About Big Data Analytics in Healthcare
Big data in healthcare is used to manage large and complex data sets that are not manageable with traditional software and/or hardware. The increasing cost of healthcare, the prevalence of chronic diseases, and the rise in the elderly population around the world driving the demand for transformation of the healthcare industry from a hospital-centered system to a patient-centered environment. Big data in the healthcare market has high growth prospects owing to increasing spending on technological advancement in the healthcare industry. Further, the growing adoption of cloud-based analytics solutions in the healthcare industry expected to drive market growth over the forecasted period.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 18.21% |
Global big data analytics in healthcare composite market is highly fragmented in nature owing to the presence of a large number of market player across the globe. Various market strategies including partnership, collaborations, expansions and setting up of new facilities are expected to be used by these market players in order to increase their market share and strengthen market position in the global market over the forecast period. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Big Data Analytics in Healthcare market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
IBM (United States), Optum, Inc. (United States), Cerner (United States), SAS Institute, Inc. (United States), Allscripts Healthcare Solutions (United States), McKesson (United States), General Electric Healthcare (United States), Hewlett Packard Enterprise (United States), Microsoft (United States), Oracle (United States), Dell (United States) and Health Catalyst (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are MedeAnalytics, Inc. (United States), Inovalon (United States) and Epic System Corporation (United States).
Segmentation Overview
AMA Research has segmented the market of Global Big Data Analytics in Healthcare market by , Application (Clinical Analytics, Financial Analytics and Operational Analytics) and Region.
On the basis of geography, the market of Big Data Analytics in Healthcare has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Deployment, the sub-segment i.e. On-Premise will boost the Big Data Analytics in Healthcare market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Component, the sub-segment i.e. Software will boost the Big Data Analytics in Healthcare market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Analytics, the sub-segment i.e. Descriptive Analytics will boost the Big Data Analytics in Healthcare market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End User, the sub-segment i.e. Hospitals & Clinics will boost the Big Data Analytics in Healthcare market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Technological Development in Drug Discovery and Genomic Sequencing and Emergence of Telehealth
Market Growth Drivers:
Government Initiatives to Support Digitization in the Healthcare Industry and Increasing Adoption of Big Data Analytics Solutions in the Healthcare Industry
Challenges:
Patient Data Confidentiality and Reluctance to Adopt Healthcare Analytics in Emerging Economies
Restraints:
High Cost of Analytics Solutions and Dearth of Skilled Personnel
Opportunities:
Rising Adoption of Cloud-Based Analytics Solutions in the Healthcare Industry and Growing Healthcare Infrastructure in the Developing Economies
Market Leaders and their expansionary development strategies
In April 2023, Arista Networks Inc. launched new big data analytics in healthcare or NAC service on the opening day of this week’s RSA Conference in San Francisco. The vendor is best known as a high-performance network vendor but moved into the security industry when it acquired Awake Security, which brought network detection and response or NDR. Since then, the company has added wireless intrusion prevention, edge threat management, and other services.
In January 2024, GenepoweRx launched AI platform for big data analytics and drug discovery. This revolutionary step in personalised medicine marks a paradigm shift, empowering healthcare providers to customize treatments based on individual genetic makeup.
“The regulations applied by the United States Food and Drug Administration (FDA) are functional to mainstream medical devices and, therefore, wearable sensors are categorized as wellness or lifestyle tracking devices in order to circumvent FDA’s rigid standards. However, the trend is changing, and–wearable sensors are approved by the FDA for their use in the consumer industry. Moreover, FDA recently issued guidelines for wireless medical devices to ensure they address major safety-critical risks associated with radio-frequency wireless systems, secure data transmission, and short & long-range communication.”
Key Target Audience
Healthcare Technology Providers, Government Agencies, Commercial Research & Development Institutions, Government Organizations, Research Organizations, and Consulting Firms, Trade Associations and Industry Bodies and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.