Zion Market Research has published a new report titled “Big Data Analytics in Healthcare Market by Component (Software [Electronic Health Record Software, Practice Management, and Workforce Management], Hardware [Data Storage, Routers, Firewalls, Virtual Private Networks, E-Mail Servers, and Others], and Services), By Deployment Type (On-Demand and On-Premise), By Analytics Type (Descriptive, Predictive, and Prescriptive), and By Application (Financial Analytics [Claim Processing, Revenue Cycle Management, Risk Adjustment & Assessment, and Others], Clinical Data Analytics [Quality Control, Population Health Management, Clinical Decision Support, Reporting and Compliance, and Precision Health], and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024”. According to the report, global big data analytics in healthcare market was valued at approximately USD 19.72 billion in 2017 and is expected to generate revenue of around USD 68.03 billion by 2024, growing at a CAGR of around 19.34% between 2018 and 2024.
Big data with respect to healthcare will be useful for health data of a particular population/particular person and possibly help to cure diseases, avoid epidemics, cut down costs, etc. Plentiful health data from the healthcare sector is collected from various sources including genomic pay or records, electronic health records (EHRs), wearable, medical imaging, pharmaceutical research, medical devices, and others. Big data in healthcare and medicine refers to these diverse large and complex data, difficult to analyze and manage with the traditional software or hardware. Big data analytics covers the amalgamation of heterogeneous data, analysis, modeling, data quality control, interpretation, and validation.
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Global big data analytics in the healthcare market is primarily driven by worldwide escalating demand for financial analytics in healthcare coupled with declining costs and availability of big data software and services. However, the dearth of IT infrastructure in developing countries and higher maintenance costs related to these systems will hinder the market growth. Whereas, growing inclination towards cloud-based analytics solutions and development in IT infrastructure in developing economies will create opportunities for big data analytics in the healthcare market in the coming years.
The big data analytics in the healthcare market is classified on the basis of the component, deployment type, analytics type, application, and region. On the basis of the component, the market is divided into the software, hardware, and services.
Software segment is further divided into electronic health record software, practice management, and workforce management. The hardware segment is further divided into data storage, firewalls, routers, e-mail servers, virtual private networks, and others. On the basis of the deployment type, the market is segmented as segmented as On-Demand and On-Premise. On the basis of the analytics type, the market is classified into descriptive, predictive, and prescriptive. On the basis of the application, the big data analytics in the healthcare market is divided into financial analytics, clinical data analytics, and others. Financial analytics segment is further sub-segmented as claim processing, risk adjustment & assessment, revenue cycle management, and others. And clinical data analytics segment is further sub-segmented into quality control, clinical decision support, reporting and compliance, population health management, and precision health. Application segment was the largest revenue generating segment in big data analytics in the healthcare market for the year 2017. Among all applications, financial analytics was the major application of big data analytics in the healthcare market for the year 2016.
North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa are the prominent regional segments of the global big data analytics in the healthcare market. North America is projected to dominate the global big data analytics in healthcare market during forecast timeline. Early acceptance of the technology in this region is the key factor responsible for market growth. Whereas, Europe has huge market growth potential, owing to the presence of global market players keen on introducing advanced data analytics techniques.
Emerging regions in the Asia Pacific are experiencing major growth in the big data analytics in healthcare market due to the advancement in big data technologies, ever-increasing digitalization, and data analytics industry growth. Also, the adoption of big data analytics services by the number of healthcare providers is on rising in the region and this will further contribute towards the regional growth. Furthermore, government initiatives to integrate big data in the healthcare industry for making healthcare services more refined and inexpensive and easily available to people will help the market in this region grow substantially in the coming years. The Middle East and Africa market are anticipated to witness a significant growth during the forecast period.
Some of the key players in big data analytics in healthcare market are Cerner Corporation, Dell, McKesson Corporation, GE Healthcare, Mckesson, Koninklijke Philips N.V., Epic System Corporation, Mu Sigma, Optum, IBM, Xerox, Hewlett-Packard Co., Opera Solutions, Cloudera, Cognizant Technology Solutions, Teradata Corporation, Siemens Healthcare Gmbh, Splunk Inc., EMC, Calpont Corporation, and Oracle Corporation among others.
This report segments the global big data analytics in healthcare market as follows:
Global Big Data Analytics in Healthcare Market: by Component
Global Big Data Analytics in Healthcare Market: by Deployment Type
Global Big Data Analytics in Healthcare Market: by Analytics Type
Global Big Data Analytics in Healthcare Market: by Application
Global Big Data Analytics in Healthcare Market: by Region