Big Data in Healthcare Market Insights
Big Data in Healthcare Market size is projected to grow at a growth rate of 20.69% with a valuation of USD 17,278.13 million, during the forecast period 2015-2022.
Health data has grown at unparalleled speeds, driven by lower storage costs, rising cloud storage, growing supervisory mandates, and government amendments to encourage the introduction of health information systems. The growing acceptance of handheld devices, home testing services, and health applications enable patients to proactively manage their own health. The availability of large amounts of health information has paved the way for tremendous advances in clinical research, precision drug development and clinical decision-making tools, faster drug discovery, and a more detailed picture of population health, opening new matrices for the management of chronic diseases.
Amid rising healthcare costs, elderly populations, rising rates of chronic illness declining reimbursement costs, hospitals and other healthcare organizations are under stress for investments to advance resource and management which drives the growth of big data in healthcare market. Increasing provision of health-related data from different sources can transform improve patient outcomes, care system, reduce costs, and provide value-based care. These factors are the major drivers of the global big data in healthcare market.
Encouraging the introduction of health information systems, promoting the use of appropriate security measures and interoperable shared electronic health records to protect confidential information by adopting standard clinical terminology and creating a more collaborative research environment to play a key role in improving the use of data analysis tools among healthcare organizations.
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The big data in healthcare market is broadly diversified on the basis of component and services, software deployment, analytic service type, and application.
Components are segmented into hardware and software type. The hardware segment is further segmented into router firewalls, virtual private network (VPN), data storage (data centers / on-premises storage, cloud storage / on-demand storage), mail servers, and access points and wireless. Software type comprises electronic health record (EHR) software, practice management software, revenue cycle management software, personnel management software, and others. By software deployment type, the market is segmented into on-premises software and on-demand software.
Based on the type of analytical service, the market is segmented into descriptive analysis, predictive analysis, and prescriptive analysis.
Based on analytical services applications, the market is segmented into clinical data analysis and financial analysis and operational analysis. Clinical data analysis is further segmented into quality assurance, population health management, clinical decision support, health accuracy, reporting, and compliance. Financial analysis is subdivided into complaint processing, revenue cycle, risk management and assessment. Operational analysis is segmented into personnel analysis and supply chain analysis.
North America is the leading in big data in healthcare market due to early acceptance of technology in the region, APAC is expected to grow faster in the forecast period as development of big data infrastructure and applications has taken priority due to expansion of online services by governments and private organizations. Investment areas for governments of emerging economies in India and China. However, challenges need to be overcome to improve connectivity and the link between existing databases is to realize the full potential of data-driven healthcare systems. National and international platforms are predicted to consolidate patient data over time and across different clinics.
Europe is expected to follow North America globally due to high spending in the healthcare sector and programs created for the welfare of patients. The Asia Pacific region is likely to spur rapidly. India and China are primary countries which can contribute to the region due to unmet needs over the forecast period. It is expected to grow with a higher CAGR of 24.75% due to increased clinical studies and the elderly population in that region. Gulf Cooperation Council states such as the United Arab Emirates (UAE) and Saudi Arabia can dominate the market in the MEA. The Africa market is expected to grow moderately due to poor economic and political conditions and poor development of health services.
The prominent players supporting the growth of the global market for big data in healthcare market are Tableau, Allscripts, McKesson Corporation, SAS, Epic Systems, Cerner Corporation, SAP, among others.
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