Global big data in healthcare market to reach $68.75 billion by 2025
Health data has been growing at unprecedented rates, driven by fall in storage costs, emergence of cloud storage, growing regulatory mandates and the increasing government initiatives to promote adoption of healthcare information systems.The increasing adoption of wearable devices, at-home testing services and mhealth applications that are empowering patients to proactively manage their health are further contributing to the pool of personal data.
The availability of large volumes of health information has paved way for massive advances in clinical research, development of precision medicine and clinical decision support tools, quicker drug discovery and more detailed view of population health, which has opened new arrays for managing chronic diseases.
The global big data in healthcare market amounted to $11.45 billion in 2016 and is expected to witness a double-digit growth throughout the forecast period of 2017-2025.
The research study is a compilation of various segmentations including the market breakdown by components and services, by application, and by region.This report provides a detailed market analysis and forecast of hardware, software and services, and prescriptive, descriptive and predictive analytics services.
Additionally, it also includes analysis of applications of big data for clinical analytics, financial analytics, and operational analytics.
The market has been analyzed based on various micro and macro trends influencing it. While highlighting the key driving and restraining forces for this dynamic market, the report also provides a comprehensive section on competitive landscape, industry attractiveness, market share analysis, and competitive benchmarking within the global big data in the healthcare market.
The following key questions have been addressed in the report: • How has the big data in healthcare market evolved in the past and how is it anticipated to evolve during the forecast period from 2017 to 2025? • What are the major market factors propelling the growth of the market? • What are the various challenges that the industry is facing which need to be addressed? • Who are the key players across components, services, applications and regions for big data in healthcare? • What are the key developmental strategies adopted by the key players to stand out in this market? • What were the market shares of the different data analytics services providers in 2017? • How will the market for each component and application of big data in healthcare market grow during the forecast period? What will be the revenue generated by each segment by the end of 2025? • Which applications are an investment priority in different regions and why? What will be the revenue generated through each application through the forecast period?
The report also includes an exhaustive analysis of the market for each geographical region, namely North America, Europe, Asia-Pacific, Latin America and RoW. Each geographical region analysis details the individual push and pull forces, and market for components and services and analytics applications, in addition to the key players from that region.
The report also examines the role of the leading market players involved in the industry.The company profiles section highlights significant information about the key companies, such as their product portfolio, financial positions, and the SWOT analysis of these players.
Some of the key players in the big data in healthcare market are McKesson Corporation, Allscripts, Epic Systems, Cerner Corporation, SAP, SAS, and Tableau, among others.
Executive Summary Amid rising healthcare costs, increasing rates of chronic diseases, aging population and declining reimbursement costs, hospitals and other healthcare organizations are under considerable pressure to prioritize investments focusing on improving outcomes and resource management.The increasing supply of health-related data from various sources has the potential to transform the healthcare delivery system, reduce costs, improve patient outcomes and provide value-based care.
The volume of healthcare data accounted for over 700 exabytes in 2017 from 153 million in 2013 and is projected to grow to 2,314 exabytes by 2020. Falling storage costs, emergence of cloud-based services and subscription models, government initiatives and regulatory mandates to encourage adoption of healthcare information systems and increasing adoption of mHealth, eHealth and wearable technologies among consumers are expected to drive the growth of the market.
Organizations are employing analytical tools and artificial intelligence and machine learning techniques on this growing pool of data to derive data-driven insights to reduce healthcare costs, enhance revenue streams, develop personalized medicine, and manage proactive patient care. Among, components and services, analytics services contributed the dominant share of $5.80 billion in 2017 and are expected to be the fastest growing segment throughout the forecast period. Financial analytics is the most prominent application of big data and contributed a market share of $2.38 billion 2016, due to early application of analytics for improving financial outcomes by analysing performance across revenue cycle management, insurance claims handling and fraud detection. However, clinical analytics is the priority investment for most of the organizations and is thus expected to witness the highest CAGR of 23.77% from 2017 to 2025, to reach the value of $11.35 billion by 2025. The access to large volumes of medical data has paved way for massive advances in clinical research, development of precision medicine and clinical decision support tools, speedier drug discovery and opened new arrays for managing chronic diseases.
While North America has been the leading market for big data in healthcare due to early adoption of the technology in the region, APAC is anticipated to grow at the fastest rate in the forecast period as development of big data infrastructure, and applications has become a priority field of investment for governments of the emerging economies of India and China.However, challenges must be overcome to improve connectivity and linkage between existing databases is to realize the complete potential of data-driven health care systems.
National and international platforms need to be established that can consolidate patient data over time and across different clinics.
Encouraging adoption of healthcare information systems, promoting usage of interoperable shared electronic health records (EHRs) and appropriate security measures to protect sensitive information, adoption of standard clinical terminologies, and building a more collaborative research environment will play a key role in improving the use of data analytics tools among the healthcare organizations. Substantial commitment and collaboration is demanded from all the stakeholders, along with a strong governance framework to ensure effective use of big data.
Countries Covered • U.S. • Canada • Europe • U.K • France • Spain • Italy • Germany • Asia Pacific • Others • China • Japan • India • Australia • Rest of the World
Our reports have been used by over 10K customers, including:
118 pages •
By Mind Commerce Publishing
• Oct 2020
Overview: This report provides an in-depth assessment of the global structured data, big data and telecom analytics markets, including a study of the business drivers, application use cases, vendor landscape, value chain analysis, case studies and a quantitative assessment of the industry from 2020 to 2025. Big data...
Big data analytics in healthcare is the complex process of examining big data to discover information including hidden patterns, market trends, unknown correlations, and customer preferences, which can help organizations to make informed clinical and business decisions. It is a field that treats ways to analyze, systematically extract information...
Big Data & Business Analytics Market Research Report by Analytics Tools (Dashboard & Data Visualization, Data Mining & Warehousing, Reporting, and Self-Service Tools), by Component (Services and Solutions), by Deployment Mode, by Application, by End User - Global Forecast to 2025 - Cumulative Impact of COVID-19 The...
The global speech analytics market size to grow from USD 1.5 billion in 2020 to USD 3.8 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 20.2% during the forecast period. Speech analytics is a software tool that automates the overall process of delivering insights from customer interactions. It extracts valuable information from...
The global life science analytics market size is projected to reach USD 42.0 billion by 2025 from USD 22.1 billion in 2020, at a CAGR of 13.7% during the forecast period. Growth in this market is mainly driven by technological advancements, big data in the life science industry, growing adoption of analytics solutions in clinical trials, increasing...
Healthcare Predictive Analytics Market Value forecast, New Business Opportunities and Companies: Outlook By Type, Application, By End User and By Country, 2020- 2026 The study predicts the short term and long term trends that can shape up the future of the Healthcare Predictive Analytics market including the COVID-19...
Global Big Data Analytics Market, By Deployment Mode (On-Premise, Cloud and Hybrid), By Application (Risk & Fraud Analytics, Enterprise Data Warehouse Optimization, Internet of Things, Customer Analytics, Operational Analytics, Security Intelligence and Others), By Component (Solutions and Services), By Organization Size (Large Enterprises...
The real-time location systems (RTLS) market is expected to grow at a CAGR of 24.8% from 2020 to 2025, to reach USD 10.3 billion by 2025 from USD 3.4 billion in 2020. Availability of cost-effective RTLS solutions; increasing regulations in various industries to improve safety, workflow, and security; and increasing popularity of ultra-wideband...
The global data governance market size is projected to grow at a CAGR of 22.3% during the forecast period The data governance market size is estimated to be USD 2.1 billion in 2020 and is expected to reach USD 5.7 billion by 2025, growing at a Compound Annual Growth Rate (CAGR) of 22.3% during the forecast period. The rapidly...
The global IoT Solutions and Services market size is projected to grow at a CAGR of 14.9% during the forecast period The global IoT solutions and services market size is expected to grow from USD 139.3 billion in 2019 to USD 278.9 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 14.9% during the forecast...
You can change your Cookie Settings at any time but parts of our site will not function correctly without them.