Portland, OR, July 04, 2019 (GLOBE NEWSWIRE) -- Allied Market Research recently published a report, titled, “Predictive Analytics in Healthcare Market by Application (Operations Management, Financial Data Analytics, Population Health, and Clinical), Component (Software, Hardware, and Service), and End User (Healthcare Payer, Healthcare Provider, and Others): Global Opportunity Analysis and Industry Forecast, 2018 – 2025”.
According to the report by Allied Market Research, the global predictive analytics in healthcare market garnered $2.20 billion in 2018 and is projected to garner $8.46 billion by 2025, growing at a CAGR of 21.2% from 2018 to 2025. The report provides an extensive analysis of top winning strategies, changing market dynamics, major investment pockets, key segments, market size & projections, and competitive landscape.
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Lowering excessive costs incurred in healthcare expenditure, surge in efficiency in the healthcare industry, and rise in usage of personalized and evidence-based medicine fuel the growth in the market. However, scarcity of skilled IT professionals in the healthcare industry and unavailability of robust infrastructure for efficient functionality limit the market growth. On the other hand, increase in significance of healthcare in the emerging countries is projected to offer lucrative opportunities for market players.
Financial analytics segment to dominate the market during the forecast period
Among applications, the financial analytics segment garnered more than one-third of the total revenue in 2018 and would is expected to dominate by 2025. This is due to the surge in implementation of predictive analytics for fraud detection & prevention along with effective management of revenue cycles of healthcare payers and providers. However, the population health management segment is projected to grow at the highest CAGR of 22.1% from 2018 to 2025
Services segment to maintain its dominant share by 2025
Among components, the services segment accounted for nearly half of the total market share in 2018 and is projected to maintain its dominant share during the forecast period. This is due to preference to predictive analytics tools and solutions by end users including hospitals and insurance companies. However, the software segment would register the fastest growth rate with a CAGR of 21.8% from 2018 to 2025.
Asia-Pacific to register the highest growth rate through 2025
Asia-Pacific would grow at the highest CAGR of 25.6% during the forecast period, 2018–2025. On the other hand, North America accounted for nearly half of the total market share in 2018 and is estimated to maintain its dominating position through 2025.
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Leading players of the industry
The key market players discussed in the research include Cerner Corporation, Allscripts Healthcare Solutions Inc., Information Builders Inc., Microsoft Corporation, IBM Corporation, Optum Inc., MedeAnalytics, Inc., SAS Institute, Inc., Oracle Corporation, and Verisk Analytics.
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