growth of the global healthcare predictive analytics market in the coming years of the forecast period of 2017 to 2025.

However, several privacy issues and theft of information are expected to act as major impeding factors for the development of the global healthcare predictive analytics market

Some of the key players in the global market for healthcare predictive analytics include names such as Optum Inc., SAS, IBM, Cerner Corporation, and Oracle among others.

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