Market Highlights
The big data in healthcare market is growing profusely. The largest market share attributes to the rapidly accumulating structured and unstructured data in the burgeoning healthcare sector. Besides, rising uptake of technology analytics services, such as descriptive and predictive/ prescriptive in healthcare organizations to handle data sets, foster the market growth.
Pharmaceutical and biotechnological companies are harnessing big data capabilities for product cross-selling, financial risk management, regulatory compliance management, and other purposes. Therefore, the increasing adoption of big data analytics and numbers of pharmaceutical and biotechnological companies increases the market size. Moreover, raising awareness about advantages and diversity of clinical & financial analytics escalates the market growth.
The global big data analytics market in the healthcare sector is at $8.49 billion in 2015 and is expected to grow at a CAGR 20.69 % due to several forces, for instance, government initiatives, pressure to curb healthcare costs, new technological advancement such as mHealth, Internet of Things (IOT), and wearables among others.
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The use of big data in numerous biosciences uses, predominantly in genomic sequencing and drug discovery is estimated to create opportunities for the big data in healthcare market players. The widespread deployment of cloud infrastructure is estimated to further augment the big data in healthcare market.
Segmental Analysis
The segmental study of the big data in healthcare market is carried out on the basis of components & service, analytic service type, analytic service applications, and region. The components & service segment of the big data in healthcare market consists of software and hardware type. The software segment is additionally sub-segmented into electronic health record (EHR) software, practice management software, workforce management software, and revenue cycle management software. The hardware segment is additionally sub-segmented into data storage email servers, virtual private network (VPN), routers firewalls, and wireless & access points. The analytic service type segment of the big data in healthcare market consists of predictive analytics, descriptive analytics, and prescriptive analytics. The analytic service applications segment of the big data in healthcare market consists of financial analytics, clinical data analytics, and operational analytics. The region segment of the big data in healthcare market consists of North America, Asia Pacific, Europe, Africa, and the Middle East.
Regional Overview
The regional review of the big data in healthcare market consists of North America, Asia Pacific, Europe, Africa, and the Middle East. The North American region has been leveraging several benefits of big data in healthcare, while quickly implementing AI and IoT, leading to the region's top position. The North American big data in the healthcare market has been one of the initial regional markets to accept digitization, in the healthcare industry, producing colossal quantities of raw, unorganized data. The European region’s big data in the healthcare market is benefitting due to the value given to data analytics and big data in healthcare and the elevated spending in this respect. The progress activities supported by the robust government support and surge in widespread research united with the faster use of smart connected devices are accountable for big data in healthcare market growth in the region. The Asia Pacific region’s big data in the healthcare market is the quickest emerging market. In the mobile healthcare market, the big data analytics has been a key success in directing to substantial profits due to the mounting internet and smartphone usage.
Competitive Analysis
The market is likely to be lifted by the reformative trends that are shaping the global market. The development of robust delivery chains is predicted to enhance the pace of progress in the upcoming months. The financial stimulus being provided by many government bodies to regenerate their national markets is estimated to spur the global progress rate. The agreement of various international trade deals is estimated to further foster the expansion of the market. The capitalization by market companies to establish robust e-commerce and retail channels is projected to motivate the development of the market. The improvement in the rate of innovation is estimated to further open up new aspects of the market. The engagement of technology and strategy-based approach is likely to ensure better chances for success in the future. The increased emphasis on high-revenue decision-making in the market is estimated to prompt its quicker return to normalcy in the coming months.
The prominent companies in the big data in healthcare market are McKesson, GE Healthcare, Optum, Cognizant, Cerner Corporation, Dell, Epic System Corporation, Siemens, Philips, and Xerox.
Industry Updates:
June 2021 The Korean government has recently stated that it would create a "cancer big data platform" that unites health data of private and state-run medical establishments, pulling the attention of local oncologists. The platform could unlock a novel chapter for Korea's cancer treatment, diagnosis, and research. As part of the development, the ministry intends to create a cohort database, cancer Library, data collection/process services by 2025. The cancer library refers to a facility that gathers and delivers hospital-specific information in a library form after regulating item definitions of each cancer data from contributing medical institutions.
June 2021 Berry Oncology Corporation, an associate company of Berry Genomics, and Alibaba Health have contracted a tactical agreement to cooperatively build an inclusive cancer screening and prevention ecosystem built on an approach that unites internet connectivity, early cancer screening technology, and medical security.
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