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"The Big Data in Healthcare market registered US$ 18.59 Mn in 2019 and it is estimated to reach more than US$ 112.16 Mn by 2028, likely to grow with a CAGR of 22.1 % during the forecast period."
The healthcare sector is booming at a faster rate and the advent of big data is set to transform the healthcare industry. Big data in the healthcare sector refers to collecting, analyzing and leveraging complex consumer, patient, physical, and clinical data by traditional means of data processing. The growing digitization of healthcare information, increasing the necessity to manage patient care and innovate medicines is further increasing the adoption of big data in the healthcare sector.
Growing Demand for Improved Patient Care
The shift from volume-based healthcare to value-based healthcare has increased the demand for improved patient care. The data analytics tools used in big data provides improved clinical support, appropriate management of the at-risk patient population, and cost of care measurements. In addition, these systems have established expansive databases that help in filtering algorithms in order to rapidly analyze all that information. This allows users to understand how variations among patients and treatments influence health outcomes. On the basis of these insights, providers can determine more precise treatment plans for individual patients or patient populations, thereby improving patient care in healthcare facilities.
Increasing adoption of big data to reduce the cost of healthcare providers
Big Data helps to save the cost of hospitals through predictive analysis. Predictive analysis helps in predicting the admission rates and help with staff allocation. This will significantly reduce the Rate of Investment incurred by hospitals and in turn, help utilizes their investments. Predictive analytics also helps in reducing costs by decreasing the rate of hospital readmissions. As per a report by the Society of Actuaries, 47% of healthcare organizations are already using predictive analytics in 2018. Additionally, over 57% of healthcare sectors believe that predictive analytics will help to save 25 percent or more annual costs of organizations over the next five years. Thus, increasing the adoption of big data in healthcare sectors over the forecast period.
Increasing Usage of Wearable Technology and the Internet of Things to Create Potential Growth Opportunities for the Big Data in the Healthcare Market
As wearable technology and the Internet of Things (IoT) gains popularity, the amount of data available is also grown enormously. In the near future, wearable technology and the IoT are anticipated to become standard for constant patient monitoring and will add a vast amount of information to big data stores. Furthermore, with this information, healthcare providers can integrate a large volume of healthcare insights to find and retain patients with the highest susceptibility for services. This, in turn, will create favorable growth opportunities for market growth.
Cloud-Based Big Data to Attain Significant Growth over the Forecast Period
The big data in the healthcare market is categorized into Component, Analytics Type, Application and End-User. The components are further bifurcated into software and services. Among them, the services segment holds the largest share in the big data in the healthcare market. The modes of deployment include On-Premise and Cloud. The cloud-based big data is expected to gain rapid growth in the big data in the healthcare market. Cloud deployment is increasingly deployed as it offers high reliability, scalability, and autonomy along with universal access. The Analytics Type is further classified into Descriptive Analytics, Predictive Analytics, Prescriptive Analytics, and Diagnostic Analytics. Among them, predictive analytics holds the largest share in the big data in the healthcare market owing to the growing adoption of predictive analytics in healthcare organizations for improving health outcomes and controlling costs. The applications of big data in healthcare are in Clinical Analytics, Financial Analytics, and Operational Analytics. Currently, a large number of insurance providers are using big data for financial analysis. Moreover, the growing use of technologically advanced wearables is likely to increase the use of big data in Clinical Analytics. Further, the end-user segment is split into Hospitals & Clinics, Finance & Insurance Agencies, and Research Organizations segments. Hospitals & Clinics hold the dominant position big data in the healthcare market as big data is used to improve patient outcomes. It also aids the doctors and other medical professionals to be more efficient and accurate with their diagnoses and treatments.
North America to Hold the Significant Revenue Share In The Big Data In Healthcare Market, Growing At A CAGR Of 17.2%
North America held the dominant share in the Big Data in the Healthcare market. The rising adoption of healthcare IT solutions, early implementation of EHR systems, and availability of sophisticated healthcare IT infrastructure in the U.S. and Canada contribute to the growth of the North America Big Data in the Healthcare market. In addition, the large presence of healthcare insurance Big Data providers contributes heavily to the growth of Big Data in the Healthcare market in North America. The Asia Pacific is anticipated as the fastest-growing regional market in the Big Data in the Healthcare market. The growing initiatives for promoting connected health services, improving healthcare IT infrastructure, and gradually increasing the adoption of advanced technologies, such as smart wearables, are the key factors driving the region’s growth.
Several new players such as Redox, Flatiron Health, Apixio, HealthVerity are trying to enter the Big Data in the Healthcare market with new product innovation due to lucrative growth opportunities in the market. Market players are also adopting strategic collaborations to strengthen their market position. In October 2019, Geisinger has entered into a 10-year agreement with Cerner Corporation to leverage Cerner’s HealtheIntent platform for improved population health management.
The Big Data in the Healthcare market is a consolidated market. The market is intensely competitive with the dominance of key players including Allscripts Healthcare Solutions, Inc., Cerner Corporation, Dell EMC, Epic System Corporation, GE Healthcare, Hewlett Packard Enterprise Company, International Business Machines (IBM) Corporation, Microsoft Corporation, UnitedHealth Group, and Oracle Corporation hold a major share in the Big Data in Healthcare market.
Global Big Data in Healthcare Market by Component
B Global Big Data in Healthcare Market By mode of Deployment
B Global Big Data in Healthcare Market by Analytics Type
- Descriptive Analytics
- Predictive Analytics
- Prescriptive Analytics
- Diagnostic Analytics
Global Big Data in Healthcare Market by Application
- Clinical Analytics
- Financial Analytics
- Operational Analytics
Global Big Data in Healthcare Market by End-use
- Hospitals & Clinics
- Finance & Insurance Agencies
- Research Organizations