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Pulished Date June, 2021
ID: 11669
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Global Healthcare Prescriptive Analytics Market Size, Share, Trends, COVID-19 Impact & Growth Analysis Report – Segmented By Product, Application, Deployment, & Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa)- Industry Forecast (2021 to 2026)

Pulished: June, 2021
ID: 11669
Pages: 190

Global Healthcare Prescriptive Analytics Market Size (2021 to 2026)

The size of the global healthcare prescriptive analytics market is forecasted to be growing at a CAGR of 17.4% from 2021 to 2026.

Health systems are increasing their expenditures in technology to support big data analytics and precision medicine plans, but limited resources and reimbursement for these tools remain key obstacles for organizations. The development of an informed decision-making framework is motivated by the growing need to ensure a high-quality, patient-centered healthcare system. The prescriptive analysis becomes a support to predictive analysis, serving as the last line of defense for a complete intelligent system that is sufficiently predictable to avoid scenarios and prescribe the appropriate responses. The modeling of a feasible architecture, which can incorporate numerous areas and components linked to this research, is proposed for future study to support clinical and administrative interests in healthcare.

Prescriptive analytics is a statistical analysis that employs data mining, machine learning, and algorithms to uncover behavior patterns and trends in past data sets and forecast future scenarios. Data analytics can also be used to forecast trends in disease transmission, helping doctors' offices, hospitals, schools, and individuals be better prepared. Although predictive analytics is a well-known analytical technique, it has lately been boosted by the availability of massive data resources (also known as Big Data), improved computer capability, and modern analytical methods.

MARKET DRIVERS:

Y-O-Y growth in the demand for population health management and growing digital healthcare technologies are majorly promoting the global healthcare prescriptive analytics market.

The practice of improving clinical health outcomes of a defined group of people through greater care coordination and patient involvement, backed by suitable financial and care models, is referred to as population health management. Population Health Management (PHM) is the analytic utilization of data from many sources. This information is aimed at specific segments of the population to treat diseases peculiar to that group. The Institute for Healthcare Improvement (IHI), in collaboration with the American Heart Association (AHA) and the Catholic Health Association of the United States, has released a report (CHA). The initiative aims to get the 4Ms Framework into 20% of US hospitals and medical practices by the end of 2020. The aim is that, among other things, this method will enhance clinical results, standardize physician approaches, and help to lower the cost of illness management.

Electronic health records (EHR) are becoming more widely used in the healthcare industry, which is estimated to accelerate the need for the healthcare prescriptive analytics market in the near future. An increase in the adoption of big data in the healthcare industry is expected to accelerate the market's growth rate. In the last two decades, the computerized healthcare information system has advanced tremendously. Because of its creative contribution to decision-making and strategic development in the healthcare industry, big data analytics is getting a lot of attention. Big data is only now starting to alter the healthcare industry and move it forward in various ways. Big data in healthcare promises to revolutionize medicine, technology, and finance, resulting in better patient care and more value for healthcare companies. The application of big data analytics in healthcare offers several beneficial and perhaps life-saving implications. Only a few areas of healthcare are predicted to be transformed by big data. According to the National Institutes of Health, precision medicine seeks to enlist one million people in the All of Us research program to volunteer their health data. When used in healthcare, it might potentially help avoid epidemics, cure disease, cut costs, and so on by analyzing specific health data from a community (or an individual). The Future of Big Data in Healthcare Is Bright.

Additionally, the usage of healthcare analytics in precision medicine is significantly growing, which is expected to drive the global healthcare prescriptive analytics market growth. Healthcare firms are investing many financial and non-financial efforts into new technology to help with big data analytics and precision medicine. Precision medicine strives to enhance clinical outcomes and healthcare delivery. Improved throughput and earnings due to patient prediction. Furthermore, the growing popularity of reduced healthcare expenditures increased pressure to deliver great treatment and control healthcare expenses. With an emphasis on e-health cooperation, venture capitalist investments are further expected to drive the global healthcare prescriptive analytics market.

MARKET RESTRAINTS:

However, the scarcity of data scientists and analysts and the high costs associated with the analytics are majorly hindering the growth rate of the global healthcare prescriptive analytics market. Though AI is now used to assist real doctors, computers will soon be able to replace them entirely. The impact of ongoing technological improvements on decision-making. With the machine, there are moral hazards and human intervention points. Lack of regulation and algorithmic bias, privacy concerns, and data security are further expected to restrict the global healthcare prescriptive analytics market.

Impact of COVID-19 on the global healthcare prescriptive analytics market:

Growing cases of coronavirus globally, rising healthcare IT technology due to lockdown and social distancing and remote monitoring health. Predictive models are useful for estimating the number of COVID-19 cases and deaths, as well as the resources needed, such as hospital patient beds and ICU beds, and supply-demand, such as personal protective equipment (PPE). However, because COVID-19 predictive models must rely on a quickly changing scenario and underlying data, the outcomes may alter over time as the data is updated and amended.

The novel coronavirus (COVID-19) and the disease it produces have impacted almost every societal activity on the planet. The COVID-19 Index, developed by the National Minority Quality Forum (NMQF), is a predictive analytics tool that can assist leaders in planning for future coronavirus outbreaks. When used in healthcare, it can help avoid epidemics, cure disease, cut expenditures, and analyze specific health data from a community (or an individual). Big Data Has a Promising Future in Healthcare. The program might assist government agencies, and other officials improve and speed up response times and healthcare companies to prepare for higher patient numbers. It is being forced to adjust due to critical supply disruptions, job and financial insecurity, and shortages of medical supplies, food, and key services. Analytics is delivering fresh insights based on huge volumes of data to limit the rise in new cases and meet society's requirements. SAS began using the fast-flowing flood of data from China, then from around the world, in the early days of the coronavirus outbreak to depict the distribution and impacts of COVID-19 on the global population. Innovative automation like computer vision (deep learning, machine learning, artificial intelligence) and medical imaging (computed tomography, X-Ray) have produced a potential solution against COVID-19 in this situation.

REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2020 to 2026

Base Year

2020

Forecast Period

2021 to 2026

Segments Covered

By Product, Application, Deployment, and Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

North America, Europe, Asia Pacific, Latin America, Middle East & Africa

 

This research report on the global healthcare prescriptive analytics market has been segmented and sub-segmented based on the product, application, deployment, and region.

Healthcare Prescriptive Analytics Market – By Product:

  • Hardware
  • Software and Services

Healthcare Prescriptive Analytics Market – By Application:

  • Clinical Data Analytics
  • Financial Data Analytics
  • Administrative Data Analytics
  • Research Data Analytics

Healthcare Prescriptive Analytics Market – By Deployment:

  • On-premise
  • Cloud-based

Healthcare Prescriptive Analytics Market – By Region:

  • North America
  • Europe
  • APAC
  • Latin America
  • Middle East and Africa

KEY MARKET PARTICIPANTS:

Some of the notable companies operating in the global healthcare prescriptive analytics market covered in this report are IBM, Cerner Corporation, SAS Institute Inc., Allscripts Healthcare Solution, Mckesson Corporation, Optium Inc., Medeanalytics Inc., Verisk Analysts, Inc. Oracle Corporation.

  1. Introduction                                                          
    1. Market Definition                                               
    2. Scope of the report                                            
    3. Study Assumptions                                            
    4. Base Currency, Base Year and Forecast Periods                                                     
  2. Research Methodology                                                                    
    1. Analysis Design                                                   
    2. Research Phases                                                 
      1. Secondary Research                                       
      2. Primary Research                              
      3. Data Modelling                                 
      4. Expert Validation                              
    3. Study Timeline                                                    
  3. Report Overview                                                                 
    1. Executive Summary                                           
    2. Key Inferences                                                  
  4. Market Dynamics                                                                
    1. Impact Analysis                                                   
      1. Drivers                                  
      2. Restraints                              
      3. Opportunities                                    
    2. Regulatory Environment                                                  
    3. Technology Timeline & Recent Trends                                                      
  5. Competitor Benchmarking Analysis                                                             
    1. Key Player Benchmarking                                                
      1. Market share analysis                                    
      2. Products/Service                              
      3. Regional Presence                            
    2. Mergers & Acquisition Landscape                                                
    3. Joint Ventures & Collaborations                                                  
  6. Market Segmentation                                                                       
    1. Healthcare Prescriptive Analytics Market, By Product
      1. Hardware
      2. Software and Services
      3. Market Size Estimations & Forecasts (2021-2026)                               
      4. Y-o-Y Growth Rate Analysis                                         
      5. Market Attractiveness Index                                       
    2. Healthcare Prescriptive Analytics Market, By Application                                                   
      1. Clinical Data Analytics
      2. Financial Data Analytics
      3. Administrative Data Analytics
      4. Research Data Analytics
      5. Market Size Estimations & Forecasts (2021-2026)                               
      6. Y-o-Y Growth Rate Analysis                                         
      7. Market Attractiveness Index        
    3. Healthcare Prescriptive Analytics Market, By Deployment
      1. On-premise
      2. Cloud-based
      3.          Market Size Estimations & Forecasts (2021-2026)                               
      4. Y-o-Y Growth Rate Analysis                                         
      5. Market Attractiveness Index               
  7. Geographical Landscape                                                                  
    1. Global Healthcare Prescriptive Analytics Market, by Region                                            
    2. North America - Market Analysis (2021 to 2026)                                                      
      1. By Country                                         
        1. USA                      
        2. Canada               
    3. Europe                                                   
      1. By Country                                         
        1. UK                        
        2. France                 
        3. Germany                          
        4. Spain                   
        5. Italy                     
        6. Rest of Europe                 
    4. Asia Pacific                                             
      1. By Country                                         
        1. China                  
        2. India                    
        3. Japan                  
        4. South Korea                     
        5. South East Asia                
        6. Australia & NZ                  
        7. Rest of Asia-Pacific                        
    5. Latin America                                                      
      1. By Country                                         
        1. Brazil                   
        2. Argentina                         
        3. Mexico                
        4. Rest of Latin America                   
    6. Middle East and Africa                                                     
      1. By Country                                         
        1. Middle East                      
        2. Africa                  
  8. Key Player Analysis                                                             
    1. IBM
      1. Business Description                                      
      2. Products/Service                              
      3. Financials                             
      4. SWOT Analysis                                  
      5. Recent Developments                                    
      6. Analyst Overview                              
    2. Cerner Corporation
    3. SAS institute’s Inc.
    4. Allscripts Healthcare Solution
    5. Mckesson Corporation
    6. Optium Inc.
    7. Medeanalytics Inc.
    8. Verisk Analysts, Inc.
    9. Oracle Corporation
  9. Market Outlook & Investment Opportunities
  10. Appendix
    1. List of Tables
    2. List of Figures
  • Global and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped.
  • Segment-level analysis in terms of type, technology, application and end-user along with market size forecasts and estimations to detect key areas of industry growth in detail.
  • Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics.
  • Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis.
  • Study the micro environment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analysing the level of competition and business strategy development.
  • A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment.
  • Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies.
  • An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions.
  • Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market.

Healthcare Prescriptive Analytics Market

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