The global big data analytics in healthcare market is expected to reach $22,743.1 million by 2023, according to P&S Intelligence.
The introduction of personalized healthcare systems and demand for high-quality healthcare services are the two major drivers of the big data analytics in healthcare market growth. Healthcare providers are improving their abilities through the understanding of a patient’s response to a particular treatment, to offer personalized and affordable healthcare services.
Insights into market segments
Based on component, the software category is expected to post the highest CAGR, of 26.4%, in the big data analytics in healthcare market for the period 2018–2023. This would be on account of the increasing demand for electronic medical records (EMR). EMR is the collection of medical records of patients, where the software assists in maintaining the records efficiently.
On the basis of application, the financial analytics category accounted for the largest share in the big data analytics in healthcare market in 2017. This was driven by the heavy use of value-based care and implementation of risk-based reimbursements. It is expected to be further driven by the increasing demand for fraud detection, risk adjustments, and claims processing. During the forecast period, clinical data analytics is poised to register the highest CAGR, of 24.0%, which is due to the increasing demand for improved quality and lower cost of healthcare.
North America held the largest share in the market
Geographically, North America held the largest big data analytics in healthcare market share in 2017, with the U.S. being the larger market here, due to the fact that the healthcare industry is the largest in the U.S., which results in a heavy usage of the big data analytics. The use of big data analytics becomes extremely important for healthcare industry as it utilizes predictive analytics, which helps in identifying patients with high risk of chronic illness and delivering personalized healthcare services.
IoT in healthcare sector would ensure real time mobility of information
The rising penetration of internet of things in patient care is predicted to provide lucrative opportunities to the big data analytics in healthcare market players. IoT is a network of connected devices that collect and exchange data using embedded sensors. It is projected that by 2020, there would be nearly 20 billion internet-enabled devices, globally. In the healthcare sector, these devices monitor a wide range of patient parameters, from heart function to blood pressure, and most of the data generated is unstructured. Sometimes the patient’s data collected by these devices is send to healthcare providers, who suggest respective treatment for the disease. Smart devices that communicate with each other, combined with machine learning, could transform this process, where a doctor visit would be replaced by a phone call. For instance, Novartis, a Swiss pharmaceutical company, in partnership with Qualcomm Life, Inc., developed an internet-connected inhaler, Breezhaler, which can send data to a cloud-based big data analytics platform for use in treating patients by healthcare providers. This will help in treating chronic obstructive pulmonary disease (COPD), which affected nearly 250 million people, globally, in 2016.
Smart medicine dispensers are also an emerging opportunity for IoT in the healthcare sector. These dispensers monitor whether medicines are being taken by the patient as per the prescription, at home. When a patient fails to follow it, the smart devices initiate a phone call or a text message to remind the patient to take the medication. This improves patient care and also cuts down the cost; therefore, the adoption of IoT is predicted to provide lucrative growth opportunities to the big data analytics in healthcare market.
Browse report overview with detailed TOC on "Big Data Analytics in Healthcare by Component (Software [Electronic Health Record Software, Practice Management, Workforce Management], Hardware [Data Storage, Routers, Firewalls, Virtual Private Networks, E-Mail Servers], Services), by Deployment Type (On-Demand, On-Premise), by Analytics Type (Descriptive, Predictive, Prescriptive), by Application (Financial Analytics [Claim Processing, Revenue Cycle Management, Risk Adjustment & Assessment], Clinical Data Analytics [Quality Control, Population Health Management, Clinical Decision Support, Reporting and Compliance, Precision Health]), by Region (U.S., Canada, U.K., Germany, France, Italy, China, Japan, India, Brazil, U.A.E.) – Global Market Size, Share, Development, Growth, and Demand Forecast, 2013–2023" at:https://www.psmarketresearch.com/market-analysis/big-data-analytics-in-healthcare-market
Big data analytics in healthcare market competitiveness
The players in the big data analytics in healthcare market are focusing on acquisitions and partnerships, in order to provide differentiated products and services. This would ensure ease of accessibility to patients’ EHR and structured data sets for a better insight into patient history, so that analysis can be done accordingly. For instance, in January 2018, Allscripts Healthcare Solutions acquired Practice Fusion, a cloud-based EHR solution provider, for $100 million. This acquisition was aimed at improving Allscripts’s big data insights and analytics, data sharing technologies, and clinical trial solutions. This will enable life sciences organizations to more quickly and efficiently develop life-changing therapies.
Some of the other key players operating in the global big data analytics in healthcare market are McKesson Corporation, Cognizant Technology Solutions Corporation, Epic System Corporation, Cerner Corporation, Dell Inc., GE Healthcare, Siemens AG, Koninklijke Philips N.V., and Xerox Corporation.
Global Big Data Analytics in Healthcare Market Segmentation
Market Segmentation by Component
Market Segmentation by Deployment Type
Market Segmentation by Analytics Type
Market Segmentation by Application
Market Segmentation by Region