Pune, India, June 10, 2019 (GLOBE NEWSWIRE) -- According to a report published on Wise Guy Reports (WGR), the global big data in the healthcare market is expected to reach a market valuation of USD 34.27 billion by 2022, growing at a CAGR of 22.07% over the forecast period of 2016 to 2022.
Big data refers to the large sets of data, both structured and non-structured, which can be computationally analyzed to reveal trends and pattern to help organizations in decision making effectively.
Big data in healthcare refers to large sets of data related to healthcare information collected in the new age of digitalization and augment of value-based care, which is accessible to healthcare market players, in order to make implement efficient business strategies with the help of big data technology and analytics.
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Market Drivers and Trends
The growth in the healthcare sector is the primary driver of the global big data in healthcare market, owing to a large amount of data produced, which needs advanced management tools to ensure the security of patient information.
Additionally, the modern lifestyle is increasing the prevalence of chronic and life-threatening diseases, which is consequently growing the patient pool globally, leading to an increase in the demand for big data in healthcare market due to the growth in the healthcare sector.
The demand in the big data in healthcare market is also estimated to grow over the forecast period since it offers consumers effective loss prevention by reducing fraudulent claims, marketing strategies to increase revenue generation, and cost accuracy, the security of patient data, and precise diagnosis and treatment analysis, among others.
Segmental Analysis
The global market for big data in healthcare has been segmented on the basis of components and services, analytic service types, analytic service applications, and regions.
Based on components and services, the market has been segmented into hardware, software, and software deployment. The hardware segment has been sub-segmented into routers firewalls, virtual private network (VPN), data storage, email servers, and wireless access points. The software segment has been sub-segmented into electronic health record (EHR) software, practice management software, revenue cycle management software, workforce management software, and others. The software deployment segment has been sub-segmented into, software on premise, and software on demand.
Based on analytic service types, the market has been segmented into descriptive analytics, predictive analytics, and prescriptive analytics. Among these, the prescriptive analytics segment has been assessed to grow at the highest CAGR of 26.75% over the period. $17.28 billion by 2022
Based on analytic service applications, the market has been segmented into clinical data analytics, financial analytics, and operational analytics. Among these, the financial analytics segment is expected to witness the highest market growth at a CAGR of 19.51% over the forecast period.
North America Estimated to Lead the Market, While APAC Assessed as the Fastest Growing Region
Based on the region, the global big data in the healthcare market has been segmented into the Americas, Europe, Asia Pacific (APAC), and the Middle East and Africa (MEA).
The Americas are the leading region in the market, where North America is estimated to dominate the global market for big data in healthcare over the forecast period, owing to the technological advancements such as mHealth, and IOT, and massive expenditure on the healthcare sector by the governments.
The European region is the second largest market for big data in healthcare and has been assessed to reach a valuation of USD 7.9 billion by 2022, owing to the government initiatives to curb the growing healthcare expenditure, and investments towards research and development in the medical field.
The Asia Pacific has been evaluated as the fastest growing region in the market and is estimated to value up to USD 5.45 billion, growing at a CAGR of 24.75% over the forecast period, owing to the increase in clinical trials, growing geriatric population, and unmet medical needs in developing nations in the region.
The Middle East and Africa region are expected to witness moderate growth over the forecast period, due to the poor economic conditions and political unrest. Middle Eastern developing countries such as Saudi Arabia and UAE are estimated to contribute the majority of the market share, while African countries are expected to witness slow growth over the forecast period due to the government initiatives to improve the weak healthcare sector.
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Key Players
The key market players in the global big data in healthcare market include Siemens (Germany), Philips (Netherlands), Xerox (U.S.), Optum (U.S.), Mckesson (U.S.), GE Healthcare (U.K.), Epic System Corporation (U.S.), Dell (U.S.), Cognizant (U.S.), Cerner Corporation (U.S.).
Industry News
June 2019 – John Hopkins Applied Physics Laboratory (APL) and Johns Hopkins Medicine launched their new data analytics tool Precision Medicine Analytics Platform (PMAP), using big data to enhance precision medicine and healthcare delivery.
January 2019 – Approximately 80% of significant healthcare market players invested in big data analytics and artificial intelligence driven by the need for business transformation and market competition, enhance agility, and reducing expenditure.
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