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The global big data analytics in healthcare market was valued at $7.0 billion in 2017, and it is further expected to generate $22.7 billion revenue by 2023, exhibiting a CAGR of 21.8% during 2018–2023. The increasing demand for financial analytics in the healthcare sector, surging requirement for structured and unstructured dataset analysis, and rising government initiatives for the adoption of electronic health records (EHR) are the key factors driving the growth of the market across the globe.
Among all regions, Asia-Pacific (APAC) is expected to witness the fastest growth during the forecast period, due to the robust economic growth, expanding healthcare industry, increasing IT spending in healthcare, and rapid adoption of emerging technologies.
Factors Governing Big Data Analytics in Healthcare Market
The increase in the demand for financial analytics in the healthcare sector is a key factor driving the growth of the big data analytics in healthcare market, globally. In the healthcare sector, the demand for financial analytics is on the rise, as it provides healthcare organizations with greater visibility into several factors that drive revenues and reduce the operational cost. Additionally, big data analytics uses sophisticated software technologies, such as specialized billing process and knowledge, to keep track of the claims processed and revenue collected from different operations. This reduces the fraud, extra spending, and helps in proper utilization of resources offered by healthcare service providers.
The increasing adoption of internet of things (IoT) devices in the healthcare industry is offering immense growth opportunities to the big data analytics in healthcare market players. In the sector, these devices monitor a wide range of patient health parameters, from heart function to blood pressure, and generate a large volume of unstructured data. Big data analytics has the ability to analyze these data sets and help healthcare institutions offer higher-quality and more-effective care to patients.
Big Data Analytics in Healthcare Market Segmentation Analysis
The services category held the largest share in the big data analytics in healthcare market in 2017, based on offering. This can be attributed to the increasing demand for integration and implementation, and consulting services.
The descriptive analytics category held the largest share in the market in 2017, based on analytics type. This is primarily attributed to the increasing demand for data visualization for diseases diagnosis.
The on-premises category held the larger share in the big data analytics in healthcare market in 2017, on the basis of deployment type. As on-premises deployment offers greater data security and more control over hardware and software, a majority of large healthcare institutions prefer this deployment.
The clinical data analytics category is expected to witness the fastest growth in the market during the forecast period, on the basis of application. This can be attributed to the increasing demand for better and cost-effective of healthcare services.
Geographical Analysis of Big Data Analytics in Healthcare Market
North America held the largest share in the global big data analytics in healthcare market in 2017. This is primarily attributed to the presence of a large healthcare industry, technological advancements, and increasing penetration of artificial intelligence (AI) and IoT in the sector. APAC is expected to witness the fastest growth in the market during the forecast period.
Competitive Landscape of Big Data Analytics in Healthcare Market
The big data analytics in healthcare market demonstrates a fragmented landscape, globally. Some of the prominent market players are McKesson Corporation, Epic Systems Corporation, Cerner Corporation, Allscripts Healthcare Solutions Inc., Koninklijke Philips N.V., Cognizant Technology Solutions Corporation, Wipro Limited, Siemens AG, International Business Machines Corporation, Hewlett Packard Enterprise Company, Microsoft Corporation, Oracle Corporation, and Dell Technologies Inc.
Recent Strategic Developments of Major Big Data Analytics in Healthcare Market Players
In recent years, the major players in the big data analytics in healthcare market have taken several strategic measures, such as mergers and acquisitions, product launches, and geographical expansions, to gain a competitive edge in the industry. For instance, in March 2018, Koninklijke Philips N.V. launched HealthSuite Insights, an AI-based healthcare platform, which supports the adoption of big data analytics and artificial intelligence (AI) in the healthcare sector. This platform provides access to advanced analytical capabilities, to analyze healthcare data, and offers tools and technologies to build, maintain, deploy, and scale AI-based solutions.
Further, in November 2017, Koninklijke Philips N.V. acquired Analytical Informatics Inc., a U.S.-based start-up company. This acquisition helps enhance the performance and address the gaps in Philips’s PerformanceBridge, an operational performance improvement solution for healthcare service providers.
Market Size Breakdown by Segment
The big data analytics in healthcare market report offers comprehensive market segmentation analysis along with market estimates for the period 2013–2023.
Based on Component
Based on Type
Based on Deployment Type
Based on Application
Key Questions Addressed/Answered in the Report