Market Research Future published a research report on “Big Data in Healthcare Market Research Report – Global Forecast to 2027” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2027.
Market Overview
Big data in healthcare is an approach to manage the enormous amount of data generated in a healthcare organization. With the growing digitization, healthcare organizations create vast data each year. Big data analyzes this data comparing its different sets which help these organizations to understand the pattern and make predictions. This analysis is useful for healthcare organizations to address various critical challenges they face during their day to day operations.
This further enables them to improve the care services they provide and improve their decision-making power. Vividly transforming healthcare sector is ushering towards improved value-based care. Creating a positive experience for their patients allows these organization to gain an edge over their competitors.
Due to the advancements in biomedical, information technology (IT), and genetics, healthcare organizations, need effective analytics that can help them take up customer-centric approach and provide patients with well-planned personalized treatments. Hence, these organizations are increasingly implementing big data analytics to make strategic business decisions, taking advantage of their analytics.
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Big Data analytics is also useful for pharmaceutical and biotechnological companies. Harnessing the power of big data, these companies gain advantages in product cross-selling, financial risk management, regulatory compliance management, and several other benefits.
Resultantly, big data analytics witness a huge uptake across the increasing number of healthcare organizations, leading to generating an enormous market demand. These are some of the key factors that commutatively increase the uptake and demand in the market, allowing it to witness galore accruals.
According to Market Research Future (MRFR), the global big data in healthcare market is already booming and would reach USD 17,278.13 MN by 2022, registering a staggering double-digit CAGR over 20.69 % throughout the forecast period (2015-2022).
Increasing pressure to curtail overall healthcare costs is playing a significant role in the growth of the market. Besides, government initiatives are acting as major tailwinds driving the growth of the big data in the healthcare market. For instance; releases of updates from agencies like FDA and CDC. Additionally, factors such as the advances in technologies such as mHealth, Internet of Things (IoT), and wearables are substantiating the growth of the market.
Key Players
The notable players operating in the global Big Data in Healthcare Market include Cerner Corporation, Dell, Mckesson, Philips, Xerox, Cognizant, GE Healthcare, Optum, Siemens, and others.
Segmentation
For a better understanding, the report has been segmented into four key dynamics:
- By Component: Hardware, Software, and Services.
- By Mode of Deployment: Cloud-based and On-premise, among others.
- By Application: Clinical Data Analytics, Operational analytics, and Financial Analytics, among others.
- By Regions: Asia Pacific, North America, Europe, and the Rest-of-the-World (RoW).
Regional Analysis
The North American region heads the global big data in the healthcare market due to the vast technological developments. Additionally, the availability of advanced IT infrastructure that allows seamless innovations and their implementations across the healthcare sector pushes the growth of the market. Furthermore, the presence of giant technology providers and widened uptake of big data foster the increase in the regional market.
In the year 2015, North America big data in the healthcare market had valued at USD 4.61 BN. Same trends would continue in the future, helping the region to retain its dominance throughout the forecast period.
Europe big data in healthcare market accounts for the second-largest market. Factors such as the increased R&D activities in the burgeoning pharmaceutical industry in the region drive the growth of the regional market.
The well-established healthcare sector in the region alongside, the increasing burden from the government to reduce healthcare costs are propelling the regional market. Also, factors such as the growing number of healthcare set-ups and the penetration of smart & connected devices are fueling the regional market growth. All these factors are commutatively expected to help the market to register a significant CAGR over the review period.
Asia Pacific’s big data in healthcare market has emerged as a profitable market, globally. India and China heading with the large patient pool are expected to lead the regional market. The APAC big data market is anticipated to grow at a staggering double-digit CAGR of 24.75% throughout the forecast period.
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Industry Updates
In August 2018, Alliance MMA, Inc. and SCWorx Corp., a provider of data content and services for healthcare providers and big data analytics for the healthcare industry, announced the signing of an agreement under which AMMA will acquire SCWorx in an all-stock transaction, resulting in SCWorx acquiring a controlling interest in AMMA
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