Big Data in Healthcare Market to Witness Exponential Growth by 2027
Big Data in Healthcare Market Overview
Big data is large set of data that can be both structured and unstructured. This data is assessed in an effective manner to disclose the patterns and trends for the present and for the future. In the healthcare segment, the usage of big data centers around the use of analytic services that are prescriptive, descriptive, and predictive. This is done to evaluate the patient’s healthcare information so as to make the clinical output much more effective. This thereby helps to improve the business revenue of the healthcare organizations like clinic centers and hospitals. The global big data in healthcare market is expected to reach a valuation of USD XX billion by the end of the forecast period in 2027, jumping from its 2016 valuation of USD XX billion. The market is calculated to garner a growth at a compound annual growth rate of XX% during the forecast period. The latest study by Market Research Future (MRFR) identifies numerous key factors as the drivers of the global market.
The market is primarily driven by the need to reduce healthcare costs and enhance the clinical outcomes as well as for resource management. Advancements in technology and deployment into the cloud are identified as key factors that are encouraging the market growth of big data in healthcare. Add to this, with more and more medical procedures going into the digital landscape, there is a heightened demand for big data in the healthcare industry. The high investment aimed towards the healthcare sector is one of the primal reasons behind the growth of the market. Other key factors like regulatory compliance management, deployment of biotechnological and pharmaceutical companies for risk management in finance, and the cross-selling of products are expected to accelerate the overall market growth. However, amidst these positive sides, concerns regarding privacy and security and various strict protocols in relation to the same are anticipated to cause a hindrance to the global big data in healthcare market over the forecast period.
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Big Data in Healthcare Market Segmentation
The global big data in healthcare market segmentation is divided into four key categories or segments, namely hardware, software, analytical service applications, analytical service types.
By hardware, the market includes VPNs, routers, email servers and data storage, and access points.
By software, the market includes practice management, EHR, workforce management, and revenue cycle management.
By analytical service applications, the market comprises of operational analysis, clinical analysis, and financial analysis.
By analytical service types, the market includes prescriptive, descriptive, and predictive.
Big Data in Healthcare Market Regional Analysis
The global big data in healthcare market is geographically studied across the following regions: Europe, Americas, Asia Pacific, and the Middle East & Africa.
The American market holds the highest share in the global standings and is expected to only ameliorate in the near future. The American segment divides into two regions, Latin America and North America. North America holds a majority of the share due to extensive usage of IT and high rate of expenditure in the healthcare sector. Additionally, the high rate of adoption of some of the latest technologies and the presence of key players in the region also aids the market growth in this region.
Europe holds the second largest share of the global big data in healthcare market. The market herein is driven by the high volume of expenditure spent on the healthcare industry. The Asia Pacific regional market is forecasted to grow in a fast-paced manner due to factors such as high adoption rate of the latest technologies, economic upsurge in the region, and a determined focus upon the healthcare sector.
Lastly, the Middle East and Africa is expected to garner a modest growth in the forthcoming years. The African market is anticipated to experience limited growth owing to the low development of the healthcare industry and weak economic situation. Whereas, the Gulf region is expected to primarily drive the Middle Eastern market.
Big Data in Healthcare Market Competitive Landscape
The global big data in healthcare market includes various key players like Optum, Cognizant, Philips, Dell, Cerner Corporation, Siemens, Xerox, GE Healthcare, Mckesson, and others.
March 21st, 2019, an all-new ultramodern high-tech center of excellence in the field of bioinformatics and data intensive sciences was launched at the IDI Makerere. The launch is aimed at helping individuals tackle the challenges related to big data analysis and cross border connections.
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