May 22, 2024

Prescriptive Analytics Is Expected To Be Flourished By Growing Adoption Among Various Industries

Prescriptive analytics is a branch of advanced analytics which uses different algorithms and other techniques to help decision makers choose the best course of action from a set of alternatives. It recommends the best future path for achieving a desired outcome. Prescriptive analytics has wide applications in various industries like healthcare, banking, automotive, and energy & utilities. In healthcare, prescriptive analytics helps physicians and other medical staff in diagnosing diseases accurately and providing personalized treatment plans to patients. It analyzes huge amounts of patient data and recommends optimal procedures and therapies.

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:

The growing adoption of prescriptive analytics across various industries is expected to drive the market growth over the forecast period. As mentioned in the heading, industries like healthcare, banking, automotive etc are increasingly adopting prescriptive analytics to gain strategic and operational benefits. It helps organizations optimize processes, reduce costs and enhance productivity. Another major factor fueling the demand is the rising availability of big data. With digital transformation and proliferation of IoT devices, there is exponential growth in data generation across all sectors. Prescriptive analytics has the capability to analyze huge volumes of structured and unstructured data from multiple internal and external sources to deliver actionable insights. This wide availability of data facilitates more effective implementation of prescriptive solutions. Moreover, growing investments by businesses worldwide in digital technologies for gaining competitive advantage in the market further promotes adoption.

Segment Analysis

The prescriptive analytics market is dominated by the healthcare sector, which accounts for over 35% share. Within the healthcare segment, hospitals sub-segment currently holds the highest share and is expected to continue its dominance over the forecast period. This is owing to the huge amount of patient data generated in hospitals daily that enables delivering personalized treatment and preventive healthcare through application of prescriptive analytics techniques. The BFSI segment also holds a significant share and is expected to grow at a steady pace due to increasing adoption of prescriptive analytics solutions for risk management, portfolio optimization, and predictive asset maintenance in financial institutions and insurance companies.

PEST Analysis

 

Political: Government policies promoting digital healthcare and smart infrastructure are expected to drive market growth. Favorable data privacy regulations also encourage adoption of advanced analytics techniques.

Economic: Growing healthcare expenditure worldwide and rising disposable incomes are increasing budget allocation for advanced technologies across sectors.

Social: Rising consumer inclination towards personalized experiences is boosting demand for customer analytics solutions across sectors.

Technological: Emerging technologies like cloud, AI/ML and advanced algorithms are enabling delivery of more accurate prescriptive insights and fueling market expansion.

Key Takeaways

 

The Global Prescriptive Analytics Market is expected to witness high growth over the forecast period, driven by increasing spending on digital transformation initiatives across sectors. 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.

Regional analysis :

 

North America currently holds over 40% share in the global prescriptive analytics market due to substantial IT investments and established healthcare infrastructure in the US and Canada. Asia Pacific is expected to witness the fastest growth over the forecast period attributed to booming healthcare sector and rising digitization programs in China, India and other Asian countries. China in particular is expected to emerge as a highly lucrative market owing to government initiatives to modernize healthcare through digital technologies and availability of huge patient data.

Key players :

 

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 partnerships and new service launches to expand their geographic presence and gain higher shares in the global prescriptive analytics market.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it