Market Research Future (MRFR) asserts that the global Big Data in Healthcare Market is expected to acquire a market value of USD 17,278.13 million while thriving at a CAGR of 20.69% during the forecast period 2015 to 2022.
The increasing demand for analytics solutions for the health management of the expanding populace is expected to be a significant factor that can propel the healthcare big data analytics market. The growing adoption of mobile health apps and IoT is likely to emphasize the need to manage an enormous amount of data to procure important information, which can augment the market during the assessment period. Furthermore, the surging demand to curb healthcare costs and on-going advancement in the healthcare sector is expected to drive the healthcare big data analytics market.
On the flip side, lack of privacy of the confidential medical records is expected to hinder the market growth during the forecast period. However, advanced real-time care and reduced medication errors are expected to counter the impeding factor that can grow the healthcare big data analytics market.
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The segmental analysis of the global big data in healthcare market is done by components and services.
The components-based segments of the global big data in healthcare market are hardware and software types. The hardware segment is further segmented into virtual private network (VPN), routers firewalls, email servers, data storage (storage on-premise/ data centers/storage on-demand/storage on-cloud), and wireless & access points. The software segment is further segmented into practice management software, electronic health record (EHR) software, workforce management software, revenue cycle management software, and others.
The service-based segments of the global big data in healthcare market are financial analytics, clinical data analytics, and operational analytics. The clinical data analytics is further segmented into quality care, reporting, precision health, population health management, clinical decision support, and compliance. The financial analytics is segmented into claims processing, management, revenue cycle, and risk assessment. The operational analytics is segmented into supply chain analytics and workforce analytics.
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Based on the region, the global market for the big data in healthcare is segmented into North America, Europe, Asia-Pacific, and the Middle East & Africa.
According to the research conducted by MRFR, the global market is anticipated to be dominated by the Americas. The region is expected to procure a considerable portion of the market share owing to the growing expenditure on healthcare. The presence of prominent key players in the region is anticipated to grow the region significantly.
Europe is likely to acquire a second position owing to the growing expenditure on health during the forecast period. The demand to curb the rising healthcare costs is expected to be another salient cause that can augment the regional market during the review period.
APAC is likely to be the fastest-growing market during the forecast period owing to the increasing trails and growing geriatric population. Emerging nations, such as India and China, are likely to play a crucial role by developing the healthcare infrastructure.
MEA is anticipated to be majorly driven by the Middle East countries; such as, Saudi Arabia and the UAE, due to economic stability. The African region is likely to witness sluggish growth due to poor economic conditions and underdeveloped healthcare infrastructure. However, there are various untapped opportunities that can aid in uplifting the regional market.
Renowned players of the global big data in healthcare market are Cognizant, Dell, Cerner Corporation, GE Healthcare, Optum, Philips, Mckesson, Siemens, Xerox, and others.