Healthcare Prescriptive Analytics Market

Global Healthcare Prescriptive Analytics Market Size (2022 to 2027)

The global healthcare prescriptive analytics market is forecasted to grow at a CAGR of 17.4% from 2022 to 2027.

Health systems are increasing their expenditures on 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 supports 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 forecast disease transmission trends, 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 propel 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 population segments 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. The adoption of big data in the healthcare industry is expected to accelerate the market's growth rate. The computerized healthcare information system has advanced tremendously in the last two decades. 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 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 help avoid epidemics, cure diseases, 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, expected to drive the growth of the global healthcare prescriptive analytics market. 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 excellent 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, algorithmic bias, privacy concerns, and data security further 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 help estimate the number of COVID-19 cases and deaths, 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 diseases, 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 speeding 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 delivers fresh insights based on vast 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:

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-premises
• Cloud-based

Healthcare Prescriptive Analytics Market – By Region:

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

KEY MARKET PARTICIPANTS:

A few 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., and Oracle Corporation.