Global big data analytics in healthcare market is expected to reach $22,743.1 million by 2023, according to P&S Market Research.
The global big data analytics in healthcare market is also gaining interest due to the introduction of personalized healthcare systems and demand for high quality healthcare services. Through the adoption of big data, healthcare payers and providers are enhancing their capabilities by studying patient behavior towards a particular treatment and the diagnostic patterns, in order to provide them with customized and highly cost-effective services.
Insights into market segments
Based on deployment type, big data analytics in healthcare market is categorized into on-demand and on-premise. Of the two, the on-demand deployment generated larger revenue as compared to the on-premise software deployment. Further, on the basis of hardware, big data analytics in healthcare market is categorized into data storage, routers, firewalls, virtual private network, e-mail servers, and others; others include data centers hardware and on-premise and on-cloud hardware. Among these, data storage accounted for the largest revenue share in the market in 2017.
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
Asia-Pacific to be the fastest growing market
Geographically, North America has been the largest big data analytics in healthcare market; however, the fastest growth during the forecast period is expected from Asia-Pacific. This can be attributed to factors such as advancement in big data technologies, growing digitalization, expanding data analytics software industry, and increasing adoption of big data analytics services by healthcare providers in the region. Further, due to various initiatives undertaken by the government to integrate big data in the healthcare industry, for making more sophisticated and cheap healthcare services available to people, the market in the region is expected to grow significantly in the coming years.
Increase in demand for financial analytics to drive market growth
Factors driving the growth of big data analytics in healthcare market include significant increase in demand for financial analytics in healthcare, surge in demand for exploring structured and unstructured data present in the healthcare industry, decreasing costs and availability of big data software and services, along with amplified adoption of new technologies for data analytics in healthcare business transformations, globally.
While the healthcare industry has been generating huge volumes of data, big data analytics solutions aim to generate valuable insights from such data to improve the quality of healthcare services and reduce the overall cost incurred in the healthcare ecosystem. This is achieved by exploring large sets of structured and unstructured databases, to gain and access trends and patterns present in the current healthcare environment. Financial analytics sealed the largest market share in 2017, as it provides healthcare organizations with greater and better visibility into several factors that drive revenues, reduce operational costs and manage shareholder value. The application uses sophisticated software technology such as specialized billing process and knowledge, to keep a track of various claims processed, and the amount of revenue collected from different segments.
Additionally, the demand for personalized health records through big data is also propelling the growth of big data analytics in healthcare market. The demand for high quality and personalized healthcare services has prompted patients to store their medical information online, which in turn helps doctors to schedule appointments as per the availability at both-ends, organize and keep a track of past diagnosis anytime anywhere, and provide patients with all the necessary information related to a disease or other health issues.
Big data analytics in healthcare market competitiveness
Data analytics providers are partnering with healthcare providers to increase their market share. The major players are also developing new solutions for healthcare data analytics. Some of the key players operating in the 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.
Most of the major vendors in the big data analytics in healthcare market are actively focusing on enhancing their offerings to meet the surging demand for advanced healthcare solutions. This includes software development, hardware integration, and big data analytics learning.
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