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Healthcare Prescriptive Analytics Market Size

Report ID: GMI8061
Published Date: Feb 2024
Report Format: PDF

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Healthcare Prescriptive Analytics Market Size

Healthcare Prescriptive Analytics Market size was valued at USD 3.6 billion in 2023 and is estimated to witness 15.5% CAGR from 2024 to 2032. Prescriptive analytics involves the application of advanced data analysis and algorithms to healthcare data, enabling actionable insights and recommendations for optimal decision-making. Prescriptive analytics provide specific guidance on actions to improve patient outcomes, operational efficiency, and overall healthcare processes, making it a vital tool for informed decision support in the healthcare industry.

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The challenges during pandemic have reinforced the industry reliance on healthcare analytics to streamline essential operations. For instance, in June 2020, National Institutes of Health (NIH) initiated a healthcare data analytics platform for COVID-19 insights. The tool has emerged as a key component with broader implications for understanding clinical data in healthcare. It emphasized in guiding organizations by prescribing optimal actions based on datasets, surpassing the capabilities of predictive analytics. This increasing usage of analytics tools in healthcare setting is propelling the market expansion.

Healthcare Prescriptive Analytics Market Report Attributes
Report Attribute	Details
Base Year:	2023
Healthcare Prescriptive Analytics Market Size in 2023:	USD 3.6 Billion
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	15.5%
2032 Value Projection:	USD 12.9 Billion
Historical Data for:	2018 - 2023
No. of Pages:	170
Tables, Charts & Figures:	251
Segments covered:	Component, Deployment Model, Application, End-use, and Region
Growth Drivers:	Growing chronic disease burden Integration of big data in healthcare Growing demand for improved patient outcomes and operational efficiency Increasing focus on personalized and data-driven approaches
Pitfalls & Challenges:	Data security and privacy concerns Lack of skilled professionals

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Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

The global healthcare prescriptive analytics industry was valued at USD 3.6 billion in 2023 and is expected to reach USD 12.9 billion by 2032 as it provides specific guidance on actions to improve patient outcomes, operational efficiency, and overall healthcare processes.

The software segment generated revenue of USD 2.3 billion in 2023 and will grow significantly through 2032 as healthcare organizations are increasingly prioritizing data-driven decision-making.

In 2023, North America secured a substantial share in the healthcare prescriptive analytics market and is expected to grow through 2032, owing to the presence of advanced healthcare infrastructure, widespread adoption of digital technologies, and a strong commitment to data-driven decision-making.

AIMMS, Alteryx, Deerwalk Inc., FICO, Frontline Systems, Inc., GUROBI OPTIMIZATION, LLC., Health Catalyst, IBM Corporation, Optum, Inc., Oracle Corporation, River Logic, Inc., and SAS Institute Inc.