The global healthcare predictive analytics market was valued at $1.48 billion in 2015 and is expected to grow at a compound annual growth rate of 29.3 percent by 2025, according to a Grand View Research report.
Here are five things to know about the global healthcare predictive analytics market.
1. Drivers of projected market growth include pressure to contain soaring healthcare costs, introduction of advanced analytics and increasing demand for personalized medication, according to the report.
2. Key financial applications of predictive analytics include revenue cycle management and fraud detection and prevention. In two years, 2014 to 2016, CMS reported that under its fraud prevention system, predictive analytics helped save $1.5 billion through improper payments, according to the report.
3. Predictive modeling for population health management is expected to see lucrative growth by 2025, projects Grand View Research. The important applications of population health management include risk management, patient engagement and population therapy management.
4. North America held a substantial share of the market (around 60 percent) in 2015, according to the report.
5. Some of the key players in this space include: IBM, Cerner Corp., Verisk Analytics, McKesson Corp., SAS, Oracle, Allscripts, Optum and MedeAnalytics.