Big
data in Healthcare Market information: by components and services (hardware,
software type, others), by software deployment type (On Premise, On Demand)),
by analytic service type, and by analytic service applications - Global
forecast till 2022
Big
data in healthcare comprises software to manage the vast data generated in
a healthcare organization. With the growing digitization, a huge amount of data
is being created in healthcare organizations each year. Big data analyzes this
overwhelming amount of data comparing its different sets which help these
organizations in understanding patterns and making predictions.
Healthcare
organizations then use this analysis to address the critical challenges they
face in the day to day operations. This further enables these organizations to
improve the care services they provide, improving their decision-making
processes. The healthcare sector is transforming vividly, ushering towards
increasing value-based care.
Creating
a positive experience among their patients enables these organization to gain a
competitive advantage. With the advancements in biomedical, genetics, and
information technology (IT), healthcare organizations are increasingly needing
effective analytics to offer effective personalized treatments to the patients,
accepting the customer-centric approach. Hence, these organizations are
increasingly implementing big data and taking advantage of their analytics to
make strategic business decisions.
Big
data analytics is useful for pharmaceutical and biotechnological companies as
well. Harnessing its power, they gain advantages in product cross-selling,
financial risk management, and regulatory compliance management among several
other benefits.
As
a result, big data analytics witnesses massive uptake which leads to generating
an enormous market demand. Increasing
uptake and demand are some of the dominant driving forces behind the growth of
big data in the healthcare market.
Considering
the exponential accruals, the market is garnering currently Market Research
Future (MRFR) in its recently published study report asserts that the global
big data in healthcare size is poised to touch a valuation of USD 17,278.13 MN
by 2022 by registering a staggering double-digit CAGR over 20.69 % throughout
the forecast period (2016-2022).
The
pressure to curtail healthcare costs is playing a significant role in the
overall growth of the market. Moreover, government initiatives such as the
releases of data from the agencies like FDA and CDC are acting as major
tailwinds driving the growth of the big data in the healthcare market.
Additionally,
factors such as the new technological advancements such as mHealth, Internet of
Things (IoT) and wearables, increasing government initiatives, and the pressure
to curb healthcare costs are substantiating the growth of the market.
Big Data in
Healthcare Market - Segmentations
The
big data market is segmented into four key dynamics: -
By Component
: Software, Hardware, and Services.
By Mode of Deployment: Web-based/cloud-based, On-premise and others.
By Application
: Financial Analytics, Clinical
Data Analytics, operational analytics, and others.
By Region : North America, Asia
Pacific, Europe, and the Rest-of-the-World.
Browse Complete Report : https://www.marketresearchfuture.com/reports/global-big-data-healthcare-market-948
Big Data in
Healthcare Market – Regional Analysis
The
North American region, heading with vast technological developments accounts
for the largest market in the global big data in the healthcare market. Factors
such as the availability of advanced IT infrastructure that allows seamless
innovations and their implementations across the healthcare sector are assisting
the market in its growth.
Furthermore,
the presence of strong technology providers and widened uptake of big data
fosters the regional market.
In
2015, North America big data in healthcare market was valued at USD 4.61 BN.
Continuing with the same pace, the market is further expected to continue with
its dominance over the forecast period, generating a large revenue pocket.
The
big data in healthcare market in the European region accounted for the
second-largest position. Factors such as increased R&D activities in the
burgeoning pharmaceutical industry in the region can drive the market growth in
the region. Moreover, the presence of a well-established healthcare sector and
the increasing burden from the government to minimize the healthcare costs are
propelling the growth of the regional market. Other factors such as the growing
number of healthcare set-ups and the penetration of smart & connected
devices are fueling the growth in the regional market.
The
Asia Pacific big data in healthcare market has emerged as a profitable region.
China and India heading with the huge patients’ pool are expected to lead the
regional market. The market is anticipated to grow at a lucrative double-digit
CAGR of 24.75% throughout the forecast period.
Global Big Data in
Healthcare Market – Competitive Analysis
Highly
competitive, the big data in the healthcare market appears to be fragmented
with big players like Dell and GE Healthcare dominating the competitive
landscape. Due to the increasing incorporation of strategic initiatives such as
partnerships, mergers and acquisitions (M&A), collaboration, the
competition in the market is estimated to intensify further during the forecast
period.
New
entrants are increasingly getting attracted to the market; however high
deployment cost and rapid innovations in managing the big data are some of the
barriers they are confronting with, majorly.
Major
Players
Key
players leading the global big data in healthcare market include Cognizant,
Dell, Cerner Corporation, McKesson Corporation, Optum, GE Healthcare, Xerox,
Siemens, and Philips.
Industry/Innovations/Related
News:
April
16, 2019 ---- Sutter Health (the US), a not-for-profit health system, The
University of Pittsburgh Medical Center (UPMC – the US), and DNAnexus (the US),
a leading player in cloud-based data analysis and management platform for DNA
sequence data announced their collaboration on a precision medicine study of
multiple sclerosis (MS) treatments.
Scientists
at Sutter will add de-identified genomic datasets to DNAnexus' clinical genomic
data management platform, which will enable them to share their ongoing
precision medicine data among a network of healthcare providers.
The
UPMC Genome Center will then use the patient information to generate clinical
genomic data from samples of the program's participants. Collaboration is a crucial decision to
advance precision medicine efforts across Sutter to improve treatments for
people with MS and the millions of people affected with the disease across the
globe.
Datasets
generated in a real-world setting will help Sutter Health to be at the
forefront of MS research worldwide. The collaboration with DNAnexus will allow
Sutter Health with broad access to cutting-edge bioinformatics tools to
understand its clinically meaningful big data better.
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