The global healthcare predictive analytics market is expected to substantially grow through 2025, a Grand View Research report found.
Here are six things to know:
1. By 2025, the market is expected to reach $19.5 billion, increasing at a compound annual growth rate of 29.3 percent.
2. The market was valued at $1.48 billion last year.
3. Factors driving market growth include increasing pressure to control rising healthcare costs, innovations in advanced analytics and growing demand for personalized medicine.
4. Through 2025, population healthcare management using predictive modeling is expected to grow significantly, with providers using such applications for risk management, patient engagement and population therapy management.
5. In 2015, North America held a 60 percent share in the market. It dominates the market due to its streamlined healthcare systems, updated regulatory policies and skilled workforce. The Asia-Pacific region is also anticipated to expand throughout the forecasted period.
6. Market vendors include:
• Cerner Corp. in Kansas City, Mo.
• Verisk Analytics in Jersey City, N.J.
• San Francisco-based McKesson Corp.
• SAS in Cary, N.C.
• Redwood City, Calif.-based Oracle
• Allscripts in Chicago
• Eden Prairie, Minn.-based Optum
• MedeAnalytics in Emeryville, Calif.