Big Data Analytics In Healthcare Market Overview:
Global Big Data Analytics In Healthcare Market was valued at $10,725 million in 2016, and is estimated to reach at $36,093 million by 2023, growing at a CAGR of 19.1% from 2017-2023. This is attributed to the surge in digitalization of medical procedures and demand for analytic solutions to derive patient-centric insights on treatment procedures across North America, Europe, and Asia-Pacific.
Big data analytics in healthcare is a complete solution package offered by key analytic solution providers, such as IBM Corporation, Cognizant, Health Catalyst, Medeanalytics, Inc., McKesson Corporation, and others, to predict, manage, and maintain various analytical platforms in cloud and on-premise deployment. It also provides intuitive analysis on healthcare-related processes that start from pre-hospitalization to post medical cost calculation.
Technological advancements and extensive use of cloud deployment platform have contributed to the adoption of big data analytics in healthcare market in North America. Moreover, increase in the adoption of big data analytics for healthcare-related applications, such as cost-effective medication, insurance planning with respect to population health, and diagnostic approaches in Asia-Pacific, have encouraged vendors to invest in product development in big data analytics in healthcare market.
Global Big Data Analytics in Healthcare Market Segmentation
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The global big data analytics in healthcare market is segmented based on solution, deployment, end user, and geography. Based on solution, it is categorized into software and service. Considering deployment, it is bifurcated into on-premise and cloud deployment. Based on end user, it is divided into hospitals & clinics, finance & insurance agencies, and research organizations. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Industry participants have realized the importance of strengthening the overall big data analytics in healthcare market due to rise in the demand for pattern recognition of medical procedures, diseases, and their origins. The key players aim to target end users such as health organizations, research institutes, hospitals, and others, to offer customized solutions for big data analytics in healthcare market. The LAMEA market has the least share in the global big data analytics in healthcare market. However, with the provision of the right information and communication technology (ICT) and government initiatives in healthcare analytics, LAMEA is expected to provide opportunities for market investments in future.
The key players profiled in the report are Microsoft Corporation, Oracle Corporation, Cisco Systems Inc., SAS Institute Inc., IBM Corporation, Cognizant, Health Catalyst, Medeanalytics, Inc., McKesson Corporation, and Vizient, Inc. These players have adopted geographical expansion, mergers & acquisitions, product portfolio expansion, and collaborations as their key strategies to enhance their penetration in the big data analytics in healthcare market.
Top Impacting Factors
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Surge in the Demand for Analytics Solutions for Citizen Health Management
A surge in the demand for improvement in care management, prediction of early illness factors, and hospitalization process is anticipated to fuel the big data analytics in healthcare market growth.
Increase in the Adoption of Cloud Analytics among Several End Users
Cloud analytics adoption is rising among hospitals, clinics, insurance agencies, and health research organization due to easy access and pay per use deployment models.
Growth in Need for Business Intelligence to Optimize Health Administration and Strategy
Several government departments and healthcare agencies focus on technological implementation for predictive modeling with regards to healthcare and clinical data to provide affordable treatment.
Lack of it Infrastructure in the Underdeveloped Nations
Countries in Asia-Pacific, Latin America, Middle East, and Africa are yet to transform to technologically advanced data centers with rich IT infrastructure and digital content, which is expected to hinder the market progression.
Growth in Inclination Toward Cloud-based Analytics Solutions
In the recent past, business organizations from various sectors including retail, government, banking, healthcare, marketing, and others prefer using cloud analytics tools than conventional on-premise BI (business intelligence) solutions.
Key Benefits for Stkeholders
- The report provides in-depth market analysis of the global big data analytics in healthcare market, outlining the current trends, key driving factors, and potential areas for investments.
- The key players are analyzed with respect to their primary offerings, recent investments, and future development strategies.
- Holistic approach of segmentation is carried out through an in-depth market study and discussions with the several industry expertise globally.
- The report provides highlights of the top investment pockets, key impacting factors, and wining strategies for the big data analytics in healthcare industry.
- Key player positioning is derived through consideration of industry penetration, product expansion, and strategic developments in the recent years.
Big Data Analytics In Healthcare Market Key Segments:
By End User
- Hospitals & Clinics
- Finance & Insurance Agencies
- Research Organization
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
- Middle East
The Key Players Profiled in the Report are as follows:
- Cisco Systems Inc.
- Health Catalyst
- IBM Corporation
- McKesson Corporation
- MEDEANALYTICS, Inc.
- Microsoft Corportion
- Oracle Corporation
- SAS Institute Inc.
- Vizient, Inc.