Big data has tremendous potential in healthcare. As per the latest report published by Market Research Future (MRFR), the global big data in healthcare market is set to demonstrate 20.69% CAGR during the assessment period.
Healthcare companies are realizing the advantages of healthcare data (patient history, drug information, customer record, etc.) Such data can help caregivers deliver improve car delivery, streamline process, and drive revenue growth. Big data analytics in healthcare is also growing in life science R&D, which is emerging as an attractive segment. Combining big data with healthcare applications is viewed as a major step towards making healthcare more dynamic.
Companies are leveraging big data for achieving operational efficiency across regulatory compliance management, financial risk management, and product cross selling. With the help of big data in pharmaceutical companies can better gauge demand growth, improve client support, etc. Big data analytics is witnessing a fast adoption in the pharmaceutical manufacturing sector. 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.
March 21st, 2019, an all-new ultramodern high-tech center of excellence in the field of bioinformatics and data intensive sciences was launched at the IDI Makerere. The launch is aimed at helping individuals tackle the challenges related to big data analysis and cross border connections.
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.
- Based on Service and Component, the market has been segmented into software and hardware. The hardware segment is further sub-segment virtual private network (VPN), email servers, data storage (storage on cloud/storage on demand, data centers/storage on premise), wireless and access points and routers firewalls. The software segment is further sub-segmented into workforce management software, revenue cycle management software, practice management software, electronic health record software (EHR) and other.
- Based on Software Deployment Type, the market has been segmented into software on demand and software on premise.
- Based on Analytic Service Applications, the market has been segmented into operational analytics, financial analytics and clinical data analytics. The operation analytics segment is further sub-segmented into supply chain analytics and workforce analytics. The financial analytical segment is further sub-segmented into management, revenue cycle, risk assessment, and claims processing. The clinical data analytics segment is further sub-segmented into population health management, precision health, quality care, reporting & compliance and clinical decision support.
- Based on Analytic Service Type, the market has been segmented into prescriptive analytics, predictive analytics and descriptive analytics.
Regional Analysis
The global big data in healthcare market is geographically studied across the following regions: Europe, Americas, Asia Pacific, and the Middle East & Africa.
The American market holds the highest share in the global standings and is expected to only ameliorate in the near future. The American segment divides into two regions, Latin America and North America. North America holds a majority of the share due to extensive usage of IT and high rate of expenditure in the healthcare sector. Additionally, the high rate of adoption of some of the latest technologies and the presence of key players in the region also aids the market growth in this region.
Europe holds the second largest share of the global big data in healthcare market. The market herein is driven by the high volume of expenditure spent on the healthcare industry. The Asia Pacific regional market is forecasted to grow in a fast-paced manner due to factors such as high adoption rate of the latest technologies, economic upsurge in the region, and a determined focus upon the healthcare sector.
Lastly, the Middle East and Africa is expected to garner a modest growth in the forthcoming years. The African market is anticipated to experience limited growth owing to the low development of the healthcare industry and weak economic situation. Whereas, the Gulf region is expected to primarily drive the Middle Eastern market.
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