The report titled “Big Data in Healthcare Market -Forecast to 2022″ is a direct appreciation by Market Research Future of the market potential of the Big Data in Healthcare Market. The report intends to provide accurate and meaningful insights, both quantitative as well as qualitative. It can be said with high confidence level, that this report will satisfy the need for comprehensive insights needed to compete and beat other players in today’s winner takes all market!
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The Americas holds a significant market share owing to extensive use of information technology and high expenditure on the health care. Additionally, the fastest uptake of new technology and the presence and concentration of big data companies in the healthcare of the US regions drive the global big data in healthcare market.
North America lead the global big data in healthcare market with revenue of $ 4.61 billion in 2015.
Europe is the second largest market in the globe due to a high expenditure and need to curb rising healthcare costs.
Asia Pacific region is expected to grow rapidly; China and India are likely to lead the market due to unmet needs during the forecasted period. APAC is expected to grow at a higher CAGR of 24.75% than the other regions because of increasing clinical trials and ageing population in this region.
Gulf nations such as Saudi Arabia and the UAE drive the Middle East & African market. The African region is expected to witness a moderate growth owing to poor economic and political conditions and poor healthcare development.
Big Data – Brief Insights:
Big data can be described using the 3Vs – variety, volume & velocity. It can be explained as a huge collection of data. The data can be in any form organized or unorganized. This compilation of informative content aids various business set ups to function properly on a day-to-day basis. At present, owing to digitization big data healthcare market is developing rapidly.
The three V’s used to describe this term have their own meaning and significance. The word volume stands for the amount of data that has been assimilated from varied sources. Variety means that the content can be in any form be it numerical, video, audio or anything else. And lastly, velocity refers to the speed at which the data should be compiled. Time is of great importance when dealing with sensitive information.
In the medical sector, big data can be of many kinds. It could be some vital information derived via sensors monitoring, medical history of the patient, clinical data and a lot more. Handling all of this manually can be a pretty daunting task. But now that big data has hit the healthcare sector this problem will be resolved. Using it will aid the healthcare professionals to enhance the overall quality of life of their patients.
Some of key players profiled in the report are Cerner Corporation, Cognizant, Dell, GE Healthcare, Mckesson, Optum, Philips, Siemens, Xerox and others.
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The global big data healthcare market is expected to grow tremendously in the upcoming years. During the forecast period of 2018-2022 the market is anticipated to grow at the CAGR of 19.8%. Experts believe that the market will earn up to USD 17,277.10 by the end of 2022.
One of the major factors that drives the growth of this market is the increased expenditure by the government. There has been a considerable rise in the outflow of money in the healthcare sector. This has proven to be beneficial for the market.
Technological advancements and innovations also further foster the development of the market. These new and effective products help individuals in utilizing this technology in a better manner. The rising need to reduce healthcare costs also further fosters the growth of the market.
The market may face certain hindrances in the form of shortage of technical experts and higher security measures.
The worldwide big data healthcare market is bifurcated into components, services, types, applications, analytics and geographies.
On account of components, the market is fragmented into hardware & software. VPN, cloud services, cordless, email servers & access points are the sub segments of the hardware segment. Software is further divided into on demand and on premise.
On the basis of services, the market is divided into management, revenue cycle organization, risk assessment and claims processing.
The types section comprises of practice management software, revenue cycle management, electronic health record software & employee management software.
The applications segment is further trifurcated into financial analytics, clinical data analytics & operational analytics.
Supply chain analytics & workforce analytics form the analytics section.
Geographically, the market is spread across regions like America, Europe, Asia Pacific & Rest of the World. North America had the largest market share that accounted to around USD 4.58 billion in 2015. Europe comes second in line after this region. Additionally, the Asia Pacific region is poised for growth in the coming years.
The global big data healthcare market has seen many advancements. All of these reforms are due to digitization. Many cloud-supported services have been launched recently. Some of them include, CaaS, SaaS, laaS & MaaS. Many healthcare set ups have started to use these to get access to useful information from anywhere at any time of the day.
Market Players & Key Strategies:
Some of the big names in this industry include Optum, Dell, Cerner Corporation & Mckesson. The major strategies employed by these players are mergers and partnerships.
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