Global Big Data Analytics In Healthcare Market Is Expected To Grow At A 19.2% CAGR, to Reach US$ 194.7 Billion By 2032
The global big data analytics in healthcare market refers to the use of advanced analytics tools and technologies to process and analyze large and complex sets of data in the healthcare industry. This includes data from electronic health records (EHRs), medical imaging, patient monitoring devices, clinical trials, and other sources. The market for big data analytics in healthcare has been growing rapidly in recent years, driven by the increasing availability and diversity of healthcare data, as well as the growing need for data-driven insights to improve patient outcomes, reduce costs, and optimize operations.
According to market research reports, the global big data analytics in healthcare market was valued at approximately USD 16.87 billion in 2020 and is expected to grow at a CAGR of around 20% between 2021 and 2028. North America is currently the largest market for big data analytics in healthcare, followed by Europe and the Asia Pacific.
Some of the key players in the global big data analytics in healthcare market include IBM Corporation, Optum, Inc., Cerner Corporation, McKesson Corporation, Allscripts Healthcare Solutions, Inc., Oracle Corporation, SAS Institute, Inc., and Microsoft Corporation.
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Key findings of the Big Data Analytics in Healthcare market study:
- The report provides a present market outlook on Big Data Analytics in Healthcare. Additionally, the Big Data Analytics in Healthcare market share is anticipated to grow with a CAGR of 19.2% in the forecast period.
- Regional breakdown of the Big Data Analytics in Healthcare market based on predefined taxonomy.
- Innovative manufacturing processes implemented by Big Data Analytics in Healthcare vendors in detail.
- Region-wise and country-wise fragmentation of the Big Data Analytics in Healthcare market to grasp the revenue, and growth outlook in these areas.
- Changing preferences among consumers across various regions and countries.
- Factors (Positive and Negative) impacting the growth of the global Big Data Analytics in Healthcare market.
- Big Data Analytics in Healthcare price, market share, and Trends forecast for assessment period 2022-2032
What is the outlook of the North American big data analytics in healthcare market?
The North American big data analytics in healthcare market is expected to continue growing in the coming years due to several factors. The increasing adoption of electronic health records (EHRs) and other digital health technologies has led to the generation of vast amounts of healthcare data, which can be analyzed to improve patient outcomes, reduce costs, and enhance operational efficiency. Moreover, the increasing prevalence of chronic diseases and aging populations are putting pressure on healthcare systems to find innovative ways to deliver care more efficiently and cost-effectively. Big data analytics can help healthcare providers identify high-risk patients, predict disease progression, and design personalized treatment plans.
The COVID-19 pandemic has also accelerated the adoption of digital health technologies, including big data analytics, as healthcare providers sought to manage the surge in patient volumes and optimize resource allocation. However, the market is not without its challenges. Data security and privacy concerns remain a major barrier to the adoption of big data analytics in healthcare, particularly as regulations around data protection become increasingly stringent. Furthermore, the shortage of skilled data scientists and analysts capable of working with complex healthcare data sets is another challenge that must be overcome.
Despite these challenges, the North American big data analytics in healthcare market is expected to continue growing in the coming years, as healthcare providers increasingly recognize the potential benefits of leveraging big data to improve patient care and outcomes.
Competitive landscape analysis
Key market players are constantly developing and introducing new technological methods to more accurately interpret data obtained from patient information, analyse the growth and containment of various diseases, etc. in order to provide better services as well as care solutions to healthcare professionals and institutions. The use of big data analytics with AI has also made it easier to create new platforms for better data interpretation and analysis.
- In order to track the state of hospital facilities, Swedish Health Services, a healthcare organisation with headquarters in the United States, developed a platform in 2021 where medical practitioners may share real-time information on COVID-19 patient statistics and other variables.
- Zephyr AI, a health IT giant, obtained $18.5 million in early investment in 2022 to use machine learning and massive data sets to speed up medication development and precision medicine. In addition to AME Cloud Ventures, Allen Y. Chao, BoxGroup, Roger W. Ferguson, MedStar Health, Verily, Steve Oristaglio, and other important investors, the $18.5 million round was headed by Lerner Group Investments LLC and M-Cor Holdings. This profitable funding round illustrates the confidence of investors in Zephyr AI’s world-class machine learning and its potential for success in big data analytics as a much larger firm.
Some of the leading companies operating in the market are :
- IBM Corporation
- OptumHealth Care Solutions
- Microsoft Corp
- McKesson
- MedeAnalytics
- Verisk Analytics
- Allscripts Healthcare Solutions
- Oracle Corp
- Zephyr Health
- Cisco Systems Inc.
- Infosys
- Swedish Health Services
- SAS Institute
- Alteryx
- SAP SE
- Denodo Technologies Inc.
What insights does the Big Data Analytics in Healthcare report provide to the readers?
- Big Data Analytics in Healthcare fragmentation on the basis of product type, end use, and region.
- Comprehensive assessment of upstream starting materials, downstream demand, and present market landscape.
- Collaborations, R&D projects, acquisitions, and product launches of each Big Data Analytics in Healthcare
- Various regulations imposed by the governments on the consumption of Big Data Analytics in Healthcare in detail.
Key Segments Covered In the Big Data Analytics in Healthcare Market Report
- By Spender :
- Healthcare Payer
- Healthcare Provider
- By Tool :
- Data Warehouse Analytics
- Financial Analytics
- Production Reporting
- Crm Analytics
- Predictive Analytics
- Visual Analytics
- Risk Management Analytics
- Supply Chain Analytics
- Test Analytics
- By Application :
- Access Clinical Information
- Access Operational Information
- Access Transactional Data
- Other Applications
- By Deployment :
- Cloud-based
- On-premises
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia and Oceania
- Middle East & Africa
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