Big data primarily refers to a large set of data, both structured and unstructured, which can be effectively evaluated to reveal certain trends and patterns, in order to provide some meaningful information. Big Data in healthcare refers to the use of analytic services (descriptive, predictive and prescriptive) to gain meaningful insights of the patient healthcare data in order to enhance the clinical outcomes of patients (clinical analytics); improve business revenue of the healthcare service providers and payers (financial analytics); and utilizing healthcare service providers workforce data in order to drive their productivity (operational analytics).
The global big data in healthcare market is expected to reach $34.27 billion by 2022 at a CAGR of 22.07% during the forecast period.
On the basis of analytics service type, prescriptive analytics is by far the fastest growing segment of global big data in healthcare market and it is expected to reach $17.28 billion by 2022. .
Based on analytics service application, financial analytics commands largest market share of global big data in healthcare market and it is expected to grow at a CAGR of 19.51% during the period 2016 to 2022.
With healthcare industry generating zetta bytes of data, big data analytic solutions aims to improve quality care of patients and the overall healthcare ecosystem. The market growth is gaining momentum with government initiatives for big data integration in the healthcare sector during recent years..
North America is currently leading in terms of big data investments with banking vertical being the major industry in the adoption of big data followed by Healthcare. One of the major industries using big data analytics in Europe is Automotive. Moreover, the Middle East and Africa are not too far behind with major big data investments in technology industries, followed by Asia Pacific with major big data investment in the Financial industry.
North America currently is the leading region in the big data analytics implementation in the healthcare sector with revenue of $3.74 billion in 2014 because of technological advancements like mHealth and IOT. APAC is expected to grow at a higher CAGR 24.75% than other regions because of increasing clinical trials and ageing population in this region.
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The leading market players in the global big data in healthcare market include; Cerner Corporation (U.S.), Cognizant (U.S.), Dell (U.S.), Epic System Corporation (U.S.), GE Healthcare (U.K.), Mckesson (California), Optum (U.S.), Philips (Netherlands) and others.
Study Objectives of Big data in healthcare Market Development and Demand Forecast to 2022 Market
Ø To provide insights about factors, influencing and affecting the market growth.
Ø To provide historical and forecast revenue of the market segments and sub-segments with respect to regional markets and their countries.
Ø To provide historical and forecast revenue of the market segments based on type of test, and type of sample for global big data in healthcare market.
Ø To provide strategic profiling of key players in the market, comprehensively analyzing their market share, core competencies, and drawing a competitive landscape for the market.
Ø To provide economic factors that influences the global big data in healthcare market.
- Pharmaceutical companies
- Big data analytics Companies
- Forensic laboratories
- Research Laboratories
- Hospitals & Clinics
- Component and Raw Material Suppliers
- Service Suppliers
- Potential Investors
- Key executive (CEO and COO) and strategy growth manager
- The global market for big data in healthcare is expected to grow at a CAGR of 22.07% during the period 2016 to 2022 to reach $34.27 billion by 2022.
- The Asian big data in healthcare market is expected to grow rapidly during 2016 to 2022; whereas, North America will remain the largest market by 2022.
- By analytics service type, prescriptive analytics segment is expected to witness highest CAGR of 26.75% during the period 2016 to 2022.
- Based on the analytics service application, financial analytics segment commands the largest market share of global big data in healthcare market; registered 57.7% share in 2015
- Cerner Corporation (U.S.), Cognizant (U.S.), Dell (U.S.), GE Healthcare (U.K.), Mckesson (California), Philips are so far the leading market players for big data in healthcare market globally
Regional and Country Analysis of Big data in healthcare Market Development and Demand Forecast to 2022 Market
As per the MRFR analysis, the Asia big data in healthcare market is poised to reach $5.45 billion by 2022, to grow at a CAGR of around XX% during the forecasted period. European market was valued at $ 2.0 billion in 2015, and expected to reach at $ 7.9 billion by 2022. North America continues to be the leading region during the forecast period.
The reports also cover country level analysis:
- North America
o Rest of Western Europe
o Eastern Europe
o Republic of Korea
o Rest of Asia-Pacific
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