Big data is a vast pool of information where the data is continuously circulated, analysed, updated through various digital online platforms. Big data provides us with insights about the user behaviour, user trends, and experience using the river of data processed by the individual users over the internet. According to the surveys, more than 65 % of the companies already use Big Data in their marketing and market intelligence strategies. Implementation of the big data strategies in various initiatives such as assessing performance of existing products and therapies, characterising disease states and patient population, targeting products and services, & digital marketing among others which has produced amazing outcomes for these companies.
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The big data healthcare analytics is a growing market. The healthcare analytics is the category that has shown most promising grown among all the categories since 2012. There are certain factors that are responsible for the growth of this market. These include healthcare companies spending big bucks into the healthcare analytics, growing trend of the digitalisation in the healthcare sector, effective use of the big data in reaching the targeted customer pool, and reduction in the overall advertising costs due to the use of big data. On the other hand, there are certain limitations to the use of the big data in the analytics and other sectors as well which can hinder the growth of the market to an extent. Having said that, there is great scope to convert these limitations in to opportunities by growing internet network and providing internet access to the maximum number of people.
The market is forecasted to demonstrate a double digit growth by 2023, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period 2017 – 2023.
Global Healthcare Big Data Analytics Market – Competitive Analysis
IBM, Cerner Corporation, Cognizant, Dell, Epic System Corporation, GE Healthcare, McKesson, Optum, Philips and Siemens are some of the prominent players at the forefront of competition in the Global Healthcare Big Data Analytics Market and are profiled in MRFR Analysis.
Characterized by the presence of several well-established and small players, the global market of Healthcare Big Data Analytics appears to be highly competitive and fragmented. With well-established market in the North America region major companies have their home in the region and generate maximum market share. These companies have expanded their operating unit in various other emerging regions as well. Moreover the other small and medium scale players are generating revenue from local market.
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Global Healthcare Big Data Analytics Market – Regional Analysis
Global big data pharmaceutical advertising market is segmented on the basis of geographies or regions which mainly includes North America, Europe, Asia Pacific, and Middle East & Africa. North America is dominating the global market for big data pharmaceutical advertising with 42.3% share of the total market in 2016. Major factors for the growth in big data analytics in healthcare industry are emanation of big data in healthcare, formation of new healthcare system by federal government, increased attention on big data management and analysis for better healthcare services and instant technological advancement like m health and precision medicines.
The North America Healthcare big data analytics market comprises of the US, Canada. Moreover, at present the US is dominating the healthcare big data analytics market in this region as it has deployed the majority of the healthcare big data analytics solutions and its applications. The US market for healthcare big data analytics is one of the most developed markets in the globe, with the Patient Protection and Affordable Care Act (PPACA) in US is also helping and encouraging the pharmaceutical and medical industry personnel. US has various healthcare organizations that help the new business and new software developers in the healthcare big data analytics industry some of them are, Pharmaceutical Research and Manufacturers of America, The Generic Pharmaceutical Association (GPhA), The International Pharmaceutical Excipients Council and many more are present in US to provide assistance in the North American market
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Europe holds the second largest share of the global healthcare big data analytics market. Asia Pacific is the fastest growing healthcare big data analytics stimulation market across the globe. The Asia-Pacific market comprises of mainly two regions; Asia market and Pacific market. Asian market made up from countries like Japan, China, India, South Korea and rest of Asia-Pacific. In Asia-Pacific there is wide range of opportunities for healthcare big data analytics market due to the presence of developing countries. The developing countries in this region are widely adopting latest technologies for ease of work. These rising development in the region is further influencing the growth of the market.
The Middle East & Africa holds the least share of the global market due to limited availability of medical facilities. The UAE, Saudi Arabia, and Kuwait are expected to drive the Middle East & African market. Whereas, the African region is expected to witness a moderate growth.
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