As per a Triton Market Research report, the global Big Data analytics in healthcare market, which generated $22.43 billion in 2019, is anticipated to flourish at a CAGR of 23.35% by the year 2028.
A study by Triton Market Research with the title ‘Global Big Data Analytics in Healthcare Market,’ covers the Global Analysis and Forecast for 2019-2028 by Offering (Services, Software), by Deployment (Cloud, On-premise), by Analytics Type (Diagnostic, Prescriptive, Descriptive, Predictive), End-user (Research Organizations, Hospitals & Clinics, Finance & Research Agencies), by Application (Clinical, Operational, Financial), and by Geographical Region (Europe, Asia-Pacific, Latin America, North America, Middle East and Africa).
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As per the report, the global Big Data analytics in healthcare market is predicted to reach $148.34 billion by 2028, augmenting with a CAGR 23.35% in the estimated years 2019-2028. Big Data analytics involves storing and analyzing data to uncover correlations, patterns and other insights. It is used in the healthcare sector to improve the efficiency of segments like financial analytics, clinical analytics and operational analytics.
The increasing data collection in EHR (electronic health records) and through health wearables is a crucial factor driving the growth of the global Big Data analytics in healthcare market. The growing adoption of cloud technology in the healthcare industry is another driver of the market growth. Favorable government regulations towards the promotion of this technology are helping the market. Besides, advanced technological innovations are likely to open new horizons for the market. However, interoperability challenges like technical difficulties, consistent responses for EHR vendors and financial costs are restraining the global Big Data analytics in healthcare market. Also, dealing with a large volume of heterogeneous data is also a major challenge.
The market for Big Data analytics in healthcare is divided into five parts, offering, deployment, analytics type, end-user and application. The first segment, offering, bifurcates into services and software. The second segment, deployment is sub-segmented into cloud and on-premise. The third segment, analytics type, is divided into diagnostic, prescriptive, descriptive and predictive. The fourth segment, end-user, is categorized into research organizations, hospitals & clinics and finance & research agencies. The last segment, application, is sub-segmented into clinical, operational and financial.
According to the regional outlook, Europe will be the fastest-growing region for the Big Data analytics in healthcare market in the forthcoming period. The increasing number of customers who are willing to share their health information, coupled with the high healthcare expenditure in countries like Germany is driving the regional market growth.
On the other hand, North America will be the largest Big Data analytics in healthcare market in the coming years. The region is home to many major market players, who are making huge investments towards market development. Also, these vendors are focusing on innovations to cater to the ever-increasing demand of the consumers.
Some prominent companies in the Big Data analytics in healthcare market are CPSI (Computer Programs And Systems Inc), Epic Systems Corporation, Tableau Software LLC, SAP SE, Premier, SAS Institute Inc, Health Catalyst, Siemens Healthcare Private Limited, General Electric Company, International Business Machines Corporation, McKesson Corporation, Cognizant, Philips NV, eClinicalworks, Allscripts Healthcare LLC, Dell Technologies Inc, Aetna Inc, Oracle and Cerner Corporation.
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Question & Answer: Big Data Analytics in Healthcare market
Question 1: Which are the primary factors driving the growth of the global Big Data analytics in healthcare market?
Answer: The increasing data collection in EHR (electronic health records) and through health wearables is a primary factor driving the growth of the global Big Data analytics in healthcare market. The growing adoption of cloud technology in the healthcare industry is another driver of the market growth. Favorable government regulations towards the promotion of this technology are helping the market. Besides, advanced technological innovations are likely to open new horizons for the market.
Question 2: What factors are restraining the global Big Data analytics in healthcare market growth?
Answer: Interoperability challenges like technical difficulty, consistent responses for EHR vendors and financial costs are restraining the global Big Data analytics in healthcare market growth. Also, dealing with a large volume of heterogeneous data is also a major challenge.
Question 3: How are Europe and North America impacting Big Data analytics in healthcare market outlook?
Answer: According to the regional outlook, Europe will be the fastest-growing region for the Big Data analytics in healthcare market in the forthcoming period. The increasing number of customers who are willing to share their health information, coupled with the high healthcare expenditure in countries like Germany is driving the regional market growth.
On the other hand, North America will be the largest Big Data analytics in healthcare market in the coming years. The region is home to many major market players, who are making huge investments towards market development. Also, these vendors are focusing on innovations to cater to the ever-increasing demand of the consumers.
Question 4: Which are some of the prominent companies in the Big Data analytics in healthcare market?
Answer: Some prominent companies in the Big Data analytics in healthcare market are CPSI (Computer Programs And Systems Inc), Epic Systems Corporation, Tableau Software LLC, SAP SE, Premier, Sas Institute Inc, Health Catalyst, Siemens Healthcare Private Limited, General Electric Company, International Business Machines Corporation, McKesson Corporation, Cognizant, Philips NV, eClinicalworks, Allscripts Healthcare LLC, Dell Technologies Inc, Aetna Inc, Oracle and Cerner Corporation.
Related Report:
Global Artificial Intelligence (AI) in Healthcare Market
The global artificial intelligence in healthcare market is predicted to reach $49.93 billion by 2028, surging at a CAGR of 40.48% over the forecasted years 2019-2028.
The increasing amount of Big Data used in healthcare industry through new sequencing machines, application of EHR (Electronic health records) and development of novel software is a major factor driving the growth of the global AI in healthcare market. Artificial intelligence finds its applications in the field of genomics by predicting health status based on the algorithms with genetics, physiological, behavioral and lifestyle data. Besides, there is an increasing demand for real-time monitoring systems, which are likely to push the demand for AI in healthcare market.
With the rising internet users and connected devices, health wearables have been experiencing tremendous growth in the market. The growth of wearables plays a crucial role in the global AI in healthcare market due to its application in the sector. Healthcare companies are increasingly trying to integrate the software with AI to scrutinize large volumes of Big Data, which is helping the global market growth.
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