According to the latest report by IMARC Group, titled "Healthcare Big Data Analytics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global healthcare big data analytics market size reached US$ 31.8 Billion in 2021. Big data analytics is the process of collecting, analyzing and organizing large volumes of data to discover patterns and other useful information with the help of statistical algorithms and predictive models. The deployment of these analytical solutions aids numerous enterprises and organizations to read pertinent data and identify information, which further assists in making informed business decisions. Consequently, big data analytical solutions find extensive applications across the healthcare sector due to the large volumes of data generated by high-powered computing systems. Their usage offers innovative marketing models, improved revenue opportunities and better operational efficiency while offering enhanced patient care.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Healthcare Big Data Analytics Market Trends:
The global market is majorly driven by the increasing healthcare data volume due to the shifting healthcare reimbursement models. Along with the changing legislative regulations, numerous healthcare management software solutions are increasingly being deployed for maximizing profits, enhancing the quality of life and personalizing patient care. They are also utilizing big data analytical solutions to minimize inefficiency in research and development (R&D), clinical operations and public healthcare infrastructure, which is creating a positive outlook for the market. Moreover, big data analytics aid in predicting the admission rate, which further helps healthcare institutions to allocate resources and manage operational costs beforehand. The market is also driven by the increasing product usage for creating predictive models for lowering attrition and producing a targeted R&D pipeline in drugs and devices. Some of the other factors contributing to the market growth include the growing demand for tracking disease patterns and the increasing investments in improving public health surveillance. On account of the aforementioned factors, the market is expected to grow at a CAGR of 14.1% during 2022-2027.
- The market has been segmented on the basis of the component, which consists of services, software and hardware. Among these, services exhibit a clear dominance in the market.
- 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-demand delivery model leads the market.
- Based on the application, the market has been segregated as financial, clinical, operational and other types of analytics. Amongst these, big data is most commonly used for clinical 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 the geographical front, 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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