Market Size of Healthcare Prescriptive Analytics Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 18.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Healthcare Prescriptive Analytics Market Analysis
Prescriptive analytics is the future of healthcare analytics. It goes beyond predicting future outcomes to suggest alternative options at hand and then demonstrates the implication of each option to make the decision-making process more rational, streamlined, and optimized. The major factors for the growth of the market include integration of big data in healthcare, growing need of increasing efficiency in healthcare sector, and increasing demand to curtail healthcare costs. To predict the future, we need data from the past as well as the present, and analyzing the data being generated at the same time makes this process complex and machine intensive. Additionally, unnecessary healthcare cost, can also be reduced by analytics. Hence, the usage of prescriptive analytics at various levels to curb unnecessary expenditures has been very helpful in improving the adoption rate for the technology, and the trend is expected to continue during the forecast period.
Healthcare Prescriptive Analytics Industry Segmentation
As per the scope of the report, Prescriptive analytics is a part of advanced analytics that is used for making an optimum decision by considering all the situation and available resources. These comprehensively analyze the data to determine the best possible outcome and recommend a course of action.
| By Application | |
| Clinical Data Analytics | |
| Financial Data Analytics | |
| Administrative Data Analytics | |
| Research Data Analytics |
| By Product | |
| Hardware | |
| Software and Services |
| By Deployment | |
| On-premise | |
| Cloud-based |
| Geography | ||||||||
| ||||||||
| ||||||||
| ||||||||
| ||||||||
|
Healthcare Prescriptive Analytics Market Size Summary
The healthcare prescriptive analytics market is poised for significant growth as it represents the future of healthcare analytics by not only predicting outcomes but also suggesting actionable options to optimize decision-making. This advancement is driven by the integration of big data, the need for increased efficiency, and the demand to reduce healthcare costs. The technology's ability to analyze both historical and real-time data makes it complex yet essential for streamlining processes and curbing unnecessary expenditures. The adoption of prescriptive analytics is further bolstered by its application in reducing healthcare costs, which is expected to continue its upward trajectory in the coming years.
The market is segmented into on-premise and cloud-based deployments, with the cloud-based segment anticipated to experience robust growth due to its cost advantages and the increasing adoption of cloud platforms. The need for real-time data accessibility to enhance decision-making is a key driver of market expansion. Additionally, the rise in cyber-crime has heightened the demand for analytics in crime detection and prevention, further propelling market growth. In the United States, positive trends in healthcare infrastructure, driven by increased internet penetration and technological advancements, are expected to support the market's expansion. Global players such as IBM, Allscripts Healthcare Solutions, Cerner Corporation, and others are pivotal in shaping the market landscape.
Healthcare Prescriptive Analytics Market Size - Table of Contents
-
1. MARKET DYNAMICS
-
1.1 Market Overview
-
1.2 Market Drivers
-
1.2.1 Integration of Big Data in Healthcare
-
1.2.2 Growing Need of Increasing Efficiency in Healthcare Sector
-
1.2.3 Increasing Demand to Curtail Healthcare Costs
-
-
1.3 Market Restraints
-
1.3.1 Data Security and Privacy Concerns
-
1.3.2 Lack of Properly Trained IT Professionals in Healthcare
-
-
1.4 Porter's Five Forces Analysis
-
1.4.1 Threat of New Entrants
-
1.4.2 Bargaining Power of Buyers/Consumers
-
1.4.3 Bargaining Power of Suppliers
-
1.4.4 Threat of Substitute Products
-
1.4.5 Intensity of Competitive Rivalry
-
-
-
2. MARKET SEGMENTATION
-
2.1 By Application
-
2.1.1 Clinical Data Analytics
-
2.1.2 Financial Data Analytics
-
2.1.3 Administrative Data Analytics
-
2.1.4 Research Data Analytics
-
-
2.2 By Product
-
2.2.1 Hardware
-
2.2.2 Software and Services
-
-
2.3 By Deployment
-
2.3.1 On-premise
-
2.3.2 Cloud-based
-
-
2.4 Geography
-
2.4.1 North America
-
2.4.1.1 United States
-
2.4.1.2 Canada
-
2.4.1.3 Mexico
-
-
2.4.2 Europe
-
2.4.2.1 Germany
-
2.4.2.2 United Kingdom
-
2.4.2.3 France
-
2.4.2.4 Italy
-
2.4.2.5 Spain
-
2.4.2.6 Rest of Europe
-
-
2.4.3 Asia-Pacific
-
2.4.3.1 China
-
2.4.3.2 Japan
-
2.4.3.3 India
-
2.4.3.4 Australia
-
2.4.3.5 South Korea
-
2.4.3.6 Rest of Asia-Pacific
-
-
2.4.4 Middle-East and Africa
-
2.4.4.1 GCC
-
2.4.4.2 South Africa
-
2.4.4.3 Rest of Middle-East and Africa
-
-
2.4.5 South America
-
2.4.5.1 Brazil
-
2.4.5.2 Argentina
-
2.4.5.3 Rest of South America
-
-
-
Healthcare Prescriptive Analytics Market Size FAQs
What is the current Healthcare Prescriptive Analytics Market size?
The Healthcare Prescriptive Analytics Market is projected to register a CAGR of greater than 18% during the forecast period (2024-2029)
Who are the key players in Healthcare Prescriptive Analytics Market?
IBM, Allscripts Healthcare Solutions, Cerner Corporation, Mckesson Corporation and Oracle Corporation are the major companies operating in the Healthcare Prescriptive Analytics Market.
