The Big Data Analytics in Healthcare Market size is forecast to reach $71.19 billion by 2027, growing at a CAGR of 21.7% during the forecast period 2022-2027. Big data analytics in healthcare is the complex process of examining big data to discover information including hidden patterns, unknown correlations, and customer preferences, which can help organizations to make informed clinical and business decisions. Increasing adoption of electronic health records & Electronic medical records in healthcare, and rising investments in the healthcare IT sector is the major factor driving the growth of the market. Increasing government initiatives for the development of the healthcare sector are set to further enhance the overall market demand for the Big Data Analytics in Healthcare Market during the forecast period 2022-2027.
The report: “Big Data Analytics in Healthcare Market Forecast (2022-2027)” covers an in-depth analysis of the following segments of the Big Data Analytics in the Healthcare Market.
The Descriptive Analytics segment held the largest share in the Big Data Analytics in Healthcare Market in 2019 and is estimated to grow at a CAGR of 23.51% during the forecast period 2022-2027. Descriptive analytics are useful as they allow organizations to learn from past behaviours, and help them in understanding how they might influence future outcomes. Usually, the underlying data that gets analyzed is a count or aggregate of a filtered column of data. Descriptive statistics are useful in showing things like total stock in inventory or average dollars spent per customer. Organizations must use descriptive analysis when they want to understand, at an aggregate level, what is going on in their company. Prescriptive analytics can have a large impact on how businesses make decisions and thereby, help them in delivering the right products at the right time, consequently optimizing the customer experience. Descriptive Analytics is set to be the highest growing segment and is estimated to register the highest CAGR during the forecast period 2022-2027.
The Hospitals & clinics segment held the largest share in the Big Data Analytics in Healthcare Market in 2019. Healthcare is a multi-dimensional system established with the sole aim of the prevention, diagnosis, and treatment of health-related issues or impairments in human beings. With the advent of computer systems and its potential, the digitization of all clinical exams and medical records in the healthcare systems has become a standard & widely adopted practice nowadays. Big data analytics in healthcare is evolving into a promising field for providing insight from very large data sets and improving outcomes while reducing costs. Driven by mandatory requirements and the potential to improve the quality of healthcare delivery meanwhile reducing the costs, these massive quantities of data hold the promise of supporting a wide range of medical and healthcare functions, including among others clinical decision support, disease surveillance, and population health management. The Hospitals & Clinics are set to be the highest growing segment and are estimated to register the highest CAGR during the forecast period 2022-2027.
North America dominated the Big Data Analytics in Healthcare Market in 2019 with a share of more than 42.10%, followed by Europe owing to the rise in advancement in IoT, and an increase in demand for the analytical model on patient information for better service delivery. Increasing government policies and the growing focus of health policymakers on developing cost-effective models of healthcare services for worldwide applications are increasing the growth of the Big Data Analytics in the Healthcare Market in this region.
However, Europe is estimated to grow at a higher CAGR during the forecast period 2022-2027 owing to the several early adopters of big data analytics technologies. The rise in expenditure on the technologically advanced solution by healthcare providers and growth in regulatory compliance in the healthcare sector is also increasing the growth of the Big Data Analytics in the Healthcare Market in this region.
An increase in the demand for analytics solutions for population health management is increasing the growth of Big Data Analytics in the Healthcare Market. Population health management demands for complete patient care with cost-effective medication processes, thereby requiring the integration of clinical and claims data on the same platform for data analysis. The surge in the demand for improvement in care management, prediction of early illness factors, and hospitalization process is anticipated to fuel the growth of the global big data analytics in the healthcare market. Moreover, citizen health is of prime importance for healthcare administration in the healthcare industry, which in turn requires predictive analysis of population health. Thus, increasing the growth of the Big Data Analytics In the Healthcare market during the forecast period 2022-2027.
The growing inclination toward cloud-based analytics solutions is increasing the growth of the Big Data Analytics in the Healthcare Market. Organizations from healthcare sectors are realizing the benefits of cloud solutions and preferring using cloud analytics tools over conventional on premise BI (business intelligence) solutions. Enhanced planning, insightful decision-making, and predictive analysis have become mainstream requirements among business leaders, owing to the growing need for client and customer management. Thus, increasing the growth of the Big Data Analytics in the Healthcare market during the forecast period 2022-2027.
Some of the factors that are set to impede the growth of the Big Data Analytics in the Healthcare Market are the lack of skilled workflow and issues related to data security.
Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Big Data Analytics in Healthcare Market. In 2019, the Big Data Analytics in Healthcare Market share is consolidated by the top ten players present in the market. Big Data Analytics in Healthcare Market, the top 10 companies are GE Healthcare, All Scripts, Cerner, Microsoft, Optum, International Business Machines Corporation, Oracle Corporation, Dell EMC, Epic System Corporation, and Hewlett Packard Enterprise among others.
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Report Coverage
The report: “Big Data Analytics in Healthcare Market Forecast (2022-2027)” covers an in-depth analysis of the following segments of the Big Data Analytics in the Healthcare Market.
- By Component: Software, and Services
- By Deployment: On-Premise, and Cloud
- By Analytics Type: Descriptive Analytics, Predictive Analytics, Prescriptive Analytics, and Diagnostic Analytics
- By Application: Clinical Analytics, Financial Analytics, and Operational Analytics
- By End Users: Hospitals & Clinics, Finance & Insurance Agencies, Research Organizations, Biotechnology, and Academic Organizations
- By Geography: North America, Europe, Asia Pacific, and Rest of the World (RoW)
Key Takeaways
- North America dominated the Big Data Analytics in Healthcare Market in 2019 owing to the rise in advancements in IoT and an increase in demand for the analytical model on patient information for better service delivery. The Big Data Analytics in the Healthcare Market scope for different regions will be provided in the final report.
- The shift in preference from a pay-for-service model to a value-based care model and a rise in demand for an analytics solution is likely to aid in the market growth of the Big Data Analytics in the Healthcare Market.
- Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Big Data Analytics in Healthcare Market report.
- Lack of skilled workflow and issues related to data security are poise to create hurdles for the Big Data Analytics in Healthcare Market.
Big Data Analytics in Healthcare Market Segment Analysis - By Analytics Type
The Descriptive Analytics segment held the largest share in the Big Data Analytics in Healthcare Market in 2019 and is estimated to grow at a CAGR of 23.51% during the forecast period 2022-2027. Descriptive analytics are useful as they allow organizations to learn from past behaviours, and help them in understanding how they might influence future outcomes. Usually, the underlying data that gets analyzed is a count or aggregate of a filtered column of data. Descriptive statistics are useful in showing things like total stock in inventory or average dollars spent per customer. Organizations must use descriptive analysis when they want to understand, at an aggregate level, what is going on in their company. Prescriptive analytics can have a large impact on how businesses make decisions and thereby, help them in delivering the right products at the right time, consequently optimizing the customer experience. Descriptive Analytics is set to be the highest growing segment and is estimated to register the highest CAGR during the forecast period 2022-2027.
Big Data Analytics in Healthcare Market Segment Analysis - By End Users
The Hospitals & clinics segment held the largest share in the Big Data Analytics in Healthcare Market in 2019. Healthcare is a multi-dimensional system established with the sole aim of the prevention, diagnosis, and treatment of health-related issues or impairments in human beings. With the advent of computer systems and its potential, the digitization of all clinical exams and medical records in the healthcare systems has become a standard & widely adopted practice nowadays. Big data analytics in healthcare is evolving into a promising field for providing insight from very large data sets and improving outcomes while reducing costs. Driven by mandatory requirements and the potential to improve the quality of healthcare delivery meanwhile reducing the costs, these massive quantities of data hold the promise of supporting a wide range of medical and healthcare functions, including among others clinical decision support, disease surveillance, and population health management. The Hospitals & Clinics are set to be the highest growing segment and are estimated to register the highest CAGR during the forecast period 2022-2027.
Big Data Analytics in Healthcare Market Segment Analysis - Geography
North America dominated the Big Data Analytics in Healthcare Market in 2019 with a share of more than 42.10%, followed by Europe owing to the rise in advancement in IoT, and an increase in demand for the analytical model on patient information for better service delivery. Increasing government policies and the growing focus of health policymakers on developing cost-effective models of healthcare services for worldwide applications are increasing the growth of the Big Data Analytics in the Healthcare Market in this region.
However, Europe is estimated to grow at a higher CAGR during the forecast period 2022-2027 owing to the several early adopters of big data analytics technologies. The rise in expenditure on the technologically advanced solution by healthcare providers and growth in regulatory compliance in the healthcare sector is also increasing the growth of the Big Data Analytics in the Healthcare Market in this region.
Big Data Analytics in Healthcare Market Drivers
Increase in the demand for analytics solutions for population health management
An increase in the demand for analytics solutions for population health management is increasing the growth of Big Data Analytics in the Healthcare Market. Population health management demands for complete patient care with cost-effective medication processes, thereby requiring the integration of clinical and claims data on the same platform for data analysis. The surge in the demand for improvement in care management, prediction of early illness factors, and hospitalization process is anticipated to fuel the growth of the global big data analytics in the healthcare market. Moreover, citizen health is of prime importance for healthcare administration in the healthcare industry, which in turn requires predictive analysis of population health. Thus, increasing the growth of the Big Data Analytics In the Healthcare market during the forecast period 2022-2027.
Growing inclination toward cloud-based analytics solutions
The growing inclination toward cloud-based analytics solutions is increasing the growth of the Big Data Analytics in the Healthcare Market. Organizations from healthcare sectors are realizing the benefits of cloud solutions and preferring using cloud analytics tools over conventional on premise BI (business intelligence) solutions. Enhanced planning, insightful decision-making, and predictive analysis have become mainstream requirements among business leaders, owing to the growing need for client and customer management. Thus, increasing the growth of the Big Data Analytics in the Healthcare market during the forecast period 2022-2027.
Big Data Analytics in Healthcare Market Challenges
Lack of skilled workflow, and issues related to data security
Some of the factors that are set to impede the growth of the Big Data Analytics in the Healthcare Market are the lack of skilled workflow and issues related to data security.
Big Data Analytics in Healthcare Market Industry Outlook
Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Big Data Analytics in Healthcare Market. In 2019, the Big Data Analytics in Healthcare Market share is consolidated by the top ten players present in the market. Big Data Analytics in Healthcare Market, the top 10 companies are GE Healthcare, All Scripts, Cerner, Microsoft, Optum, International Business Machines Corporation, Oracle Corporation, Dell EMC, Epic System Corporation, and Hewlett Packard Enterprise among others.
Acquisitions/Product Launches:
- In December 2019, GE Healthcare which provides transformational medical technologies and services that are shaping a new age of patient care acquired Decisio Health.
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Table of Contents
1. Big Data Analytics In Healthcare Market - Overview
2. Big Data Analytics In Healthcare Market - Executive Summary
3. Big Data Analytics In Healthcare Market - Comparative Analysis
4. Big Data Analytics In Healthcare Market Forces
5. Big Data Analytics In Healthcare Market - Strategic Analysis
6. Big Data Analytics In Healthcare Market - By Component(Market Size - $Million/$Billion)
7. Big Data Analytics In Healthcare Market - By Deployment(Market Size - $Million/$Billion)
8. Big Data Analytics In Healthcare Market - By Analytics Type(Market Size - $Million/$Billion)
9. Big Data Analytics In Healthcare Market - By Application(Market Size - $Million/$Billion)
10. Big Data Analytics In Healthcare Market - By End Users(Market Size - $Million/$Billion)
11. Big Data Analytics In Healthcare Market - By Geography(Market Size - $Million/$Billion)
13. Big Data Analytics In Healthcare Market Company Analysis
Methodology
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