Big data in healthcare comprises software to manage the vast data generated in a healthcare organization. With the growing digitization, a huge amount of data is being created in healthcare organizations each year. Big data analyzes this overwhelming amount of data comparing its different sets which help these organizations in understanding patterns and making predictions.
Healthcare organizations then use this analysis to address the critical challenges they face in the day to day operations. This further enables these organizations to improve the care services they provide, improving their decision-making processes. The healthcare sector is transforming vividly, ushering towards increasing value-based care.
Creating a positive experience among their patients enables these organization to gain a competitive advantage. With the advancements in biomedical, genetics, and information technology (IT), healthcare organizations are increasingly needing effective analytics to offer effective personalized treatments to the patients, accepting the customer-centric approach. Hence, these organizations are increasingly implementing big data and taking advantage of their analytics to make strategic business decisions.
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Big data analytics is useful for pharmaceutical and biotechnological companies as well. Harnessing its power, they gain advantages in product cross-selling, financial risk management, and regulatory compliance management among several other benefits.
As a result, big data analytics witnesses massive uptake which leads to generating an enormous market demand. Increasing uptake and demand are some of the dominant driving forces behind the growth of big data in the healthcare market.
Considering the exponential accruals, the market is garnering currently Market Research Future (MRFR) in its recently published study report asserts that the global big data in healthcare size is poised to touch a valuation of USD 17,278.13 MN by 2022 by registering a staggering double-digit CAGR over 20.69 % throughout the forecast period (2016-2022).
The pressure to curtail healthcare costs is playing a significant role in the overall growth of the market. Moreover, government initiatives such as the releases of data from the agencies like FDA and CDC are acting as major tailwinds driving the growth of the big data in the healthcare market.
Additionally, factors such as the new technological advancements such as mHealth, Internet of Things (IoT) and wearables, increasing government initiatives, and the pressure to curb healthcare costs are substantiating the growth of the market.
Big Data in Healthcare Market – Segmentations
The big data market is segmented into four key dynamics: –
By Component: Software, Hardware, and Services.
By Mode of Deployment: Web-based/cloud-based, On-premise and others.
By Application: Financial Analytics, Clinical Data Analytics, operational analytics, and others.
By Region: North America, Asia Pacific, Europe, and the Rest-of-the-World.
Big Data in Healthcare Market – Regional Analysis
The North American region, heading with vast technological developments accounts for the largest market in the global big data in the healthcare market. Factors such as the availability of advanced IT infrastructure that allows seamless innovations and their implementations across the healthcare sector are assisting the market in its growth.
Furthermore, the presence of strong technology providers and widened uptake of big data fosters the regional market.
In 2015, North America big data in healthcare market was valued at USD 4.61 BN. Continuing with the same pace, the market is further expected to continue with its dominance over the forecast period, generating a large revenue pocket.
The big data in healthcare market in the European region accounted for the second-largest position. Factors such as increased R&D activities in the burgeoning pharmaceutical industry in the region can drive the market growth in the region. Moreover, the presence of a well-established healthcare sector and the increasing burden from the government to minimize the healthcare costs are propelling the growth of the regional market. Other factors such as the growing number of healthcare set-ups and the penetration of smart & connected devices are fueling the growth in the regional market.
The Asia Pacific big data in healthcare market has emerged as a profitable region. China and India heading with the huge patients’ pool are expected to lead the regional market. The market is anticipated to grow at a lucrative double-digit CAGR of 24.75% throughout the forecast period.
Global Big Data in Healthcare Market – Competitive Analysis
Highly competitive, the big data in the healthcare market appears to be fragmented with big players like Dell and GE Healthcare dominating the competitive landscape. Due to the increasing incorporation of strategic initiatives such as partnerships, mergers and acquisitions (M&A), collaboration, the competition in the market is estimated to intensify further during the forecast period.
New entrants are increasingly getting attracted to the market; however high deployment cost and rapid innovations in managing the big data are some of the barriers they are confronting with, majorly.
Major Players
Key players leading the global big data in healthcare market include Cognizant, Dell, Cerner Corporation, McKesson Corporation, Optum, GE Healthcare, Xerox, Siemens, and Philips.
Industry/Innovations/Related News:
April 16, 2019 —- Sutter Health (the US), a not-for-profit health system, The University of Pittsburgh Medical Center (UPMC – the US), and DNAnexus (the US), a leading player in cloud-based data analysis and management platform for DNA sequence data announced their collaboration on a precision medicine study of multiple sclerosis (MS) treatments.
Scientists at Sutter will add de-identified genomic datasets to DNAnexus’ clinical genomic data management platform, which will enable them to share their ongoing precision medicine data among a network of healthcare providers.
The UPMC Genome Center will then use the patient information to generate clinical genomic data from samples of the program’s participants. Collaboration is a crucial decision to advance precision medicine efforts across Sutter to improve treatments for people with MS and the millions of people affected with the disease across the globe.
Datasets generated in a real-world setting will help Sutter Health to be at the forefront of MS research worldwide. The collaboration with DNAnexus will allow Sutter Health with broad access to cutting-edge bioinformatics tools to understand its clinically meaningful big data better.
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