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: North America Opportunity Analysis and Industry Forecast, 2018 - 2025,"the North America big data analytics in healthcare market size was valued at $9.36 billion in 2017, and is projected to reach $34.16 billion by 2025, growing at a CAGR of 17.7% 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 the North America big data analytics in healthcare market. However, lack of skilled & expert staff and patient data security issues are expected to hamper the growth of the market.
North America big data analytics in healthcare market trends include adopting data warehouse optimization, customer analysis, fraud detection which is expected to create large number of opportunities during the forecast period. In addition, major players in this market are also enhancing their product portfolios by integrating machine learning (ML) and Artificial Intelligence (AI) technologies to make the analytics more advanced and effective. Further, big data and analytics is attracting support mostly in financial, retail and insurance industries, where there is an emphasis on engaging with the customer and understanding social perspectives of customers. Predictive analytics is emerging as a capability which permits organizations to make models that can predict customer behavior and other critical business information.
According to deployment mode, cloud deployment segment is anticipated to register highest growth rate during the forecast period owing 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 North America big data analytics in the healthcare market growth. Maintaining compliance for managing patient data, lifting legacy technology, and shifting to cloud are further contributing to the growth of cloud deployment segment in North America big data analytics in healthcare market.
The clinical application type segment dominated the North America big data analytics in healthcare market share in 2017, and is anticipated to maintain its dominance during the forecast period owing to its applications in population health management, radiology, surgery and others. However, financial analytics segment is anticipated to witness the highest growth rate during the forecast period due to the need for preventing or detection of frauds, revenue management.
Key Findings of theBig Data Analytics in Healthcare Market:
- By component, the services segment is expected to exhibit significant growth during North America big data analytics in healthcare market 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, the hospitals & clinics segment generated the highest revenue in 2017.
- Based on region, the U.S. led the North America big data analytics in healthcare market in terms of revenue in 2017.
Some of the key players operating in the North America big data analytics in healthcare industry 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.