Market Size – USD 19.93 Billion in 2019, Market Growth – CAGR of 19.6%, Market trends – The infiltration of the internet in the Healthcare sector.
The global Big Data in Healthcare Market is forecasted to be worth USD 78.03 Billion by 2027, according to a current analysis by Emergen Research. An increasing cost of healthcare, a rise in chronic diseases, a growing geriatric population, and a fall in reimbursement cost will propel the demand for the market. Healthcare sectors are under immense pressure to focus on investment improving resource and outcomes management. Deployment of analytical tools, artificial intelligence, and machine learning techniques on the growing amount of data to enhance revenue, reduce healthcare costs, and personalized medicine, which will propel the demand for the market.
A surge in the adoption of healthcare information systems promoting the usage of electronic health records (EHRs) to build a more collaborative research environment will play an important role in the growth of Big Data in the Healthcare market. Moreover, the presence of unstructured data in the healthcare industry is anticipated to drive big data in the healthcare market.
The Asia Pacific region is anticipated to grow with the fastest CAGR owing to the growing demand from India and China. An increase in clinical trials and a rise in the geriatric population have also propelled the growth of the market. The investment for the development in infrastructure and application has become a priority for the government in the region, which will impact the growth.
Regional Scope- North America; Europe; Asia Pacific; Central & South America; MEA
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Key Highlights From The Report
In October 2020, Wuhan Run He De Kang (RHDK) and Bianjie partnered to implement a blockchain technology-enabled “Epidemic Early Warning System” to help fight against the Covid-19 virus. Wuhan RHDK is a healthcare-focused Big Data firm established in 2017 to focus on creating advanced medical healthcare and safety risk management system.
The software segment held the largest share due to the growing need for analysis of electronic patient data, which is increasing at a rapid pace. By leveraging the appropriate software tools, big data is propelling the movement toward value-based healthcare, which is opening the door to innovative advancements while reducing the costs.
Uptime is very crucial in the healthcare industry, and they cannot afford to have the system go down, which will propel the demand for the on-premises segment. On-premises storage does not require a wireless internet connection to collect medical data, which makes it less risky.
Predictive analytics helps in estimating the future outcome based on past patterns. This allows clinicians to stay a step ahead and make an informed choice on how to move forward. It is extremely useful in surgery, surgery, intensive care, or emergency care, where a patient’s life might depend on quick reaction time.
North America held the largest market share owing to a rise in advancement in the Internet of Things (IoT) and an increase in demand for analytical models for better service delivery and government policies. Technical advancement has made it easier to collect and analyze information, which is benefitting the healthcare industry in the region.
Key participants include Cerner Corporation, GE Healthcare, IBM Corporation, Allscripts, DELL EMC, Microsoft Corporation, Optum Inc., Oracle Corporation, Cognizant, and Mckesson, among others.
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Component Outlook (Revenue, USD Billion; 2017-2027)
Software
Services
Deployment Outlook (Revenue, USD Billion; 2017-2027)
On-Premises
Cloud
Analytics Type Outlook (Revenue, USD Billion; 2017-2027)
Predictive Analytics
Descriptive Analytics
Prescriptive Analytics
Diagnostic Analytics
Application Outlook (Revenue, USD Billion; 2017-2027)
Clinical Analytics
Financial Analytics
Operational Analytics
End-User Outlook (Revenue, USD Billion; 2017-2027)
Hospitals and Clinics
Finance and Insurance Agents
Research Organization
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