Prescriptive analytics refers to the use of data, statistical algorithms and modeling techniques to predict outcomes and recommend actions in specific situations. It helps predict likely outcomes and consequences of decisions and recommends preferred actions to achieve desired outcomes. With the rising complexities in healthcare systems, prescriptive analytics helps optimize available resources and improve healthcare outcomes for patients.
The global Prescriptive Analytics Market is estimated to be valued at Us$ 7.71 Bn in 2023 and is expected to exhibit a CAGR Of 6.3% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The opportunity to improve healthcare outcomes is driving the growth of prescriptive analytics market. Prescriptive analytics helps healthcare providers to make data-driven decisions based on real-time insights. It analyzes large volumes of patient data such as medical histories, test results, treatments and outcomes to provide personalized treatment plans. This significantly improves clinical outcomes and quality of care. By optimizing staff allocation, scheduling appointments and resource planning, prescriptive analytics also helps reduce operational costs and enhance patient satisfaction in healthcare organizations. The ability to enhance outcomes in a cost-effective manner makes prescriptive analytics an attractive solution for healthcare providers.
Porter’s Analysis
Threat of new entrants: New entrants face high capital requirements for research and development. Established players have significant economies of scale and brand recognition advantages.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitute products and services. However, switching costs are also moderate.
Bargaining power of suppliers: A few major players dominate the supply market. However, supplier switching is easy.
Threat of new substitutes: Threat of substitutes is moderate as there are few alternative predictive analytic techniques available.
Competitive rivalry: Intense competition exists between major vendors due to their global presence and technological expertise.
SWOT Analysis
Strengths: Prescriptive analytics helps optimize decisions and yield better outcomes. It provides personalized treatment approaches based on individual patient characteristics.
Weaknesses: Lack of data quality and integration issues. Significant upfront investment required for deployment, management, and support of prescriptive solutions.
Opportunities: Growing focus on value-based healthcare is raising demand for prescriptive analytics. Emerging applications in drug discovery, clinical trials, and healthcare supply chain offer opportunities.
Threats: Data privacy and security concerns. Resistance to change from healthcare providers affects adoption.
Key Takeaways
The Global Prescriptive Analytics Market is expected to witness high growth over the forecast period owing to rising healthcare costs and demand for optimized treatment decisions. The global Prescriptive Analytics Market is estimated to be valued at US$ 7.71 Bn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030.
North America currently dominates the market propelled by stringent regulations, focus on quality care, and higher adoption of advanced technologies. Europe also has a sizable share whereas Asia Pacific is poised to grow at the fastest pace led by increasing healthcare expenditures, expanding private insurance coverage, and growing geriatric population in countries like China and India.
Key players operating in the prescriptive analytics market are Steris Corporation, Noxilizer Inc., Medistri SA, Judd Medical Limited, E-BEAM Services Inc., Cantel Medical Corporation, Stryker Corporation (TSO3 Inc.), BGS Beta-Gamma-Service GmbH & Co. KG, and B Braun Melsungen AG (B Braun Medical Ltd.), among others. These players are focusing on developing advanced prescriptive analytics platforms and solutions to gain a competitive edge. Partnerships, mergers, acquisitions, and geographic expansion are also common strategies adopted.
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