The big data in healthcare market size is growing profusely. The largest market share attributes to the rapidly accumulating structured and unstructured data in the burgeoning healthcare sector. Besides, rising uptake of technology analytics services, such as descriptive and predictive/ prescriptive in healthcare organizations to handle data sets, foster the market growth.
According to Market Research Future (MRFR), the global big data in healthcare market is poised to create a valuation of USD 17,278.13 MN, posting a whopping double-digit CAGR of 20.69 % during the forecast period. Government initiatives like the release of data from agencies like the FDA and CDC to help research activities increase the size of the global big data in healthcare market.
Pharmaceutical and biotechnological companies are harnessing big data capabilities for product cross-selling, financial risk management, regulatory compliance management, and other purposes. Therefore, the increasing adoption of big data analytics and numbers of pharmaceutical and biotechnological companies increases the market size. Moreover, raising awareness about advantages and diversity of clinical & financial analytics escalates the market growth.
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Major Players:
Players leading the global big data analytics in healthcare market companies include Cognizant, Cerner Corporation, Dell, Mckesson, GE Healthcare, Optum, Siemens, Philips, and Xerox, among others.
Big Data in Healthcare Market – Segments
The report is segmented into five dynamics.
- By Components & Services: Components {Hardware Type (routers, firewalls, virtual private network (VPN), data storage, email servers, wireless & access points, others), Software Type (EHR, PMS, RCM, workforce management software, others)}, Services, and others.
- By Software Deployment Type: On-Premises and On-Demand.
- By Analytic Service Type: Descriptive Analytics, Predictive Analytics, and Prescriptive Analytics.
- By Analytic Service Applications: Clinical Data Analytics (quality care, population health management, clinical decision support, precision health, and reporting & compliance, others), Financial Analytics (claims processing, revenue cycle, management, and risk assessment, others), and Operational Analytics (workforce analytics, supply chain analytics, others).
- By Regions: Americas, Europe, APAC, and Rest-of-the-World.
Healthcare Big Data Market – Geographical Analysis
North America dominates the global big data in healthcare market. The largest market share attributes to the increasing advances in information technology and the early adoption of advanced healthcare IT. Besides, the strong presence of many big data companies and well-established healthcare sectors in the region foster market growth.
High per capita medical expenditures drive big data spending in healthcare market in the region. Moreover, reforms of healthcare policies by the federal government and increased focus on big data management substantiate the North American big data analytics in healthcare market.
Europe stands second in the global big data in healthcare market. The market is driven by rising medical expenses and demand to curb rising healthcare costs. Also, the presence of better healthcare facilities and rapid advancements in healthcare IT propel the growth of the regional market. Furthermore, increasing patient pool demands using healthcare data analytics to manage big data substantiates regional market growth. The European big data in healthcare market is projected to create a substantial revenue pocket during the estimated period.
The big data in healthcare market in the Asia Pacific region is growing rapidly. Factors such as the increasing clinical trials and aging population in this region drive the market growth. China and India are leading markets in the region with large unmet needs. The APAC big data analytics in healthcare market is expected to grow at 24.75% CAGR during the review period.
Industry News:
July 14, 2020 -- Researchers from Florida Atlantic University's College of Engineering and Computer Science announced receiving NSF grant to model COVID-19 spread using big data analytics. With this rapid research grant, FAU researchers collaborated with global data technology & advanced analytics leader LexisNexis Risk Solutions to develop a model of COVID-19 spread using innovative big data analytics techniques & tools.
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The project uses prior experience in modeling Ebola spread to model the spread of COVID-19 successfully. Researchers would use big data analytics techniques to develop computational models that can predict the spread of the disease. LexisNexis Risk Solutions would conform to all applicable requirements of HIPAA and other privacy regulations.
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