Global Big Data Analytics in Healthcare Market to Reach $43,330.3 Million by 2023

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Global Big Data Analytics in Healthcare Market to
Reach 43,330.3 Million by 2023
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Global Big Data Analytics in Healthcare Market
According to a new research report Global Big
Data Analytics in Healthcare Market Size, Share,
Development, Growth and Demand Forecast to 2023 -
Industry Insights by Component (Software,
Hardware, and Service) by Analytics Type
(Descriptive Analytics, Predictive Analytics, and
Prescriptive Analytics), by Deployment Type
(On-Demand, and On-Premise), and by Application
(Financial Analytics, Clinical Data Analytics,
and Others) published by PS Market Research,
the global big data analytics in healthcare
market is projected to reach 43,330.3 million by
2023, growing at a CAGR of 23.3 during 2017 -
2023. Access Report Description
https//www.psmarketresearch.com/market-analysis/b
ig-data-analytics-in-healthcare-market
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Global Big Data Analytics in Healthcare Market
Global big data analytics in healthcare market to
reach 43,330.3 million by 2023
Due to significant growth in big data
technologies such as tools for data
orchestration, data mining and analyzing volumes
of structured and unstructured data, adoption of
big data in various industries has increased
significantly. This has led to rapid increase in
demand for big data analytics integration in
healthcare services, on the back of which, the
global big data analytics in healthcare market is
gaining huge traction.
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Global Big Data Analytics in Healthcare Market
Insights on market segments
As per findings of the research, on-demand
deployment generated larger revenue as compared
to on-premise software deployment, in the global
big data analytics in healthcare market. Further,
on the basis of hardware, data storage segment
has been the largest contributor to the global
market. However, virtual private network segment
is expected to witness fastest growth during the
forecast period. Among various applications,
financial analytics segment was the largest
contributor to revenue during 2013 - 2016
however, clinical data analytics is expected to
grow at the fastest rate during the forecast
period.
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Global Big Data Analytics in Healthcare Market
Asia-Pacific to be the most opportunistic market
during the forecast period
Geographically, North America has been the
largest big data analytics in healthcare market
however, Asia-Pacific is expected to witness the
fastest growth among all regions, during the
forecast period. This anticipated market growth
can be attributed to factors such as advancement
in big data technologies, growing digitalization,
expanding data analytics software industry, and
increasing adoption of big data analytics
services by healthcare players and providers in
the region. Further, due to various initiatives
undertaken by the government to integrate big
data in healthcare industry, for making more
sophisticated and cheap healthcare services
available to people, the market in the region is
expected to witness the fastest growth during the
forecast period.
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Global Big Data Analytics in Healthcare Market
Electronic health record software to lead global
big data analytics in healthcare market
Electronic health record (EHR) software has been
the largest revenue contributor to the global big
data analytics in healthcare market. The EHR
software is a digital and advanced version of
patients health records, such as paper charts
and diagnostic details. It provides patient
centered health records on real-time basis,
making instant and secure access to all the
necessary information available to the authorized
users. The market for electronic health record
software is rapidly increasing as it provides the
doctors and physicians with a patients accurate
medical history, past diagnosis, on-time
medication, treatment plans, allergies,
laboratory and test results, which are important
while prescribing the further course of medicinal
action. In addition, one of the key features
driving the demand for electronic health record
software is its ability to create and manage
patients health records in an advance sharable
format, through which relevant information can be
shared among various doctors, and other
healthcare providers and organizations working on
a similar case.
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Global Big Data Analytics in Healthcare Market
Increase in demand for financial analytics to
escalate market growth
Factors driving growth in the global big data
analytics in healthcare market include
significant increase in demand for financial
analytics in healthcare, surge in demand for
exploring structured and unstructured data
present in healthcare industry, decreasing costs
and availability of big data software and
services, along with amplified adoption of new
technologies for data analytics in healthcare
business transformations, globally. While
healthcare industry has been generating huge
volumes of data, big data analytics solutions aim
to generate valuable insights from such data to
improve the quality of healthcare services and
reduce the overall cost incurred in the
healthcare ecosystem. This is achieved by
exploring large sets of structured and
unstructured databases, to gain and access trends
and patterns present in the current healthcare
environment. Financial analytics garnered the
largest market share, as it provides healthcare
organizations with greater and better visibility
into several factors that drive revenues, reduce
operational costs and manage shareholder value.
The application uses sophisticated software
technology such as specialized billing process
and knowledge to keep a track of various claims
processed, and the amount of revenue collected
from different segments.
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Global Big Data Analytics in Healthcare Market
Additionally, the demand for personalized health
records through big data is also propelling the
growth of global big data analytics in healthcare
market. The demand for high quality and
personalized healthcare services has prompted
patients to store their medical information
online, which in turn helps doctors to schedule
appointments as per the availability at
both-ends, organize and keep a track of past
diagnosis anytime anywhere, and provide patients
with all the necessary information related to a
disease or other health issues.
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Global Big Data Analytics in Healthcare Market
Moderate competition among key players
The research states that the global big data
analytics in healthcare market is moderately
competitive, where data analytics providers are
partnering with healthcare providers to increase
their market share. The major players are also
developing new solutions for healthcare data
analytics. Some of the key players operating in
the big data analytics in healthcare market are
McKesson Corporation, Cognizant, Epic System
Corporation, Cerner Corporation, Dell, GE
Healthcare, Siemens, Philips, and Xerox. Most of
the major vendors in the global big data
analytics in healthcare market are actively
focused on enhancing their offerings to meet the
surging demand for advanced healthcare solutions.
This includes software development, hardware
integration, and big data analytics learning.
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Global Big Data Analytics in Healthcare Market
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ig-data-analytics-in-healthcare-market/report-samp
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