Big Data Analytics In Healthcare Market size is estimated to reach $51.6 billion by 2027, growing at a CAGR of 9.3% during the forecast period 2022-2027. Big data analytics can be delineated as a field that makes use of state-of-the-art analytics methods to study data that is too big (i.e., in terabytes and zettabytes), multifaceted, and miscellaneous to develop an understanding about. Therefore, uncovering the veiled patterns and relationships between the heterogeneous data or provided information helps healthcare facilities to make rational choices. In contemporary times, healthcare operations have changed as almost every medical facility uses a healthcare information system to manage the data they have in a better and more effective way. These healthcare management systems include electronic medical records, patient monitoring, patient portal, medical billing software, and others. However, traditional data mining makes use of a very limited amount of internal (structured) data which is engendered by these healthcare information systems or enterprise resource planning systems (ERP), nevertheless, big data analytics is considered to have enormous potential in healthcare information system (HIS). Therefore, implementation of such contemporary techniques helps in reducing the overall cost, better diagnosis of maladies, and eventually condensing the readmissions of patients by offering an effective cure. The prevailing use of EHRs, proliferating healthcare spending, and accruing hospitalizations have highlighted the necessity of big data analytics in healthcare which are factors set to drive the growth of Big Data Analytics in the Healthcare Market for the period 2022-2027.
Report Coverage
The report: “Big Data Analytics In Healthcare Market Forecast (2022-2027)”, by Industry ARC, covers an in-depth analysis of the following segments of Big Data Analytics in the Healthcare Market.
By Analytics Type: Investigative/Diagnostic, Descriptive, Prescriptive, and Analytical/Predictive.
By Deployment: Cloud and On-Premise.
By Application: Supply chain analytics, Transactional data assessment, Risk management analytics, Clinical data analytics, financial analytics, Operational Analytics, and others.
By End User: Clinics, Hospitals, Insurance agencies, Research Facilities, and Other medical facilities.
By Geography: North America (U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Australia & New Zealand, and Rest of Asia-Pacific), South America (Brazil, Argentina, Chile, Colombia and Rest of South America) and Rest of World (the Middle East and Africa).
Key Takeaways
- Geographically, the North America Big Data Analytics In Healthcare Market accounted for the highest revenue share in 2021. It is poised to dominate the market over the period 2022-2027.
- The availability of cloud facilities, augmenting the prevalence of diseases and viruses worldwide is said to be a preeminent driver driving the growth of Big Data Analytics in the Healthcare Market. However, a lack of skilled professionals and security threats are said to reduce the market growth.
- Detailed analysis on the Strength, Weaknesses, and Opportunities of the prominent players operating in the market will be provided in the Big Data Analytics In Healthcare Market report.
Big Data Analytics In Healthcare Market Share, By Geography (%) in 2021
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Big Data Analytics In Healthcare Market Segment Analysis-By Analytics
The Big Data Analytics In Healthcare Market based on analytics type can be further segmented into investigative/diagnostic, descriptive, prescriptive, and analytical/predictive. The descriptive segment held the largest share in 2021. The growth is owing to its usefulness in answering questions like “What is happening or what has happened?”. Descriptive analytics dig deep into the past behavior of the organizations to assess the relative positive or negative impacts. This tool has emerged as the most common form of data analytics as it has become a vibrant part of over 80% of organizations in the modern-day world. For any business, judging the relative importance of their past behavior is of utmost significance as it might assist in future courses. Based on data provided by descriptive analytics businesses can enhance their revenue by introducing required changes in their commonplace operations, marketing strategies, inventory-related decisions, and many more. Nevertheless, prescriptive analytics is estimated to be the fastest-growing segment with a CAGR of 11.2% over the forecast period 2022-2027. Leaving all 3 types behind, prescriptive analytics is the most advanced form of data analytics. Rather than briefing about “What happened and How it happened?” it talks about “What businesses should do in the future?” As Prescriptive analytics make use of state-of-the-art and up-to-the-minute technologies like artificial intelligence, deep and machine learning it has appeared as the most proficient tool in divulging the future consequences of organizations’ present actions.
Big Data Analytics In Healthcare Market Segment Analysis- By End User
The Big Data Analytics In Healthcare Market based on end-user can be further segmented into clinics, hospitals, insurance agencies, research facilities, and other medical facilities. The hospital segment held the largest share in 2021. The gro
