Big Data in Healthcare Market Introduction and Trends Analysis
Big Data in Healthcare Market globally was valued at $23.89 billion in 2019 and the market is expected to grow at a compound annual growth rate (CAGR) of 19.4% from 2020 to 2027. By 2027, the market size is expected to reach $98.30 billion. North America is the largest market followed by Europe; however, Asia Pacific is expected to experience a robust growth opportunity during the forecast period.
A massive amount of structured, as well as unstructured data generated by different organizations, is broadly termed as “big data”. These data can be further collected organized and analyzed to help the organizations improving their decision-making processes. These data are generated in almost all organizations including healthcare. Particularly in healthcare, it’s a complex process to analyze the data and to determine information including unknown correlations, hidden patterns, market trends, and customer preferences. This can help organizations to take informed clinical and business decisions. Stretching to different diverse areas, the field of healthcare analytics is huge particularly across operational efficiency, clinical delivery, and personalized medicine.
Some of the key factors driving the growth of the global big data in the healthcare market are the rising adoption rate of the electronic medical record (EMR), electronic health record (EHR), sensors data and biometric data, improving regulatory compliance in the healthcare sector, increasing expenditure of healthcare providers for technologically advanced products and rising demand for data analytics solution for population health management. In addition, continuous data generated in a massive amounts in both volume and variety is further expected to propel the growth of the market in the coming years. However, technical complexity and lack of skilled person is expected to hinder the market growth.
Market Scope and Segmentation, 2019 - 2027
The global big data market in healthcare is segmented into: By Component, By Deployment, By Analytics Type, By Applications and By End User, and by geography. By component type is further segmented into Software and Services; whereas By Deployment segment further covers On-Premise and Cloud. By Analytics segment includes Descriptive Analytics, Predictive Analytics, Prescriptive Analytics, and Diagnostic Analytics. By application segments cover, financial analytics, operational analytics, and clinical analytics. Adding to these segments, the applications across big data in healthcare are Hospitals & Clinics, Finance & Insurance Agencies, and Research Organizations.
Regional Market Analysis
In this particular study, by geography, the four major regional markets have been covered under the global big data in healthcare market report namely North America, Europe, Asia Pacific and Rest of the World (RoW). Across North America, the study covers Canada, and the U.S., whereas across regions of Europe, the countries covered are Germany, UK, France, Germany, and Rest of Europe. Asia Pacific covers Japan, Australia, China, and Rest of Asia Pacific. Further, Latin America, Middle East, and Africa are covered under the rest of the world (RoW). North America region is the leading region for big data analytics in the healthcare market globally, owing to a rise in the demand for analytical models on patient information for better service delivery, government policies, and growing advancements in IoT.
Key Impacting Factors of the Global Market
Rising demand for analytics solutions for population health management and increasing the need for business intelligence to optimize strategy and health administration would fuel the growth of the market in the coming years. In addition, cloud-based analytics solutions are in high demand in the market; thereby providing lucrative opportunities for market growth. Prediction of early illness factors, rise in the demand for improvement in care management, and hospitalization process is would further boost the growth of the market. Inclination for business intelligence in order to optimize health administration and strategy and growing demand towards cloud-based analytics solutions are some of the factors that are primarily expected to propel the market growth during the forecast period.
Prominent Players of the Global Market
Some of the key players in the market are Epic System Corporation, GE Healthcare, Hewlett Packard Enterprise (HPE), All Scripts, Cerner, Dell EMC, Microsoft, Optum, International Business Machines (IBM) Corporation, and Oracle Corporation.
Segments Covered in the Report
The report covers the market size and forecast, along with year-on-year (y-o-y) growth, market share, regional and country level analysis of all the segments and its respective sub-segments. The report forecasts revenue growth at the global, regional, and country-level and provides an analysis of the latest industry trends in each of the sub-segments from 2019 to 2027. After analyzing the market from manufacturers as well as supplier end, Accurize Market Research provides the segmentation of the global big data in healthcare market report based across By Component, By Deployment, By Analytics Type, By Applications and By End User and by Geography.
The market segments covered under the scope of the report are mentioned below.
Market by Component: Size, Share and Growth (Market Revenue, $ Million, %, 2019 - 2027)
Market by Deployment: Size, Share and Growth (Market Revenue, $ Million, %, 2019 - 2027)
Market by Analytics Type: Size, Share and Growth (Market Revenue, $ Million, %, 2019 - 2027)
Market by Applications: Size, Share and Growth (Market Revenue, $ Million, %, 2019 - 2027)
Market by Regional: Size, Share and Growth (Market Revenue, $ Million, %, 2019 - 2027)
Rest of the World (RoW)
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