Predictive analytics is a technology used in the field of business intelligence that produces predictive information for customers or organizations. Predictive analytics uses machine information, data mining, and business intelligence tools in order to make predictions. Also, it involves statistics and different modeling techniques to derive some information. Presence of a large volume of structured and unstructured data and wide technology distribution are major factors driving the predictive analytics market.
Developing countries worldwide are confronting issues caused by sudden increase in drug prices. Governments of these countries are taking steps to provide good-quality affordable health care services. These factors are projected to drive the health care predictive analytics market during the forecast period. Additionally, rising attention toward personalized patient care, growing awareness in the market, and advancements in health care technologies led by increased health care spending are fueling the market. However, factors such as data insecurity, privacy issues, and lack of experienced professionals in the field of predictive analytics are hindering the health care predictive analytics market.
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The global health care predictive analytics market can be segmented based on application and end-user. Based on application, the health care predictive analytics market can be segmented into financial, operations management, population health, and clinical. Based on end-user, the market can be segmented into payers, providers, and others. Among applications, the financial segment holds the leading market share. The predictive analysis in healthcare helped in fraud detection and prevention and also in the revenue cycle management. Based on end-user, the payers segment is projected to hold the leading market share during the forecast period.
Key players operating in the global health care predictive analytics market are Verisk Analytics, Inc., IBM, Optum, Inc., Allscripts, Cerner Corporation, SAS, MedeAnalytics, Inc., McKesson Corporation, and Oracle. The key strategy to the growth of the health care predictive analytics market includes rising number of strategic collaborations between health care and IT companies and also increasing focus on product development by the health care industry.