Big data analytics has arisen as a foremost learning technique to deal with the large volume of data in the healthcare sector. The healthcare industry has a bunch of data, and it could benefit from interactive dynamic big data platforms with cutting-edge technologies and tools to improve patient care and services. The ability to conduct comparative effectiveness research to find more clinically appropriate and cost-effective ways to diagnose and treat patients has been characterized as one of the benefits of analytics in healthcare. Big data techniques can improve the quality of healthcare data analysis, and it is beneficial for patients and healthcare organizations.
Major driving factors of the big data in healthcare market are the advancements in healthcare technologies, increasing funding to improve healthcare services, rising patient pool.
The market growth is further attributed to high demand for cost-effective treatments, adoption of mobile healthcare applications, and the fast integration of digital technologies by healthcare organizations. However, the requirement of significant investments to implement big data services and the lack of awareness about the digital-technology based healthcare applications may hinder the market growth over the forecast period.
Big data in healthcare market is segmented into component and services, application, delivery model, healthcare vertical, and region. The component and services segment comprises hardware (data servers and storage, servers, and networking), software (electronic health records, practice management software, revenue cycle management software, and workforce management software), and analytical services (descriptive analytics, prescriptive analytics, and predictive analytics). The hardware segment is predicted to dominate the market during the forecast years due to the high demand for digital, computer-based healthcare platforms. By application, the market is classified into clinical data analytics (quality care, population health management, clinical decision support, precision medicine, and reporting compliance), financial analytics (claims processing, revenue cycle management software, and risk assessment), and operational analytics (workforce analytics and supply chain analytics). The clinical data analytics segment leads this market as it provides real-time data analysis and saves cost and time. By delivery model, the market is categorized into on-demand and on the cloud. By healthcare vertical, the market is classified into pharmaceutical, medical devices, healthcare services, and other verticals. The healthcare services are accounted for the highest market share due to the increasing demand for advanced healthcare data management services. Region-wise, the market is studied across North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
North America is expected to witness the highest growth in the big data in healthcare market during the forecast years, followed by Asia-Pacific due to the rising adoption of modern technologies and the surging need to handle and analyze massive medical records.
Some of the key players operating in the big data in healthcare market are Allscripts Healthcare Solutions, Inc., Aetna, Inc., Cerner Corporation, Cognization Technology Solutions Corporation, Computer Programs and Systems, eClinicalWorks, DELL, GE Healthcare, Health Catalyst, Epic Systems, IBM Corporation, Siemens Healthineers, Xerox Holdings Corporation, Oracle Corporation, McKesson Corporation, MedeAnalytics, Inc., Optum, Philips Healthcare, Tableau Software, Inc., Premier, Inc., SAP ERP, SAS, and other.