Healthcare Predictive Analytics Market | Competitive Analysis by Key Vendors, Growth
This owes to the growth of federal healthcare regulations that curb the rising healthcare costs; rising government initiatives focusing on personalized medicine, growing EHR adoption; and population health management.
It is estimated that the global healthcare predictive analytics market size is expected to register a CAGR ~29.3% during the forecast period of 2018–2023. The global healthcare predictive analytics market is expected to witness tremendous growth owing to the government initiatives to increase EHR adoption, growing venture capital investments, growing pressure to curb healthcare spending and improve patient outcomes.
Other key factors such as rising healthcare costs; curb fraudulent claims, optimize provider networks, operational costs; increasing competition, the growing need to increase memberships are compelling healthcare payers to adopt analytics solutions.
For instance, IBM invests a significant amount of its revenue in research activities to continuously improve its product portfolio. The company has invested nearly USD 24 billion in the development of its big data and analytics software and services. The major steps undertaken by the company was the acquisition of Truven Health Analytics in April 2016. This acquisition had assisted the company to acquire a major share of the global market.
Currently, the global healthcare predictive analytics market is dominated by numerous players. The major players in this market are involved in new product launches, strategic partnerships and collaborations to increase their product portfolio.
For example, in August 2018, Verscend Technology acquired Cotiviti Holdings, Inc., a leading provider of payment accuracy and analytics-driven solutions focused primarily on the healthcare industry. Also, in July 2018, Health Catalyst acquired Medicity, a PHM company offering solutions for HIEs, business intelligence, and provider and patient engagement.
The global healthcare predictive analytics market is segmented on the basis of component, application, and end user. Some of the key players in the global intraocular lens market are IBM Corporation (US), Optum, Inc. (US), Cerner Corporation (US), SAS Institute, Inc. (US), Allscripts Health Solutions (US), McKesson Corporation (US), MedeAnalytics, Inc. (US), Inovalon (US), Oracle Corporation (US), Health Catalyst (US), SCIO Health Analytics (US), Verscend Technologies, Inc. (US), CitiusTech, Inc. (US), Wipro Limited (India), and VitreosHealth (US).