Big Data in Healthcare Market: Segmented: By Analytics Type (Descriptive Analytics, Predictive Analytics, Prescriptive Analytics, Diagnostic Analytics), By Application (Clinical Analytics, Financial Analytics, Operational Analytics), By End User (Hospitals & Clinics, Finance & Insurance Agencies, Research Organizations), And Region - Global Analysis of Market Size, Share & Trends For 2019-2021 And Forecasts To 2031
[ 170 + Pages Research Report ] Big Data in Healthcare Market to surpass USD 154.6 billion by 2031 from USD 26.3 billion in 2021 at a CAGR of 19.4% in the coming years, i.e., 2021-2031.
In healthcare, big data analytics is the difficult process of analyzing large amounts of data to uncover information such as hidden patterns, market trends, unknown correlations, and customer preferences that can aid businesses in making better clinical and business decisions. Healthcare analytics is a vast field that encompasses a wide range of topics, including clinical delivery, operational efficiency, and personalized treatment. Furthermore, big data analytics helps the healthcare business save money by enhancing population health, combining performance modelling with financial and predictive care monitoring, and more.
Global Big Data in Healthcare Market is expected to project a notable CAGR of 19.4% in 2031.
Factors such as increased regulatory compliance in the healthcare sector, increased spending by healthcare providers on technologically advanced solutions, increased demand for data analytics solutions for population health management, and continuous growth in enormous amounts of medical data generation in the form of electronic health records (EHR), biometric data, and sensor data are all driving the global big data analytics in healthcare market.
The Financial Analytics segment is expected to grow with the highest CAGR during 2021-31
Based on Application, the global Big Data in Healthcare Market is fragmented into Clinical Analytics, Financial Analytics, and Operational Analytics. Financial analytics is the most widely used use of big data, accounting for a considerable share of the industry due to its early adoption for improving financial results by analyzing performance across revenue cycle management, insurance claims processing, and fraud detection. Clinical analytics, on the other hand, is a high-priority investment for most businesses, thus it is predicted to grow the most from 2017 to 2025. Large-scale medical data has cleared the way for huge advancements in clinical research, the development of precision medicine and clinical decision support tools, faster medication discovery, and new avenues for chronic illness management.
The Hospitals & Clinics segment is expected to grow with the highest CAGR during 2021-31
Global Big Data in Healthcare Market is classified on the basis of End User into Hospitals & Clinics, Finance & Insurance Agencies, and Research Organizations. The Hospitals & Clinics sector accounted for a significant portion of the market. Hospitals now have a huge incentive to improve treatment results thanks to big data. Big data's overarching purpose in healthcare is to incorporate patients' health data so that key decisions may be made based on their needs, making healthcare more successful from the start.
Rising Demand for Analytics Solutions for Population Health Management
Population health management necessitates the integration of clinical and claims data on the same platform for data analysis, resulting in complete patient care with cost-effective prescription practices. The global big data analytics in healthcare market is expected to rise in the future due to an increase in demand for better care management, early sickness prediction, and the hospitalization process. Furthermore, citizen health is a top priority for healthcare administration in the industry, which necessitates predictive population health analysis and is likely to boost the use of big data analytics during the projection period.
Growing Need for Business Intelligence
The market is predicted to develop due to the growing demand for business intelligence to improve health administration and planning. Furthermore, the market's growing preference for cloud-based analytics solutions is likely to present lucrative growth prospects.
Increasing Security Concerns to hamper the Market Growth
The technology raises significant security risks, such as the fabrication of bogus data, the desire for real-time security, consumer data privacy, and security. Some of the urgent areas that need to be addressed are remote warehouses, invalid identity management, low acquisition in system and network security, human error, interconnected appliances, and IoT applications. For associations, overcoming these issues is a significant challenge. Data loss or cyberattacks on stored client data are becoming more common across industries, which is anticipated to stifle market growth.
Global Big Data in Healthcare Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. North America has led the global Big Data in Healthcare Market in recent years and is expected to do so again in the coming years. This is due to the increasing demand for solutions that enable sophisticated and improved user experiences through offing applications. To produce exponential data for businesses, the country is investing significantly in sophisticated technologies such as machine learning, the internet of things, and artificial intelligence. Furthermore, favorable government initiatives and the provision of funds for research and development are expected to aid the market's geographical expansion.
During the early phases of the pandemic, manufacturing facilities all around the world were shut down. Furthermore, the economic crisis that followed the epidemic could cause a major delay in the industry's commercialization. Small and medium-sized businesses, which are the backbone of the technological industry, have seen a sharp reduction in income since the epidemic began in 2020. Owing to this, the industry vendors witnessed multiple hurdles as supply chain disruptions were noticed. However, as additional supplies become available in the second half of 2022, things will improve.
Big Data in Healthcare Market is further segmented by region into:
Big Data in Healthcare Market Segments:
|Market size value in 2021||USD 26.3 billion|
|Revenue forecast in 2031||USD 154.6 billion|
|Growth Rate||CAGR of 19.4% from 2021 to 2031|
|Base year for estimation||2020|
|Quantitative units||Revenue in USD million and CAGR from 2021 to 2031|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Analytics Type, Application, End User, and Region|
|Regional scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)|
|Key companies profiled||ALLSCRIPTS, CERNER CORPORATION, DELL EMC, EPIC SYSTEMS CORPORATION, GE HEALTHCARE, HEWLETT PACKARD ENTERPRISE (HPE), INTERNATIONAL BUSINESS MACHINES CORPORATION (IBM), MICROSOFT CORPORATION, ORACLE CORPORATION, OPTUM, INC., and Other Prominent Players.|
Big Data in Healthcare Market size was estimated at USD 26.3 billion in 2021 and is expected to reach USD 154.6 billion in 2031.
Big data assists healthcare organizations in avoiding the loss of millions of dollars in revenue and earnings as a result of their traditional strategic decision-making procedures.
The Hospitals & Clinics segment accounted for the largest Big Data in Healthcare Market share.
Key players in the Big Data in Healthcare Market include ALLSCRIPTS, CERNER CORPORATION, DELL EMC, EPIC SYSTEMS CORPORATION, GE HEALTHCARE, HEWLETT PACKARD ENTERPRISE (HPE), INTERNATIONAL BUSINESS MACHINES CORPORATION (IBM), MICROSOFT CORPORATION, ORACLE CORPORATION, OPTUM, INC., and Other Prominent Players.
The market is predicted to develop due to an increase in demand for Big Data solutions for population health management and a rise in the requirement for business intelligence for the optimization of health administration and strategy.
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