Big Data Analytics in Healthcare Market Overview and Introduction

Big data analytics in healthcare includes the collection of patients medical data and analyzing the data for strategic decision-making, improving care delivery, and reducing costs. Huge volumes of data are analyzed at high speeds with the use of appropriate software tools to convert the data into useful information. Big data analytics uses large amounts of patient data to find solutions to various diseases within seconds. It can also give customized solutions for unique health-related problems.

The global big data analytics in healthcare market is driven by an increasing demand for digitalization of healthcare information, growing adoption of big data among end-users, and rising need for business intelligence to optimize health administration and strategy. Using big data analytics helps top players in the healthcare industry to provide more efficient operations and insights into patients health. The benefit of using Electronic Health Records is to gain actionable big data insights using patients medical data. Medical data of the patients, such as lab tests, clinical data, diagnosis, and medical conditions, helps healthcare practitioners to provide quality care. However, lack of privacy of patients confidential medical data is a factor restraining market growth.

The global big data analytics in the healthcare market is segmented by component, deployment, analytics type, application, end-user, and region.

Big Data Analytics in Healthcare Market By Component

Based on component, the market can be segmented into software, services and hardware. The software segment is expected to dominate the market during the forecast period owing to factors such as the development of advanced software by major players to deliver data-driven solutions.

Big Data Analytics in Healthcare Market By Deployment

Based on deployment, the market can be segmented into on-premise and cloud. The on-premise segment is expected to dominate the market during the forecast period owing to its ability of easily customizable nature of on-premise solutions among others.

Big Data Analytics in Healthcare Market By Analytics Type

Based on analytics type, the market is segmented into descriptive analytics, predictive analytics, prescriptive analytics, and diagnostic analytics. Descriptive analytics holds a large market segment owing to the major role that it plays in the market for offering a strong base for effective application.

Big Data Analytics in Healthcare Market By Application

Based on application, the segment is classified into clinical analytics, financial analytics, and operational analytics. Financial analytics dominated the market owing to attributes such as ease of claim processing, payment integrity and fraud, and risk assessment.

Big Data Analytics in Healthcare Market By End User

Based on end-user; the market is segmented into hospitals & clinics, finance & insurance agencies, and others. The hospitals and clinics segment holds a large market share owing to increase in the number of hospitals using big data analytics to collect patients data and referring to it to analyze patients history in order to start corrective treatment, resulting in a cost effective medication process for the patients.

Big Data Analytics in Healthcare Market By Region

By geography, the global big data analytics in healthcare market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (ROW). North America dominated the market, followed by Europe and Asia Pacific region and will continue its domination during the forecast period owing to factors such as well-developed healthcare facilities along with an increase in government interventions to reduce healthcare costs and rising adoption of Electronic Health Records for collecting patient data. However, Asia Pacific is expected to witness the highest CAGR, with market growth centered around China, Korea, Japan, and India. The Asia-Pacific region offers major growth prospects for key players owing to factors such as access to better healthcare infrastructure, growing consumer disposable income, an upsurge in the demand for improved healthcare, and rising medical tourism.

Big Data Analytics in Healthcare Market Prominent Players

Some prominent players present in the global big data analytics in healthcare market include Allscripts Healthcare, LLC, Cerner Corporation., Dell Inc., Epic System Corporation, GENERAL ELECTRIC COMPANY, Hewlett Packard Enterprise (Hpe), International Business Machines Corporation (IBM), Microsoft, Optum, inc and Oracle, among others.