Global sales of big data analytics in the healthcare market will generate over $45,000 million in revenue through 2026. The global big data analytics in healthcare market is expected to grow higher CAGR value of 17.7% from 2017 to 2026.
Big data analytics (BDA) is a combination of data management tools, techniques, and application for effectively analysing big data sets, in order to derive information on business processes and customer interactions. Big data analytics can process both structure as well as unstructured data obtained from various sources.
Big Data Analytics Enhancing Decision Making Capacity of Healthcare Enterprises
Big data analytics has paved a new path for healthcare organizations to devise actionable insights, boost up the outcomes, reduce time to value, and organize their future vision.
This approach has been deemed helpful in providing insightful information to healthcare enterprises with regard to their planning, measurements, and management. The evaluated results further help in enhancing decision making capacity of these enterprises.
By recording disease outbreaks and analyzing disease patterns, big data analytics approach can improve public health issues.
Large quantity of data help in determining needs, offering required services, and predicting & preventing future crises.
Big data analytics approach also helps in evaluating standard medical data, structured or unstructured, for predicting patients at risk and providing them with effective care.
Drive toward electronic medical records, coupled with favorable government policies has further driven the adoption of big data analytics in healthcare sector.
However, majority of medical professionals lack the skill set needed for leveraging information offered by the big data analytics, which continues to be a major restraint for growth of the market.
Government and healthcare organizations are therefore focusing on proper training of professionals for making them capable of utilizing the data obtained in a meaningful manner for better drafting of healthcare policies and improving patient outcomes.
Fact.MR’s recently compiled report estimates the global market for big data analytics in healthcare to register an outstanding expansion during the forecast period (2017-2026).
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APEJ to be Fastest Expanding Market for Big Data Analytics in Healthcare during 2017-2026
Asia-Pacific excluding Japan (APEJ) is expected to remain the fast-expanding market for big data analytics in healthcare. North America is also expected to showcase a promising growth in the market, which can be mainly attributed to big data initiatives of the federal government.
Initiatives such as HITECH Act are promoting big data and reducing healthcare expenses in North America. Europe will also account for a major portion of the market’s revenue share during the forecast period.
On the back of rising pressure of curbing healthcare costs, growing adherence toward electronic health records (EHRs), emphasis on improving patient outcomes and reducing hospital readmission rates have spurred the adoption of CRM analytics tool.
CRM analytics will remain the most lucrative tool in the market, followed by financial analytics, production reporting, and supply chain analytics, which are increasingly adopted for complying with federal mandates regarding ICD-10 code sets’ implementation.
Key Research Findings from Fact.MR’s Report on Big Data Analytics in Healthcare Market
- Healthcare provider will continue to be the dominant spender in the global big data analytics in healthcare market
- Access operational information will remain the fastest expanding application of big data analytics in healthcare, followed by access transactional data
- Sales of cloud-based deployment of big data analytics in healthcare will register the highest CAGR through 2026
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Competition in the global big data analytics in healthcare market is expected to intensify on the back of mergers and partnerships between prominent players. New marker entrant face barriers such as high deployment cost, and find it difficult to cope up with well-established players in terms of innovation and quality.
Key market players identified by the report include
- IBM Corporation
- OptumHealth Care Solutions
- Microsoft Corp
- Verisk Analytics
- Allscripts Healthcare Solutions
- Oracle Corp
- Zephyr Health
- Cisco Systems Inc.
- SAS Institute
- SAP SE
- Denodo Technologies Inc.
Big Data Analytics in Healthcare Market Scope Of The Market
Growth of the global big data analytics in healthcare market is anticipated to remain influenced by a slew of factors including surging government initiatives for increasing EHR adoption, rising pressure to curtail healthcare costs, soaring availability of big data in healthcare, growing venture capital investments, increasing focus to improve patient outcomes, and soaring technological advancements.
This Fact.MR report analyzes the expansion of global big data analytics in healthcare market till date, and provides key insights on the growth of the market during the forecast period, 2017-2022.
The scope of Fact.MR’s report is to analyze the global big data analytics in healthcare market for the forecast period 2017-2022 and provide readers an unbiased and accurate analysis.
Medical device manufacturers, research institutes, and raw material suppliers in the global big data analytics in healthcare market can benefit from the analysis offered in this report.
This report offers a comprehensive analysis, which can be of interest to leading trade magazines and medical journals pertaining to big data analytics in healthcare.
The report commences with a brief information of the global big data analytics in healthcare market. This executive summary sets the tone for the rest of the report, providing users the scope of the report. The executive summary includes important facts and statistics on the global big data analytics in healthcare market.
The next section offers an overview of the global big data analytics in healthcare market. This comprises an introduction to the market, along with a standard definition of the product – big data analytics in healthcare.
In this section, market value and year-over-year growth is offered to the readers. Year-over-year growth provides readers with a broader view of growth patterns over the forecast period.
The report’s succeeding section focuses on drivers, restraints and key trends from macroeconomic, demand, and supply perspectives.
Impact analysis of weighted average model-based growth drivers is contained in the report for better provision of decision-making insights to clients.
In order to offer readers with up-to-date information about the latest advancements in the global big data analytics in healthcare market, the report provides updates about market opportunities, which can benefit leading manufacturers of big data analytics in healthcare.
With continuous evolution of the healthcare sector, keeping a record of latest developments and trends is fundamental for big data analytics in healthcare manufacturers to formulate key business strategies.
Detailed insights about raw material sourcing, supply chain, regulatory approvals, pricing analysis, list of distributors, and cost structure are provided in this section.
The Fact.MR report offers segment-wise analysis & forecast to cover the wide scope of global big data analytics in healthcare market.
Key segments that guide expansion of the global big data analytics in healthcare market include spender type, tool type, application type, deployment type, and region. In this segmentation analysis, a detailed country-wise forecast across all key market parameters is also included.
The report’s last section comprises of the global big data analytics in healthcare market competitive landscape, to provide readers with the dashboard view of company analysis and market players.
This competitive intelligence is based on the providers’ categories across value chain, and their presence in the global big data analytics in healthcare market.
Fact.MR is committed to offer unbiased and independent market research solutions to its clients. Each market report of Fact.MR is compiled after months of exhaustive research. We bank on a mix of tried-and-tested and innovative research methodologies to offer the most comprehensive and accurate information. Our main sources of research include,
- Primary research
- Secondary research
- Trade research
- Focused interviews
- Social media analysis
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