Big Data in Healthcare Market Highlights
Big data involves huge volumes of structured and unstructured data which can point to patterns in patient’s eating habits, medical history, and medicine intake. Big data in healthcare can pinpoint patterns to improve clinical outcomes, revenue of healthcare companies, and optimization of processes for higher productivity. The global big data in healthcare market report by Market Research Future (MRFR) contains factors, drawbacks, and predictions for the period between 2017 to 2027 (forecast period).
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Big Data in Healthcare Market Scope
The global big data in healthcare market is expected to reach a significant valuation by 2027. Major factors influencing the market growth include government initiatives, technological breakthroughs, and pressure to curtail rising healthcare costs. Release of statistics and other pertinent data by healthcare organizations for reaching the root cause of the disease and its causes can bode well for the market and assisted by big data software.
Technological breakthroughs such as internet of things (IoT), wearable devices, and mHealth which can fuel the developments of big data can augur favorably for the market. According to a recent study, more than 60% of patients prefer wearables, while more than 30% want healthcare applications for monitoring of health. In addition, compliances in the healthcare sector, rising demand for analytics, generation of data in the form of electronic health records (EHRs), and biometric data are other factors which can considerably influence the global Big Data in Healthcare Market.
Population health management is one of the top priorities globally with business intelligence pegged to provide optimum solutions. Preference of cloud solutions instead of normal server and storage solutions can pave the way for new opportunities in the market. Prediction of illnesses and emphasis on preventive care management can work in favor of the big data in healthcare market in the coming years.
Big Data in Healthcare Market Segmentation
The global big data in healthcare market is segmented by hardware, software, analytical service type, and analytical service applications.
By hardware, it is segmented into data storage, email servers and access points, firewalls, routers, and VPNs.
By software, it is segmented into workforce management, practice management, revenue cycle management, and electronic health records (EHR).
By analytical service type, it is segmented into prescriptive, predictive, and descriptive.
By analytical service applications, it is segmented into operational analysis, financial analysis, and clinical analysis.
Big Data in Healthcare Market Regional Analysis
The Middle East & Africa (MEA), Europe, Americas, and Asia Pacific(APAC) are regions covered in the global big data in healthcare market.
The Americas can dominate the global big data in healthcare market till 2027. North America is expected to be the biggest contributor of the market due to advances in mHealth and IoT. High demand for analytical models on patient information for faster delivery of data and favorable government policies can bode well for regional market growth. Inclination towards personalized medicine and efforts by governments to push adoption of EHRs can work favorably for the market.
Europe occupies more than 50% share of the market due to the large expenditure on healthcare. On the other hand, the APAC region can exhibit the highest growth rate during the forecast period due to a large patient pool and a rise in clinical trials. Introduction of mHealth applications for fighting cardiovascular diseases and obesity can augur well for global market growth.
The MEA region can experience a modest growth rate during the forecast period. This is due to low development of the healthcare sector in the GCC and weak economies of countries in Africa.
Big Data in Healthcare Market Competitive Outlook
McKesson, Philips, Xerox, Optum, Epic System Corporation, Cognizant, Siemens, Dell, GE Healthcare, and Cerner Corporation are prominent players of the global big data in healthcare market.
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