The increase in demand for Big Data solutions for population health management, technological innovations in big analytics tools, continuous growth in enormous amount of medical data generation, are some of the factors that will boost the market
Verified Market Research recently published a report, “Big Data Analytics In Healthcare Market” By Analytics Type (Prescriptive Analytics, Predictive Analytics, Diagnostic Analytics), By Application (Clinical Analytics, Financial Analytics, Operational Analytics), End-User (Research Organizations, Hospitals And Clinics), and By Geography. According to Verified Market Research, the Global Big Data Analytics In Healthcare Market size was valued at USD 29.30 Billion in 2020 and is projected to reach USD 59.10 Billion by 2028, growing at a CAGR of 9.12% from 2021 to 2028.
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Global Big Data Analytics In Healthcare Market Overview
Big Data analytics in healthcare is the complex process of examining Big Data to discover information that includes hidden patterns, market trends, unknown correlations, and customer preferences, helping organizations make informed clinical and business decisions. The increase in demand for Big Data solutions for population health management and the rise in the need for business intelligence for the optimization of health administration and strategy is expected to boost the growth of the market. To cope with the management of such huge data, continuous innovation in the technologies in big analytics tools are very important and thus, creating enormous opportunities for the key players in the market for developing and launching new data analytics software and systems.
The healthcare industries have been making rapid strides concerning the cost and quality of care, which is increasingly fueled by the extensive digitization of healthcare systems across the world. One of the impacts of the strides has invariably been the proliferation of complex heterogeneous data in diverse formats, especially unstructured data. The drive for big data analytics in healthcare industries stems from the need for analysis, integration, and the management of huge volumes of data. These data are collected largely from various electronic health records (EHR) and biomedical data of patients.
The COVID-19 pandemic is driving the critical need for cutting-edge technological tools and innovations in the areas of public health, medicine, and wellness, which is likely to drive the Big Data Analytics In Healthcare Market during the pandemic. Advances in genomics, epigenomics, transcriptomics, proteomics, metabolomics, and pharmacogenomics, have contributed to the staggering rate of medical data generation. These data, undoubtedly, pack a huge amount of knowledge to expand our understanding of patient care. The growing role of big data analytics in developing predictive models of care in the healthcare industry will open new, exciting frontiers in the market.
- In November 2020, Change Healthcare launched an innovative national data resource solution called Social Determinants of Health (SDoH) Analytics, a resource to help health systems, insurers, and life sciences organizations explore how geodemographic factors affect patient outcomes.
- In October 2020, GE Healthcare launched Edison HealthLink, a new computing technology that provides a set of healthcare-specific services, including HIPAA compliant data aggregation, connectivity, advanced visualization, AI, and non-AI algorithm orchestration that developers can leverage to build and deploy clinical applications and workflows.
The major players in the market are Allscripts, Cerner Corporation, Dell EMC, Epic System Corporation, GE Healthcare, Hewlett Packard Enterprise, IBM Corporation, Microsoft Corporation, Optum, and Oracle Corporation.
Verified Market Research has segmented the Global Big Data Analytics In Healthcare Market On the basis of Analytics Type, Application, End-User, and Geography.
- Big Data Analytics In Healthcare Market, By Analytics Type
- Prescriptive Analytics
- Predictive Analytics
- Diagnostic Analytics
- Descriptive Analytics
- Big Data Analytics In Healthcare Market, By Application
- Clinical Analytics
- Financial Analytics
- Operational Analytics
- Big Data Analytics In Healthcare Market, By End-User
- Research Organizations
- Hospitals and Clinics
- Finance and Insurance Agencies
- Big Data Analytics In Healthcare Market By Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Latin America
- North America
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Top 10 Healthcare Data Analytics Companies following ‘Big Data’ megatrend
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