Big Data in Healthcare Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025
According to the business intelligence study, the global big data in healthcare market is set to grow, featuring a significant growth rate of 19.1 % over the forecast period i.e. 2018 to 2025. It also provides valuable information, that the global big data in healthcare market was initially evaluated at US$ 16.87 billion in the base year of the study i.e. 2017.
The research report also projects that the global big data in healthcare market will expand substantially over the forecast period and cross the evaluation mark of US$ 67.82 billion over the end of the forecast period in 2025.
There are multiple driving influencing the growth within the global big data in healthcare market including the rising implementation of regulatory compliance in the domain of healthcare, increasing in the spending for acquiring technologically enhanced solutions by the healthcare providers, rising demand for big data solutions aimed at enhancing population health management, and the increasing utilization and collection of biometric as well as sensor provided data in the field of healthcare.
Some of the notable applications for the solutions and services provided by the developers and players operating in the landscape of the global big data in healthcare market include operational analytics, financial analytics, and clinical analytics, among others. The solutions in the global big data in healthcare market are used by several end users, working within the larger domain of healthcare.
These include healthcare institutes such as hospitals and clinics as well as healthcare adjacent or supplementary infrastructures, such as research organizations working in the healthcare sector as well as finance and insurance agencies. Service providers and vendors in the global big data in healthcare market deploy these high tech solutions through both cloud as well as on- premise channels.
The big data in healthcare market is believed to be the future and game-changer of the healthcare sector with high adoption amongst medical professionals, government bodies, and even patients. The global market is currently trending on the back of innovative headways, higher incentives reserved for medication, and big data adoption in healthcare.
The segmentation study of the global big data in healthcare market could span over four vital categories, viz. type, application, component, and end user. The careful segmentation of the market offered in the report will help to foresee the future of the industry and make informed decisions.
The analysts are open to any level of customization of the report with a view to help buyers with their business requirements. Some of the important factors evaluated in the publication are growth drivers and restraints, Porter’s five forces model, and key company profiling.
Big data and big data analytics have taken an indispensable position in the healthcare sector by providing a reliable digital IT platform for a quick diagnosis and treatment of various diseases. Besides efficient disease management, big data finds application in three important areas of the healthcare industry, viz. operational analytics, financial analytics, and clinical data analytics. The first healthcare area incorporates the analysis of supply chain and workforce. Financial analytics deals with risk management, revenue cycle management, and claims processing. The clinical data analytics application involves reporting and compliance, health management, clinical decision support, and quality care.
Of the few growth inhibitors in the world big data in healthcare market, lack of quality resourcing, shrinking profit margins, and global economic slowdown are the prominent ones. However, with the rising investments in research and development, colossal amount of data generated in the healthcare sector, and enhancement of IT infrastructure in developing regions are envisioned to compensate for the fewer restraints of the market.
In terms of type of service, the global big data in healthcare market can be segmented into prescriptive, predictive, and descriptive. On the basis of software, the segments could be workforce management, practice management, revenue cycle management, and electronic health record (EHR). By hardware, email servers and access points, data storage, virtual private networks (VPNs), firewalls, and routers could be the main segments.
The geographical analysis of the world big data in healthcare market offered in the report takes into account some of the important regions such as the Americas, Asia Pacific, Europe, and the Middle East and Africa. The first segment is foreseen to leverage the heated promotion of big data by the federal government in North America and Latin America through strong initiatives and efforts to decrease healthcare expenses. The Americas are anticipated to take the throne in the global market while accounting for a gigantic share. Other factors that could contribute to the flourishing demand in the Americas are the elevating focus on health management population, empowerment of healthcare information technology (HCIT) solutions, and vast funding ventures for big data analytics.
A sizable amount of progress is also expected on the part of the Europe big data in healthcare market with a few driving factors such as the surging interest in data collection, big data emergence, and crucial healthcare policies by European governments. Companies involved in this market can also benefit from the inflating implementation of HER and its awareness coupled with technological development.
There are a few major players commanding the ship of the global big data in healthcare market, viz. First Databank, Inc., IBM Corporation, Medispan Ltd., Unitedhealth Pvt. Ltd., HP Corporation Pvt. Ltd., Mckesson Corporation, Pwc, Truven Health Analytics Pvt. Ltd., Zynx Health Incorporated, and Oracle Corporation. New entrants could face hindrances based on factors such as novelty, lack of brand awareness, and expensive investment costs. Since a large number of small companies have crowded the global market, there is a possibility of the definition of big data being misunderstood, which can be rectified through face-to-face interaction or direct education.
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