Various factors are propelling the healthcare big data analytics market growth. Some of these factors according to the Market Research Future report. include growth in regulatory compliances in the healthcare sector, rising demand for data analytics for population health management, rising expenditure by healthcare providers on technologically advanced solutions, and constant growth in huge amount of medical data generation in the likes of sensors data, biometric data, and electronic health record. Additional factors pushing market growth include rising government initiatives, the emergence of various technological advancements including wearables, internet of things, and mHealth, and initiatives undertaken by the government such as releases of data from CDC and FDA.
The global healthcare big data analytics market is expected to grow significantly over the forecast period. It is anticipated that the market held a valuation of USD 12,800.6 million in 2018 and is projected to register a valuation of USD 60,966.8 million by 2025, at a CAGR of 24.98% over the forecast period.states the latest Market Research Future (MRFR) report. Healthcare big data, simply put, refers to collect, analyze, and leverage patient, consumer, clinical and physical data which is too complex or vast to be understood through traditional data processing methods. Big data in the healthcare sector is transforming the manner in which doctors and patients handle care. It has an extensive range of applications including elucidation of advantages of therapy, better sample selection in clinical trials, advanced forecasting of disease patterns, SEO, price optimization, and differentiating pricing strategies.
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On the contrary, lack of expertise, knowledge, skills, and experience needed for work in the data analytics field are factors that may deter the healthcare big data analytics market over the forecast period.
Siemens, Optum, Cognizant, McKesson, Epic System Corporation, Philips, Cerner Corporation, GE Healthcare, IBM, and others. Key players have used various strategies such as mergers and acquisitions, expansions, partnerships, joint ventures, collaborations and more to create a niche in the market.
The MRFR report offers a wide segmental analysis of the Healthcare Big Data Analytics Market Research on the basis of end users, software type, application, deployment type, and components.
Based on components, the healthcare big data analytics market is segmented into software and hardware. Of these, the software segment is predicted to have the largest share in the market over the forecast period. This is owing to the growing need for digitalization in the healthcare organizations.
Based on deployment type, the healthcare big data analytics market is segmented into software on demand and software on-premise.
Based on application, the healthcare big data analytics market is segmented into operational analytics, financial analytics, and clinical analytics. Of these, the clinical analytics segment is predicted to dominate the market over the forecast period. This is owing to rising investments in health and clinical management. This will be followed by the financial analytics segment, which is predicted to grow at the fastest pace.
Based on software type, the healthcare big data analytics market is segmented into revenue cycle management software, workforce management software, electronic health record software, practice management software, and others.
Based on end user, the healthcare big data analytics market is segmented into diagnostic centers, clinics, hospitals, and others.
Based on region, the healthcare big data analytics market report covers latest trends and growth opportunities across North America, the Asia Pacific (APAC), Europe, and the Middle East and Africa (MEA). Of these, North America will command the market over the forecast period. This is owing to rising concerns about healthcare costs, rising focus on big data analytics and management, the establishment of various healthcare policies that are favoring the adoption of big data analytics by the federal government, and advancements in technology such as precision medicines and m-health. The US is the key contributor in this region.
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The healthcare big data analytics market in Europe is predicted to have the second-largest share in the market over the forecast period. This is owing to the presence of various key players, coupled with excellent research ecology. The UK, France, and Germany are the key contributors in this region.
The global healthcare big data analytics market in the APAC region is predicted to grow at the fastest pace over the forecast period. This is owing to vast advancements in technology, particularly in China as well as India. Besides, the demand for managing the healthcare data that is generated at a huge scale and rising patient pool are also boosting the market growth.
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