Big data in healthcare refers to the technological analytics services such as descriptive, predictive, or prescriptive that are used by healthcare organizations to handle the data sets. Big data provides insights that improve learning outcomes of research by comparing different data sets and thus helps these organizations to understand pattern and make predictions. This further enables these organizations to address critical challenges, improving their decision-making processes.
Acknowledging the exponential growth, the market currently perceives Market Research Future (MRFR) in its recently published analysis asserts that the global Big Data in Healthcare Industry is forecasted to reach USD 17,278.13 MN by 2022, registering a CAGR of ~ 20.69 % during the forecast period (2015-2022).
The global big data in healthcare market includes various key players like Optum, Cognizant, Philips, Dell, Cerner Corporation, Siemens, Xerox, GE Healthcare, Mckesson, and others.
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Segmentation Analysis
The segmental analysis of the market has been conducted based on services and components. software deployment type, analytic service applications and analytic service type.
- 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).
Further Big Data analytics are also used by pharmaceutical and biotechnological companies, harnessing its power for product cross-selling, financial risk management, and regulatory compliance management along with other benefits. As a result, the Big Data in the healthcare market is growing pervasively witnessing a huge market demand and hence exponential growth, worldwide.
Regional Analysis
Globally, the North American region is the largest market for big data healthcare. The significant share of this market is attributed to the availability of advanced IT infrastructure and increasing technological developments. Furthermore, factors such as the high expenditure on health care widened uptake of new technologies and the presence of strong big data companies in the healthcare foster the market growth in the region.
In the year 2015, the big data in the healthcare market in North America had valued at USD 4.61 BN. The market is further expected to create a large revenue pocket in the global big data in the healthcare market.
The European region is the second-largest market for big data in healthcare, which is expected to grow at a significant rate of CAGR. Factors such as the increased research and development activities heading with government support and a well-established healthcare sector drive the market growth in the region. Also, the increasing number of healthcare infrastructures alongside the proliferation of smart connected devices are fueling the market growth in the region.
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The Asia Pacific region is rapidly emerging as a promising market for big data in healthcare. China and India among other APAC countries, backed by the huge patients’ pool will lead the regional market. The big data in healthcare in this region is anticipated to grow at a CAGR of 24.75% throughout the forecast period.
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