Big Data in Healthcare Market Highlights
Big data refers to the enormous amount of structured as well as unstructured data, which help organizations to improve their decision making processes. The term big data might seem to refer to huge volume of data, but that is not necessarily the case. It may also refer to the technology services (descriptive, predictive or prescriptive) any organization is utilizing to handle the data sets. Unstructured data refers to the data which does not have a standardized form. Around 80% of the data in the business organizations is unstructured and around 60% of the patient care information is in the unstructured format.
The global big data analytics market in the healthcare sector is at $8.49 billion in 2015 and is expected to grow at a CAGR 20.69 % due to several forces, for instance, government initiatives, pressure to curb healthcare costs, new technological advancement such as mHealth, Internet of Things (IOT), and wearables among others.
With the implementation of innovative technologies such as precision medicine, mHealth, and sensors in the healthcare industry, clinical analytics will play a huge role in the evolution of new forms of treatments to treat with different therapeutics and provide better population and precision health management.
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Global Big data in Healthcare Market Players
Key players profiled in the report are Cerner Corporation, Cognizant, Dell, GE Healthcare, Mckesson, Optum, Philips, Siemens, Xerox and others.
Taste the market data and market information presented through more than 50 market data tables and figures spread over 80 pages of the project report. Avail the in-depth table of content (TOC) & market synopsis on “Global Big data in healthcare market” Research Report – Forecast till 2022.
- In 2015, analytical services generated the largest revenue of $ 4.63 billion by components and services
- Hardware segment generated highest revenue of $775.26 million in 2015 from the North American region because of the incorporation of federal mandatory acts such as HIPAA and HITECH to safeguard protected health information in North America
- North America accounted for largest revenue of $ 1,317.76 million for healthcare software for big data analytics in 2015, by geography
Big Data in Healthcare Market Segmentation
The global big data in healthcare market has been segmented on the basis of components and services. The components is segmented into hardware and software type. The hardware segment is further sub-segmented into routers firewalls, virtual private network (VPN), data storage (data centers/storage on premise, storage on cloud/storage on demand), email servers, and wireless & access points. The software type is sub-segmented into electronic health record (EHR) software, practice management software, revenue cycle management software, workforce management software, and others. The software deployment type is sub-segmented into software on premise and software on demand.
On the basis of analytic service type, the market is segmented into descriptive analytics, predictive analytics, and prescriptive analytics. On the basis of analytic service applications, the market is segmented into clinical data analytics, financial analytics, and operational analytics. The clinical data analytics is sub-segmented into quality care, population health management, clinical decision support, precision health, reporting, and compliance. The financial analytics is sub-segmented into claims processing, revenue cycle, management, and risk assessment. The operational analytics is sub-segmented into workforce analytics and supply chain analytics.
The Americas holds a significant market share owing to extensive use of information technology and high expenditure on the health care. Additionally, the fastest uptake of new technology and the presence and concentration of big data companies in the healthcare of the US regions drive the global big data in healthcare market.
North America lead the global big data in healthcare market with revenue of $ 4.61 billion in 2015.
Europe is the second largest market in the globe due to a high expenditure and need to curb rising healthcare costs.
Asia Pacific region is expected to grow rapidly; China and India are likely to lead the market due to unmet needs during the forecasted period. APAC is expected to grow at a higher CAGR of 24.75% than the other regions because of increasing clinical trials and ageing population in this region.
Gulf nations such as Saudi Arabia and the UAE drive the Middle East & African market. The African region is expected to witness a moderate growth owing to poor economic and political conditions and poor healthcare development.
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