Healthcare Big Data Analytics Market Show by Component Hardware and Software, by Deployment Type Software On-Premise and Software on Demand and by Application Financial analytics, Clinical Analytics and Operational Analytic by 2023
Market Potential and Pitfalls
Healthcare big data analytics offers descriptive, predictive or prescriptive analysis of the overwhelming data generated in a healthcare organization. The big data management and healthcare consumerism are two of the paramount issues leading healthcare organizations, worldwide are facing currently.
Big data analytics not only handle the data sets but also helps these organizations to understand pattern and make predictions by providing insights that can improve learning outcomes by comparing different data sets. Healthcare Big Data Analytics Market This consecutively enables these organizations to address critical challenges and Improve their decision-making processes.
The healthcare sector is burgeoning rapidly, transforming with the advancements in genetics, biomedical, and information technologies that are ushering towards offering effective personalized treatments. Implementing big data analytics in the day to day operations ensures creating a positive consumer (patients) experience that enables them to gain an edge over their competitors.
Simultaneously, big data analytics used in pharmaceutical and biotechnological companies allows them to harness its power for product cross-selling, financial risk management, and regulatory compliance management alongside other benefits. Resultantly, the big data in the healthcare market is proliferating continually, witnessing a huge market demand on the global platform.
Competitive Dashboard
Key players leading the global healthcare big data analytics market include Cerner Corporation, Cognizant, IBM Corporation, Epic System Corporation, McKesson, Dell, GE Healthcare, Siemens, Philips, and Optum among others.
Market Synopsis:
Acknowledging the exponential traction, the market perceives currently Market Research Future (MRFR) in its recently published study report asserts that the global healthcare big data analytics will reach USD 9.5 BN by 2023, registering a CAGR over 11.5% throughout the forecast period (2017-2023). The pressure to curtail healthcare costs is playing a significant role in the overall growth of the market.
Additional factors that are supporting the market to substantiate include the increasing government initiatives and the emergence of some technological advancements such as mHealth, Internet of Things (IoT) and wearables. Also, factors such as the government initiatives such as the releases of data from the agencies like FDA and CDC are some of the major factors acting as a significant tailwind, pushing up the growth of the market.
Industry/Innovations/Related News
February 13, 2019 ---- IBM Watson Health (the US), an IBM unit focusing on data-driven technology challenges in healthcare announced its partnership with three noteworthy hospitals such as Brigham and Women's Hospital, a teaching hospital of Harvard Medical School in Boston, and Vanderbilt University Medical Center in Nashville.
These academic collaborations are part of Watson’s 10-year plan to advance AI science and its application to major public health issues.
Watson Health also confirmed that it would soon start working with both institutions on critical health problems suited for AI solutions, focusing on the use of AI to improve many important healthcare utilities and practices including EHRs, claims data, precision medicine, patient safety, and health equity.
Healthcare Big Data Analytics Market – Competitive Analysis
Highly competitive, the healthcare big data analytics market appears fragmented due to the presence of giant players such as IBM, Dell, and GE Healthcare. Key strategies traced from the analysis of recent market developments include agreement & partnership, product launch, acquisition, and expansion.
International players who are increasingly expanding their footprint in the developing economy, making it difficult for regional vendors to compete with them, especially in terms of technology portfolios, differentiation, quality, and pricing.
Market competition is expected to increase during the forecast period due to the increasing strategic initiatives such as partnerships and mergers. High deployment cost and rapid innovations in managing the big data are the major barriers for new vendors in the market.
Global Healthcare Big Data Analytics Market – Segmentations
For ease of understanding, the market has been segmented into six key dynamics: -
By Component : Hardware and Software.
By Deployment : Software On-premise and software on demand
By Application : Clinical Analytics, Operational Analytic, and Financial Analytics among others.
By Software Type : Software for Practice Management, Electronic Health Record, Revenue Cycle Management, Workforce Management and others.
By End-user : Clinics, Hospital, and Diagnostic Centers among others.
By Regions : North America, Asia Pacific, Europe, and the Rest-of-the-World.
Regional Insights
The North American region, heading with the rapid technological advancements like m health and precision medicines, leads the global healthcare big data analytics market. Additional factors boosting the regional market include the early emergence and adoption of healthcare big data analytics across the region, increased focus on big data management & analysis for better healthcare facilities, and establishment of healthcare policies by federal government. Continuing with the same growth trends, the North America healthcare big data analytics market is expected to reach USD 4.25 BN by 2023registering a CAGR of 6.1% throughout the assessment period (2017-2023).
The healthcare big data analytics market in the European region accounts for the second-largest market, globally. Factors like the increasing number of R&D activities led by government support and a well-established healthcare sector foster the growth of the regional market. Moreover, factors such as the growing number of healthcare infrastructures alongside the proliferation of smart connected devices are fueling the growth of the market in the region.
The Asia Pacific healthcare big data analytics market is emerging as a profitable market, globally. The market is propelled by the vast technological advancements, especially in the rapidly developing countries such as India and China. Moreover. Factors such as the increasing patient pool and the demand to manage the healthcare data generated at a large scale drive the growth of the regional market, creating a huge demand for healthcare big data analytics in the region.
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