The Global big data analytics in healthcare market was valued at USD 16.87 billion in 2021 and is projected to reach USD 67.82 billion by 2030, at a CAGR of 19.1%. Big data analytics in healthcare is the complicated task of analyzing large amounts of data to identify information such as previously unknown patterns, market trends, coordination of different, and consumer trends that can assist companies in making educated clinical and business decisions. The topic of healthcare analytics is vast, encompassing many different areas, including clinical delivery, operating excellence, and personalized treatment. Furthermore, big data analytics optimizes process-oriented healthcare expenditures by increasing population health, combining performance modelling with economic and anticipatory healthcare monitoring, and other methods.
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Increased regulatory complying in the healthcare sector, increased demand for data advanced analytics for population health management, increased expenditure by healthcare providers on technologically advanced solutions, and continuous growth in the enormous amount of medical data generation in the form of electronic health record (EHR), biometric data, and sensor data drive the global big data analytics in healthcare market.
The primary marketing driving force is an important sector that highlights the rise in the usage of the electronic health analytical record and the electronic medical analytical record in the healthcare big data analytics industry. Aside from that, the rise in investment, as well as the rise in the healthcare industry, has been depicted in the IT sector.
The unexpected spread of the Covid19 analysis has been a huge burden on the healthcare analytical business. The pandemic condition has aided in the adoption of the analytical solution by key team members. For example, Verily and CVS Health launched the app in June 2020, and it contains local, mail testing, and the app seeks to document the employees' exposure to the Covid 19 circumstance. As a result, the use of sophisticated analytics and hybrid computing has reduced the prevalence of chronic disease. Furthermore, the analytical solution has been widely used in the Healthcare analytical market for the cycle management of programmes with population management health programmes.
Global Big Data Analytics in Healthcare Market Report Coverage
|Market Size in 2021:||USD 16.87 Billion|
|Forecast Period:||2021 - 2030|
|Forecast Period 2021 - 2030 CAGR:||19.1%|
|2030 Value Projection:||USD 67.82 Billion|
|Historical Data for:||2017 - 2020|
|No. of Pages:||187|
|Tables, Charts & Figures:||118|
|Segments covered:||By Component, By Deployment, By Application, By Region|
|Companies Covered:||Allscripts Healthcare Solutions, Inc, Cerner Corporation, Elsevier, Epic System Corporation, Health Analyst, IBM Corporation, IQVIA, McKesson Corporation, Medeanalytics, Inc, SAS Institute, Inc, Tableau Software, Truven Health Analytics, Inc, Verisk Analytics, Inc, Verscend technologies|
|Growth Drivers:||1) The services segment accounted largest market share 2) The on-premises segment accounted largest market share|
|Pitfalls & Challenges:||The unexpected spread of the Covid19 analysis has been a huge burden on the healthcare analytical business.|
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The services segment accounted largest market share in 2020 due to medical industry has invested significantly in the IT industry for platform development and data digitalization for analytics. Most businesses also don't have a data analytics portion in-house, thus they outsource the data analytics part of their IT. As a result, the number of data analytics firms offering a full range of services to businesses has increased. The increase in services provided by data analytics organizations has been important for the segment's growth.
The on-premises segment accounted largest market share in 2020 due to ease of access and security, most institutions are already installing software and instruments to store data on their own premises, resulting in a substantial market share for this form of delivery. Current solutions in small businesses are functional, but when scaled up, data management can be complex and time-consuming if the firm is dealing with a large dataset. This may necessitate a significant capital expenditure in data storage and security.
The clinical data analytics segment accounted largest market share in 2020 due to use of electronic health records is growing as electronic health records assist organizations in improving the quality of care and analysis of patients' varied illnesses. Some healthcare institutions and businesses are embracing clinical analysis as part of the implementation process to provide preventive treatment by validated assessment patient data and pay special attention to boosting the effectiveness of their services. Big Data healthcare also provides better insights to individuals who are at high risk of sickness, allowing healthcare providers to prescribe treatments and make clinical judgments more accurately.
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The global big data analytics in healthcare market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa. North America is expected to dominate the market share of global big data analytics in healthcare market owing to the improvements in IoT and increased demand for analytical models on patient data for better service delivery, government initiatives.
Key Companies & Recent Developments
Partnerships, strategic mergers, and acquisitions are expected to be the most successful strategies for industry participants to get speedy access to growing markets while also improving technological capabilities. In addition, product differentiation and developments, as well as service expansion, are projected to help organizations thrive in the market. Generic strategies adopted by the companies usually include mergers & acquisitions, distribution network expansion, and product portfolio expansion. For instance, November 2021, Nursing personnel will be able to access patient data via mobile devices thanks to a collaboration between worldwide interoperability business Enovacom and Nordic nursing application expert Medanets. Medical device data will be collected automatically by Enovacom's Patient Connect interoperability platform and sent in real-time to the hospital's electronic health record (EHR) and the Medanets' mobile nursing app. Swedish Health Services, a healthcare business based in the United States, has created a platform for healthcare employees to report real-time data on COVID-19 patient volumes and other factors to track the status of facilities across hospitals.
The major companies profiled in this report include All Scripts, Cerner, Dell EMC, IBM Corporation, GE Healthcare, Hewlett Packard Enterprise (HPE), Microsoft, Optum, Epic System Corporation, Oracle Corporation amongst others.
- KEY INDUSTRY
- Allscripts Healthcare Solutions, Inc.
- Cerner Corporation
- Epic System Corporation
- Health Analyst
- IBM Corporation
- McKesson Corporation
- Medeanalytics, Inc.
- SAS Institute, Inc.
- Tableau Software
- Truven Health Analytics, Inc.
- Verisk Analytics, Inc.
- Verscend technologies
- Financial Analytics
- Clinical Data Analytics
- Operational Analytics
- Population Health Analytics
- North America- U.S., Mexico, Canada
- Europe- UK, France, Germany, Italy
- Asia-Pacific- China, Japan, India
- Latin America- Brazil, Argentina, Colombia
- The Middle East and Africa- United Arab Emirates, Saudi Arabia
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