According to a recent report published by Allied Market Research, titled,"Big Data Analytics in Healthcare Market by Component, Deployment, Analytics Type, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2018 - 2025,"the global big data analytics in healthcare market was valued at $16.87 billion in 2017, and is projected to reach $67.82 billion by 2025, growing at a CAGR of 19.1% from 2018 to 2025.
Rise in demand for analytics solution for population health management, increase in adoption of big data in the healthcare industry, the emerging trend of eHealth, shifting preference from a pay-for-service model, which financially rewards caregivers for performing procedures, to a value-based care model, rewarding them based on the health of their patient are some of the key factors that are expected to fuel the growth of big data analytics in the healthcare market. However, lack of skilled & expert staff and patient data security issues are expected to hamper the big data analytics in the healthcare market growth.
The cloud deployment segment is expected to grow at the highest CAGR during the forecast period due to greater prospect to facilitate real business value to the organization through reduced cost and improved ability to focus on innovation and differentiation. In addition, direct IT control, internal data delivery & handling, faster data processing, efficient resource utilization, and cost-effectiveness of cloud deployment are some of the advantages offered by this model, which in turn are anticipated to boost the big data analytics in the healthcare market growth.
The clinical application type segment dominated big data analytics in the healthcare market share in 2017, and is projected to maintain its dominance during the forecast period. However, financial analytics type is anticipated to witness the highest growth rate during the forecast period.
Key Findings of the Big Data Analytics in Healthcare Market:
- By component, services segment is expected to exhibit significant growth in the global big data analytics in healthcare market during the forecast period.
- In 2017, the on-premise segment accounted for the highest revenue in the deployment type category.
- Based on application, the clinical analytics segment generated the highest revenue in 2017.
- Based on end user, hospitals & clinics segment generated the highest revenue in 2017.
- Based on region, North America dominated the overall big data analytics in healthcare market share in 2017.
Some of the key players operating in the big data analytics in healthcare market include All Scripts, Cerner, Dell EMC, Epic System Corporation, GE Healthcare, Hewlett Packard Enterprise (HPE), International Business Machines (IBM) Corporation, Microsoft, Optum, and Oracle Corporation.