The Major Factor That Drives The Big Data Analytics In Healthcare Market Such As Increase In The Demand For Analytics Solutions For Population Health Management, Rise In Need For Business Intelligence To Optimize Health Administration And Strategy & Surge In Adoption Of Big Data Among The End Users In Healthcare Industry
According to Fact.MR, the concept of big data analytics for healthcare industry was not a prominent term in past, in fact data analytics was unfamiliar. Rapid increase in population over last two decades uplifted growth of healthcare industry.
As an outcome, demand for healthcare products, healthcare information and technology, and healthcare support services escalated with respective CARG values of 14.7%, 16.8% and 17.1% over past 5-years. Data generated from all these sectors statured big data analytics into the game.
The global big data analytics in healthcare market is estimated at US$ 39.7 billion in 2022. In accordance with the present scenario, big data analytics in healthcare accounts for ~14.2% of the global big data analytics market states Fact.MR – market research and competitive intelligence provider.
Big data analytics in healthcare encompasses the use of large and complex heterogeneous dataset which includes but are not limited to several – omics data (pharmacogenomics, transcriptomics, genomics, proteomics, metabolomics, epigenomics, interactomics, diseasomics), biomedical data and electronic health records data.
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Attributed to technological advancements in healthcare sector over recent years, 21.6% CAGR is projected for utilization of predictive analytics tool in healthcare industry.
Predictive analytics tool in healthcare sector is forecast to surpass US$ 13 billion in 2032. Under the fact that COVID-19 impacted almost every business sector in past two years, a significant role was played by this tool to predict upcoming possibilities on global scale. Therefore, a similar sort of assistance is expected from this tool in upcoming decade.
Owing to the aforementioned fact, healthcare provider will consume almost ~72.8% of overall big data analytics technology sold to healthcare industry. Attributed to this, big data management technology sales in medical management structure will generate notable absolute $ opportunity and grow at CAGR of 23.9% globally.
COVID-19 Impact on Big Data Analytics in Healthcare Market
COVID 19 pandemic left no industry unturned and has impacted their overall sales. In contrast to it, data analytics business, especially for healthcare sector is poised to record significant CAGR value around 19.2% for upcoming decade. This expansion can be attributed through the fact that due to COVID-19 impact, healthcare facilities got multiplied and large amount of unstructured data got piled up.
Therefore, requirement of managing the unorganized data along with the additional need to avoid on-premises contact in medical hospitals, chemist shops, vaccine warehouses and research centres will boost the demand of such technologies in the immediate future.
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Competition landscape: Top Companies of Big Data Analytics in Healthcare Market
Fact.MR has provided detailed information about price points of top manufacturers of big data analytics in healthcare positioned across regions, sales growth, production capacity, and speculative technological expansion in the recently published report.
- In August 2020, IBM revealed their highly advanced version of microprocessor named as Power10 processor that can handle extensive data managing workload.
- Microsoft, a leading software brand unlocked their health data management power on October 2020, and provides service by name of Microsoft Cloud for Healthcare product.
Similar, recent developments related to companies offering in big data analytics technology have been tracked by the team at Fact.MR, which are available in the full report.
Big Data Analytics in Health Care Market Key Segments
- By Spender Type
- Healthcare Payer
- Healthcare Provider
- By Tool Type
- Data Warehouse Analytics
- Financial Analytics
- Production Reporting
- CRM Analytics
- Predictive Analytics
- Visual Analytics
- Risk Management Analytics
- Supply chain Analytics
- Test Analytics
- By Application Type
- Access Clinical Information
- Access Operational Information
- Access Transactional Data
- Other Applications
- By Deployment Type
- Cloud-based
- On-premises
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Key Benefits for Big Data Analytics In Healthcare Market:
- This study presents the analytical depiction of the global big data analytics in healthcare market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and big data analytics in the healthcare market opportunities.
- The current market is quantitatively analyzed from 2017 to 2025 to highlight the financial competency of the industry.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the global big data analytics in healthcare market.
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