New York, NY, Dec. 03, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Big Data Analytics in Healthcare Market by Component (Software [Electronic Health Record Software, Practice Management, and Workforce Management], Hardware [Data Storage, Routers, Firewalls, Virtual Private Networks, E-Mail Servers, and Others], and Services), By Deployment Type (On-Demand and On-Premise), By Analytics Type (Descriptive, Predictive, and Prescriptive), and By Application (Financial Analytics [Claim Processing, Revenue Cycle Management, Risk Adjustment & Assessment, and Others], Clinical Data Analytics [Quality Control, Population Health Management, Clinical Decision Support, Reporting and Compliance, and Precision Health], and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 - 2024”. According to the report, global big data analytics in healthcare market was valued at approximately USD 19.72 billion in 2017 and is expected to generate revenue of around USD 68.03 billion by 2024, growing at a CAGR of around 19.34% between 2018 and 2024.
Big data with respect to healthcare will be useful for health data of a particular population/particular person and possibly help to cure diseases, avoid epidemics, cut down costs, etc. Plentiful health data from the healthcare sector is collected from various sources including genomic pay or records, electronic health records (EHRs), wearable, medical imaging, pharmaceutical research, medical devices, and others. Big data in healthcare and medicine refers to these diverse large and complex data, difficult to analyze and manage with the traditional software or hardware. Big data analytics covers the amalgamation of heterogeneous data, analysis, modeling, data quality control, interpretation, and validation.
Browse through 79 Tables & 26 Figures spread over 110 Pages and in-depth TOC on “Global Big Data Analytics in Healthcare Market: By Type, Technology, Size, Share, Applications, Analysis and Forecast, 2017 - 2024”.
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Global big data analytics in the healthcare market is primarily driven by worldwide escalating demand for financial analytics in healthcare coupled with declining costs and availability of big data software and services. However, the dearth of IT infrastructure in developing countries and higher maintenance costs related to these systems will hinder the market growth. Whereas, growing inclination towards cloud-based analytics solutions and development in IT infrastructure in developing economies will create opportunities for big data analytics in the healthcare market in the coming years.
The big data analytics in the healthcare market is classified on the basis of the component, deployment type, analytics type, application, and region. On the basis of the component, the market is divided into the software, hardware, and services.
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Software segment is further divided into electronic health record software, practice management, and workforce management. The hardware segment is further divided into data storage, firewalls, routers, e-mail servers, virtual private networks, and others. On the basis of the deployment type, the market is segmented as segmented as On-Demand and On-Premise. On the basis of the analytics type, the market is classified into descriptive, predictive, and prescriptive. On the basis of the application, the big data analytics in the healthcare market is divided into financial analytics, clinical data analytics, and others. Financial analytics segment is further sub-segmented as claim processing, risk adjustment & assessment, revenue cycle management, and others. And clinical data analytics segment is further sub-segmented into quality control, clinical decision support, reporting and compliance, population health management, and precision health. Application segment was the largest revenue generating segment in big data analytics in the healthcare market for the year 2017. Among all applications, financial analytics was the major application of big data analytics in the healthcare market for the year 2016.
North America held the largest market share in 2017 and is a developed regional market for big data analytics in healthcare sector. The large market share is due to the early acceptance of the technology in this region and well-developed healthcare IT infrastructure. Rapid growth is projected in the North American region in the years to come. The U.S. is the dominant market by country in global big data analytics in the healthcare market as well as North American region.
Browse the full "Big Data Analytics in Healthcare Market by Component (Software [Electronic Health Record Software, Practice Management, and Workforce Management], Hardware [Data Storage, Routers, Firewalls, Virtual Private Networks, E-Mail Servers, and Others], and Services), By Deployment Type (On-Demand and On-Premise), By Analytics Type (Descriptive, Predictive, and Prescriptive), and By Application (Financial Analytics [Claim Processing, Revenue Cycle Management, Risk Adjustment & Assessment, and Others], Clinical Data Analytics [Quality Control, Population Health Management, Clinical Decision Support, Reporting and Compliance, and Precision Health], and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 - 2024" report at https://www.zionmarketresearch.com/report/big-data-analytics-in-healthcare-market
Europe is expected to be the second largest market in terms of revenue share. Europe is expected to show a considerable growth in the forecast period across big data analytics in healthcare market. Growing digitalization and acceptance of advanced technology in this region are some of the factors propelling the market growth in this region.
The fastest growing region over the forecast period for the market will be the Asia Pacific. China, India, and Japan are expected to be the fastest growing countries in Asia for this market. Advancement in big data technologies, rapidly growing software data analytics industry, growing digitalization, and increase in big data analytics service adoption by healthcare providers in this region are the major factors that will help the big data analytics in healthcare market to grow in this region.
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The Middle East and Africa market is currently witnessing sluggish growth, owing to the less awareness and lack of healthcare IT infrastructure in African countries. However, developing digitalization and government support and favorable policies will help the market in this region to grow significantly over the coming years. Moderate growth is expected of the Latin American region.
Some of the key players in big data analytics in healthcare market are Cerner Corporation, Dell, McKesson Corporation, GE Healthcare, Mckesson, Koninklijke Philips N.V., Epic System Corporation, Mu Sigma, Optum, IBM, Xerox, Hewlett-Packard Co., Opera Solutions, Cloudera, Cognizant Technology Solutions, Teradata Corporation, Siemens Healthcare Gmbh, Splunk Inc., EMC, Calpont Corporation, and Oracle Corporation among others.
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This report segments the global big data analytics in healthcare market as follows:
Global Big Data Analytics in Healthcare Market: by Component
Global Big Data Analytics in Healthcare Market: by Deployment Type
Global Big Data Analytics in Healthcare Market: by Analytics Type
Global Big Data Analytics in Healthcare Market: by Application
Global Big Data Analytics in Healthcare Market: by Region
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