Prescriptive analytics helps organizations identify the best future course of action based on various factors such as past performance, stakeholders’ goals and constraints, and real-time conditions. It works by leveraging various quantitative and qualitative techniques like machine learning, mathematical modeling, predictive analytics, optimization, and scenario modeling. Prescriptive analytics is widely adopted by various industry verticals like healthcare, telecommunication, transportation, and manufacturing industries to optimize business processes, allocate resources efficiently, and guide decision making. In healthcare sector, prescriptive analytics helps streamline workflow of healthcare organizations, predict patient readmissions, estimate required staffing and resource capacity, optimize medical treatment plans, and suggest preventive healthcare strategies. 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 Dynamics:
Increased adoption of prescriptive analytics in healthcare industry is majorly propelling the market growth. As highlighted in heading, healthcare sector is expected to adopt prescriptive analytics at a significant rate owing to rising needs for optimized clinical workflows, resource allocation, preventive care planning, and better patient outcomes. With increasing healthcare costs and complex care delivery models, prescriptive analytics assists healthcare providers with relevant insights to lower operational costs and improve financial performance. It also helps alleviate the burden on healthcare systems by reducing preventable hospital readmissions through tailored care programs. These factors are expected to drive significant demand for prescriptive analytics solutions in coming years. Rapid digitization of healthcare industry has also facilitated seamless integration of advanced analytics techniques like prescriptive analytics with existing clinical systems. This is further supporting its increased adoption among healthcare organizations.
Segment Analysis
The prescriptive analytics market is segmented into software, services, and deployment model. The software segment dominates the market and is expected to continue its dominance during the forecast period. Prescriptive analytics software helps organizations to identify patterns in historical data to predict outcomes and provide actionable insights to decision makers. This is driving the demand for prescriptive analytics software.
PEST Analysis
Political: Governments around the world are investing heavily in big data and analytics technologies to gain insights for better decision making and policy formulations. This is creating a conducive environment for the growth of prescriptive analytics market. Economic: Organizations are under continuous pressure to improve revenues, reduce costs and optimize operations. Prescriptive analytics helps organizations address these challenges by providing actionable insights based on predictive modeling. This is fueling the adoption of prescriptive analytics. Social: Increase in the Volume of enterprise and consumer data is prompting organizations to leverage data analytics solutions for gaining insights. Customers expect personalized experiences, based on their preferences and past behaviors. This is increasing the demand for prescriptive analytics. Technological:Advancements in technologies such as artificial intelligence, machine learning, and cloud computing are enabling organizations to gain real-time actionable insights from large, complex data sets. This is driving the adoption of prescriptive analytics solutions.
Key Takeaways
The Global Prescriptive Analytics Market Size is expected to witness high growth during the forecast period.
North America region dominates the prescriptive analytics market currently. Heavy investments in analytics technologies by organizations in US and Canada is driving the market in the region.
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.). These players are focusing on new product launches and partnerships with healthcare organizations to gain market share.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
