Big Data in Healthcare Market —
Healthcare big data refers to extracting, collecting, monitoring, analyzing and leveraging patient, consumer, physical, and clinical data that is massive in amount and highly complex to be understood by conventional means of information processing.
Instead, big data is repeatedly processed by advanced machine learning algorithms and expert data scientists. The growth of healthcare big data arrives in response to the digitization of valuable healthcare data and the rise of value-based health-care, which has motivated the enterprises to employ data analytics tools to make efficient strategic business decisions.
Common challenges associated with healthcare big data include variety, volume, velocity, and veracity of the data generated from numerous sources. Health systems require to adopt technology capable of extracting, collecting, maintaining and analyzing the large data-sets to generate useful insights.
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Development in regulatory compliance in the healthcare industry, improvement in demand for data analytics solution for the purpose of population health management, increased investments in technologically advanced and efficient solutions by healthcare providers, and constant rise in the amount of medical data generated in form of biometric data, electronic health record (EHR), and sensors data stimulate the growth of big data analytics in healthcare market.
WiseGuy Research conducted a detailed analysis of employing big data analytics in the global healthcare market.
According to the research, the global Big Data Analytics in the healthcare market is anticipated to account for US$34.27 billion by the year 2022, growing at a CAGR of about 22.07% during the forecast period. The market growth is attaining impetus with rising government initiatives for big data integration in the healthcare sector.
Enterprises from healthcare sectors are understanding the advantages of cloud-based solutions and preferring to employ cloud-based analytics tools over traditional on-premise business intelligence solutions. Strengthened planning, insightful and efficient decision-making, and predictive analysis have become primary requirements among business leaders, owing to the growing demand for customer and client management.
As per the research on cloud-based business analytics, market players are more focused on deploying cloud-based data visualization & discovery, big data analytics, predictive analytics, and mobile analytics solutions. These factors are foreseen to produce lucrative opportunities for cloud-based data analytic providers delivering services in the healthcare industry.
The global big data in the healthcare market can be analyzed on the basis of the following segments-
Based on the components, the big data in the healthcare market can be segmented into-
Major analytic types include-
Based on the analytics service type, the prescriptive analytics segment is believed to witness the highest CAGR of about 26.75% during the period 2016 to 2022.
Crucial application areas-
Based on application, financial analytics segment holds the highest market share of global big data in the healthcare market. The segment registered about 57.7% market share in the year 2015.
Based on the end-user segment, the global big data in the healthcare market can be segmented into-
Hospitals & Clinics
Finance & Insurance Agencies
According to the research, the Asia Pacific big data in the healthcare market is supposed to reach US$5.45 billion by the end of 2022. European market accounted for US$2.0 billion in the year 2015 and is expected to reach at US$7.9 billion by the end of 2022. North America continues to be the prominent region during the forecast period.
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