After a detailed analysis, Triton Market Research has concluded that Big Data analytics in healthcare market is expected to display an upward trend in terms of revenue. In addition, it is estimated to grow at a CAGR of 23.35% during the forecasting years 2019 to 2028. The market that accounted for $22.43 billion in 2019, is expected to reach $148.34 billion by 2028.
Big Data analytics is the mining of vast volumes of data as well as the study of hidden trends, associations and other insights to be discovered. Big Data analytics in healthcare is the application of Big Data technologies and methods to make the healthcare sector more effective, including clinical analytics, financial analytics and operational analytics. The choice of software preferred by agencies depends on the software’s accessibility, data protection and ease of use.
There are several software systems widely used by providers of medical services and healthcare facilities, including applications for Medical Practice Management (MPM), Electronic Health Record System and Revenue Cycle Management Systems. This software allows users to capture patient information, and can be used to schedule appointments, perform billing tasks and process claims, among others, for various administrative and financial tasks.
The Big Data analytics in healthcare market report from Triton Market Research gives a detailed analysis of market definition, Big Data analytics architecture, key insights, evolution & transition, Porter’s five force analysis, market attractiveness index, vendor scorecard, regulatory framework and strategies for implementing Big Data analytics in healthcare.
With a multitude of sensors and real-time tracking devices at the fingertips of consumers, patient behaviors and key patient information have become much easier to trace. Mobile technology has also become one of the leading Big Data contributors. The proliferation of smartphone-containing apps, coupled with the expansion of the market for wearable devices, creates data flows that can be harnessed for medical applications.
Consumer wearables, previously popular for step counting & heart rate monitoring, are starting to serve as data sources for medical diagnostics and are expected to play a key role in remote patient monitoring. Wearables can help with self-diagnosis and behavioral change interventions by enabling patients to share personalized health data. These digital devices generate a lot of data, which forms a major driver for the Big Data analytics in healthcare market.
The key opportunity for the market is from precision medicine. Healthcare providers can make the use of Big Data analytics to personalize treatments and diagnoses based on numerous factors and find a cure for the diseases. Precision medicine can be a powerful force to improving the understanding of diseases and use analytics for better healthcare outcomes.
The problem of interoperability and dealing with unstructured data are major restraints that impact the market negatively. Interoperability and data sharing for Big Data is important for getting insights for clinical decision making. Medical data currently, lacks interoperability due to the isolated databases, incompatible systems and proprietary software. Also, these datasets are difficult to exchange, analyze and interpret.
Geographies covered for the global Big Data analytics in healthcare market:
• North America: United States and Canada
• Europe: United Kingdom, Germany, France, Italy, Spain, Russia and Rest of Europe
• The Asia-Pacific: China, Japan, India, South Korea, ASEAN countries, Australia & New Zealand and Rest of Asia-Pacific
• Latin America: Brazil, Mexico and Rest of Latin America
• The Middle East and Africa: United Arab Emirates, Turkey, Saudi Arabia, South Africa and Rest of Middle East & Africa
The Big Data analytics in healthcare market, in this report, is segmented as:
• Offering is sub-segmented into:
o Software
o Services
• Deployment is sub-segmented into:
o On-premise
o Cloud
• Analytics Type is sub-segmented into:
o Descriptive Analytics
o Predictive Analytics
o Prescriptive Analytics
o Diagnostic Analytics
• End-user is sub-segmented into:
o Hospitals & Clinics
o Finance & Insurance agencies
o Research organization
• Application is sub-segmented into:
o Clinical Analytics
o Financial Analytics
o Operational Analytics
Major key players engaged in the Big Data analytics in healthcare market are McKesson Corporation, Siemens Healthcare Private Limited, Allscripts Healthcare LLC, Oracle, Cognizant, International Business Machines Corporation, Dell Technologies Inc, General Electric Company, Health Catalyst, SAP SE, Premier, Aetna Inc, Cerner Corporation, CPSI (Computer Programs And Systems Inc), Epic Systems Corporation, Sas Institute Inc, Philips NV, eClinicalworks and Tableau Software LLC. The strategic analysis for each of these companies in Big Data analytics in healthcare market is covered in detail.