According to the latest report by IMARC Group, titled “Healthcare Big Data Analytics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the market size reached US$ 19.6 Billion in 2018. The healthcare industry generates a large volume of data, driven by patient care, record keeping, and compliance and regulatory requirements. While the majority of this data is stored in the form of hard copies, the rise of value-based care and rapid digitization of healthcare information has prompted the industry to switch to big data analytics for making strategic decisions. Big data is generally processed by data scientists and machine learning algorithms. It helps in identifying geographic markets with high growth potential and boosting healthcare marketing efforts by providing information about the needs and preference of physicians and patients. Big data is expected to grow faster in healthcare as compared to the other sectors, including media, manufacturing and financial services.
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Global Healthcare Big Data Analytics Market Trends:
Over the past few years, healthcare organizations have invested heavily in the market on account of the various benefits offered by big data analytics and artificial intelligence (AI). This increase is driven by the rising number of industry competitors and a massive influx of information. Besides this, with changing legislative regulations, healthcare management software solutions are rapidly being utilized for increasing profits, improving quality of life and personalizing patient care. These solutions also use predictive analysis to foresee the admission rate, which helps hospitals to allocate resources and manage operational costs accordingly while adequately utilizing the existing staff. Moreover, the need for eliminating incidences related to adverse drug events (ADEs) is another factor escalating the demand for big data analytics in the healthcare sector as these systems help in identifying fatal prescription errors before they occur. On account of the aforementioned factors, the market is projected to reach a value of US$ 47.7 Billion by 2024, registering a CAGR of around 16% during 2019-2024.
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- The market has been segmented on the basis of the component, which consists of services, software and hardware. Currently, software is the largest segment, which is further divided into electronic health record software, practice management and workforce management.
- Based on the analytics type, the market has been segregated into descriptive, predictive, prescriptive and cognitive analytics. Amongst these, descriptive analytics is mostly preferred by organizations.
- The report has analyzed the market according to the delivery model, which mainly includes the on-premise and on-demand models. At present, the on-premise delivery model leads the market.
- Based on the application, the market has been segregated as financial, clinical, operational and other analytics. Amongst these, big data is most commonly used for financial analytics.
- On the basis of the end user, the market has been categorized as hospitals and clinics, finance and insurance agencies, and research organizations.
- On a regional basis, the market has been divided into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Presently, North America is the largest market, accounting for the majority of the total market share.
- The competitive landscape of the market has also been examined with some of the key players being Allscripts Healthcare, LLC, Cerner Corporation, International Business Machines Corporation (IBM), COTIVITI, INC., Oracle Corporation, Health Catalyst, Inovalon, Optum, Inc., CitiusTech Inc., McKesson Corporation, MEDEANALYTICS, INC., SAS Institute Inc., SCIO Health Analytics, Vitreoshealth, Wipro Limited, Cognizant Technology Solutions Corporation, Siemens Healthcare Private Limited, Hewlett-Packard Inc., Koninklijke Philips N.V., and GE Healthcare.
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