GLOBAL BIG DATA ANALYTICS IN HEALTHCARE MARKET FORECAST 2019-2027

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GLOBAL BIG DATA ANALYTICS IN HEALTHCARE MARKET FORECAST 2019-2027

Big data analytics in healthcare is the application of big data technology and methods for increasing efficiency of the healthcare sector. These include clinical analytics, financial analytics and operational analytics. The global big data analytics in healthcare market was valued at $19810.60 million in 2018 & is estimated to generate net revenue of approximately $96843.99 million by 2027, growing at a CAGR of 19.39%. The base year considered for the study is 2018, and the estimated period is between 2019 and 2027.

GLOBAL BIG DATA ANALYTICS IN HEALTHCARE MARKET FORECAST 2019-2027

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Big data analytics in healthcare is the application of big data technology and methods for increasing efficiency of the healthcare sector. These include clinical analytics, financial analytics and operational analytics. The global big data analytics in healthcare market was valued at $19810.60 million in 2018 & is estimated to generate net revenue of approximately $96843.99 million by 2027, growing at a CAGR of 19.39%. The base year considered for the study is 2018, and the estimated period is between 2019 and 2027. The following factors drive the growth of this market:

  • Growing adoption of IoT enabled health wearables
  • Growth in the adoption of cloud analytics
  • Government regulations promoting Big Data
  • Technological advancement

The most important driver propagating market growth has been the government regulations which are promoting big data. Healthcare industry is creating a humongous amount of data; Big data analytics provides solutions to improve overall healthcare ecosystems. For this reason, governments from various regions are initiating the proliferation of big data analytics in the field of healthcare. For example, Health Data Initiative’s Department of Health and Human Service (HHS) has started to release data from agencies like Food and Drug Administration and the Centers for Disease Control to access public data of patients for clinical trials and other research activities.

The fastest growing segment by analytics type has been prescriptive analytics. Prescriptive analytics can be termed as a suggestion tool, which provides advice based on the outcomes it generates by learning the patterns, previous approach, and the inputs from the data (structured and unstructured). In addition, this mechanism allows for analyzing and prescribing solutions based on the outcomes of any other research. The largest segment by Analytics type is Predictive analytics. It is defined as the prediction of upcoming events based on chronological healthcare data. Clinical decision support has the highest application of predictive analytics, as it involves risk and morbidity prediction of chest pain, heart attack, and other diseases. It helps to analyze large volumes of transactional data and unstructured data at once, providing the outcomes to help predict the imminent malignancies. Predictive analytics enables organizations to analyze all customer data and finding patterns that predict customer behaviour.

The restraints and challenges for big data analytics in healthcare market have been the lack of interoperability among big data sources, dealing with a large volume of unstructured data, privacy concerns and lack of skilled labor. The main challenge for the market growth is that of the privacy concerns. The process of collecting healthcare big data and then securing that information is one of the key issues that are faced by healthcare organizations and data analytics industries. The Protected Health Information (PHI) should be coded separately, and proper controls need to be built on the hardware components so that there is no potential threat to the healthcare big data. Security breaches of the healthcare information can risk patient privacy and violate Health Insurance Portability and Accountability Act (HIPAA), due to which an organization can be clogged with financial risks (monetary penalties) because of legal obligations.

The report on global big data analytics in healthcare includes segmentation on the basis of component, deployment, analytics type, application, and end-user.

Component is sub-segmented into:

  • Software
  • Services

Deployment is sub-segmented into:

  • On-premise deployment
  • Cloud deployment

Analytics Type is sub-segmented into:

  • Descriptive Analytics
  • Predictive Analytics
  • Prescriptive Analytics
  • Diagnostic Analytics

Application is sub-segmented into:

  • Clinical Analytics
  • Financial Analytics
  • Operational Analytics

End-User is sub-segmented into:

  • Hospitals & Clinics
  • Finance & Insurance agencies
  • Research organizations

Geographically, the global big data analytics in healthcare market has been segmented on the basis of four major regions, which are:

  • North America: the United States & Canada
  • Europe: United Kingdom, Germany, France, Spain, Italy, Russia & Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea & Rest of Asia Pacific
  • Rest of World: Latin America, Middle East & Africa

North America is a dominating region in terms of adoption of big data analytics in healthcare technology. This region is expected to account for the largest market share during the forecast period, as it is one of the early adopters of big data analytics in the healthcare sector. Growth in enterprise mobility and extensive wireless connectivity have significantly contributed to the growth of the big data analytics market in healthcare.

Europe is the fastest growing region. The big data analytics in the healthcare technology market is expected to gain momentum in Europe, due to initiative programs such as AEGLE (an analytics framework for integrated and personalized healthcare services in Europe) and Meaningful Integration of Data, Analytics and Services (MIDAS). In addition, the Third Health Programme (2014–2020) by the European Parliament is expected to be opportunistic for big data analytics in the healthcare market to attract a larger customer base in this region. Europe is expected to grow at the highest rate in the near future, owing to the upsurge in the adoption of big data analytics in healthcare solutions in the region.

The big data analytics in healthcare market is segmented based into component, deployment, analytics type, application and end-user. The component is further sub-segmented into Software and Services. Deployment is further sub-segmented into On-premise deployment and Cloud deployment. Analytics Type is further sub-segmented into Descriptive Analytics, Predictive Analytics, Prescriptive Analytics, and Diagnostic Analytics. The numerous end-users for the market are the Hospitals & Clinics, Finance & Insurance agencies, and the research organizations.

The major market players of the global big data analytics in healthcare market are:

  • Cerner Corporation
  • Cognizant Technologies
  • Dell
  • GE Healthcare
  • Phillips Healthcare
  • Others

Company profiles covers the analysis of important players. These companies are using organic and inorganic strategies for growth. For instance, in May 2019, Cerner unveiled Anuva Health its new near-site health network offering. In April 2018, Cognizant sealed its acquisition of Kentucky-based Bolder Healthcare Solutions. In January 2018, Yale-New Haven Hospital (YNHH) partnered with Epic Systems to introduce the Capacity Command Center (CCC), which will synergize data analytics and the physical co-location of key operational services to improve patient care. In January 2018, Allscripts acquired Practice Fusion, a health IT vendor for $100 million in cash.

Key Findings of the global big data analytics in healthcare market

  • Blockchain developments will consolidate the market
  • Big data analytics reduces healthcare costs
  1. RESEARCH SCOPE
    • STUDY GOALS
    • SCOPE OF THE MARKET STUDY
    • WHO WILL FIND THIS REPORT USEFUL?
    • STUDY AND FORECASTING YEARS
  2. RESEARCH METHODOLOGY
    • SOURCES OF DATA
      • SECONDARY DATA
      • PRIMARY DATA
    • TOP-DOWN APPROACH
    • BOTTOM-UP APPROACH
    • DATA TRIANGULATION
  3. EXECUTIVE SUMMARY
    • MARKET SUMMARY
    • KEY FINDINGS
      • BLOCKCHAIN DEVELOPMENTS WILL CONSOLIDATE THE MARKET
      • BIG DATA ANALYTICS REDUCES HEALTHCARE COSTS
  1. MARKET DYNAMICS
    • HISTORY OF BIG DATA ANALYTICS IN HEALTHCARE
    • MARKET SCOPE & DEFINITION
    • MARKET DRIVERS
      • GROWING ADOPTION OF IOT ENABLED HEALTH WEARABLES
      • GROWTH IN THE ADOPTION OF CLOUD ANALYTICS
      • GOVERNMENT REGULATIONS PROMOTING BIG DATA
      • TECHNOLOGICAL ADVANCEMENT
    • MARKET RESTRAINTS
      • LACK OF INTEROPERABILITY AMONG BIG DATA SOURCE
      • DEALING WITH LARGE VOLUME OF UNSTRUCTURED DATA
    • MARKET OPPORTUNITIES
      • OPPORTUNITIES FROM PRECISION MEDICINE
      • TELEHEALTH AND INNOVATIONS IN GENOMICS
    • MARKET CHALLENGES
      • PRIVACY CONCERNS
      • LACK OF SKILLED LABOUR
  1. MARKET BY COMPONENT
    • SOFTWARE
    • SERVICES
  2. MARKET BY DEPLOYMENT
    • ON-PREMISE
    • CLOUD
  3. MARKET BY ANALYTICS TYPE
    • DESCRIPTIVE ANALYTICS
    • PREDICTIVE ANALYTICS
    • PRESCRIPTIVE ANALYTICS
    • DIAGNOSTIC ANALYTICS
  4. MARKET BY APPLICATION
    • CLINICAL ANALYTICS
    • FINANCIAL ANALYTICS
    • OPERATIONAL ANALYTICS
  5. MARKET BY END-USER
    • HOSPITALS & CLINICS
    • FINANCE & INSURANCE AGENCIES
    • RESEARCH ORGANISATIONS
  6. KEY ANALYTICS
    • PORTER’S FIVE FORCE MODEL
      • THREAT OF NEW ENTRANTS
      • THREAT OF SUBSTITUTE
      • BARGAINING POWER OF SUPPLIERS
      • BARGAINING POWER OF BUYERS
      • INTENSITY OF COMPETITIVE RIVALRY
    • OPPORTUNITY MATRIX
    • VENDOR LANDSCAPE
  7. GEOGRAPHICAL ANALYSIS
    • NORTH AMERICA
      • UNITED STATES
      • CANADA
    • EUROPE
      • GERMANY
      • UNITED KINGDOM
      • FRANCE
      • SPAIN
      • ITALY
      • RUSSIA
      • REST OF EUROPE
    • ASIA PACIFIC
      • CHINA
      • INDIA
      • SOUTH KOREA
      • JAPAN
      • AUSTRALIA
      • REST OF ASIA PACIFIC
    • REST OF WORLD
      • LATIN AMERICA
      • MIDDLE EAST & AFRICA
  1. COMPANY PROFILES
    • AETNA, INC.
    • ALLSCRIPTS HEALTHCARE SOLUTIONS, INC.
    • CERNER CORPORATION
    • COGNIZATION TECHNOLOGY SOLUTIONS CORPORATION
    • COMPUTER PROGRAMS AND SYSTEMS
    • DELL
    • EPIC SYSTEMS
    • ECLINICALWORKS
    • GE HEALTHCARE
    • HEALTH CATALYST
    • IBM CORPORATION
    • MCKESSON CORPORATION
    • ORACLE CORPORATION
    • PHILIPS HEALTHCARE
    • PREMIER, INC.
    • SAP
    • SAS
    • SIEMENS HEALTHINEER
    • TABLEAU SOFTWARE, INC.
    • XEROX

LIST OF TABLES

TABLE 1: GLOBAL BIG DATA ANALYTICS IN HEALTHCARE MARKET, BY GEOGRAPHY, 2019-2027 (IN $ MILLION)

TABLE 2: GLOBAL BIG DATA ANALYTICS IN HEALTHCARE MARKET, BY COMPONENT, 2019-2027 (IN $ MILLION)

TABLE 3: GLOBAL SOFTWARE MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 4: GLOBAL SERVICES MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 5: GLOBAL BIG DATA ANALYTICS IN HEALTHCARE MARKET, BY DEPLOYMENT, 2019-2027 (IN $ MILLION)

TABLE 6: GLOBAL ON-PREMISE MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 7: GLOBAL CLOUD MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 8: GLOBAL BIG DATA ANALYTICS IN HEALTHCARE MARKET, BY ANALYTICS TYPE, 2019-2027 (IN $ MILLION)

TABLE 9: GLOBAL DESCRIPTIVE ANALYTICS MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 10: GLOBAL PREDICTIVE ANALYTICS MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 11: GLOBAL PRESCRIPTIVE ANALYTICS MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 12: GLOBAL DIAGNOSTIC ANALYTICS MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 13: GLOBAL BIG DATA ANALYTICS IN HEALTHCARE MARKET, BY APPLICATION, 2019-2027 (IN $ MILLION)

TABLE 14: GLOBAL CLINICAL ANALYTICS MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 15: GLOBAL FINANCIAL ANALYTICS MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 16: GLOBAL OPERATIONAL ANALYTICS MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 17: GLOBAL BIG DATA ANALYTICS IN HEALTHCARE MARKET, BY END-USER, 2019-2027 (IN $ MILLION)

TABLE 18: GLOBAL HOSPITALS & CLINICS MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 19: GLOBAL FINANCE & INSURANCE AGENCIES MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 20: GLOBAL RESEARCH ORGANISATIONS MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 21: OPPORTUNITY MATRIX

TABLE 22: VENDOR LANDSCAPE

TABLE 23: GLOBAL BIG DATA ANALYTICS IN HEALTHCARE MARKET, BY GEOGRAPHY, 2019-2027 (IN $ MILLION)

TABLE 24: NORTH AMERICA BIG DATA ANALYTICS IN HEALTHCARE MARKET, BY COUNTRY, 2019-2027 (IN $ MILLION)

TABLE 25: EUROPE BIG DATA ANALYTICS IN HEALTHCARE MARKET, BY COUNTRY, 2019-2027 (IN $ MILLION)

TABLE 26: ASIA PACIFIC BIG DATA ANALYTICS IN HEALTHCARE MARKET, BY COUNTRY, 2019-2027 (IN $ MILLION)

TABLE 27: REST OF WORLD BIG DATA ANALYTICS IN HEALTHCARE MARKET, BY REGION, 2019-2027 (IN $ MILLION)

LIST OF FIGURES

FIGURE 1: GLOBAL BIG DATA ANALYTICS IN HEALTHCARE MARKET, BY ANALYTICS TYPE, 2018 & 2027 (IN %)

FIGURE 2: GLOBAL BIG DATA ANALYTICS IN HEALTHCARE MARKET, BY SOFTWARE, 2019-2027 (IN $ MILLION)

FIGURE 3: GLOBAL BIG DATA ANALYTICS IN HEALTHCARE MARKET, BY SERVICES, 2019-2027 (IN $ MILLION)

FIGURE 4: GLOBAL BIG DATA ANALYTICS IN HEALTHCARE MARKET, BY ON-PREMISE, 2019-2027 (IN $ MILLION)

FIGURE 5: GLOBAL BIG DATA ANALYTICS IN HEALTHCARE MARKET, BY CLOUD, 2019-2027 (IN $ MILLION)

FIGURE 6: GLOBAL BIG DATA ANALYTICS IN HEALTHCARE MARKET, BY DESCRIPTIVE ANALYTICS, 2019-2027 (IN $ MILLION)

FIGURE 7: GLOBAL BIG DATA ANALYTICS IN HEALTHCARE MARKET, BY PREDICTIVE ANALYTICS, 2019-2027 (IN $ MILLION)

FIGURE 8: GLOBAL BIG DATA ANALYTICS IN HEALTHCARE MARKET, BY PRESCRIPTIVE ANALYTICS, 2019-2027 (IN $ MILLION)

FIGURE 9: GLOBAL BIG DATA ANALYTICS IN HEALTHCARE MARKET, BY DIAGNOSTIC ANALYTICS, 2019-2027 (IN $ MILLION)

FIGURE 10: GLOBAL BIG DATA ANALYTICS IN HEALTHCARE MARKET, BY CLINICAL ANALYTICS, 2019-2027 (IN $ MILLION)

FIGURE 11: GLOBAL BIG DATA ANALYTICS IN HEALTHCARE MARKET, BY FINANCIAL ANALYTICS, 2019-2027 (IN $ MILLION)

FIGURE 12: GLOBAL BIG DATA ANALYTICS IN HEALTHCARE MARKET, BY OPERATIONAL ANALYTICS, 2019-2027 (IN $ MILLION)

FIGURE 13: GLOBAL BIG DATA ANALYTICS IN HEALTHCARE MARKET, BY HOSPITALS & CLINICS, 2019-2027 (IN $ MILLION)

FIGURE 14: GLOBAL BIG DATA ANALYTICS IN HEALTHCARE MARKET, BY FINANCE & INSURANCE AGENCIES, 2019-2027 (IN $ MILLION)

FIGURE 15: GLOBAL BIG DATA ANALYTICS IN HEALTHCARE MARKET, BY RESEARCH ORGANISATIONS, 2019-2027 (IN $ MILLION)

FIGURE 16: PORTER’S FIVE FORCE ANALYSIS

FIGURE 17: GLOBAL BIG DATA ANALYTICS IN HEALTHCARE MARKET, REGIONAL OUTLOOK, 2018 & 2027 (IN %)

FIGURE 18: UNITED STATES BIG DATA ANALYTICS IN HEALTHCARE MARKET, 2019-2027 (IN $ MILLION)

FIGURE 19: CANADA BIG DATA ANALYTICS IN HEALTHCARE MARKET, 2019-2027 (IN $ MILLION)

FIGURE 20: GERMANY BIG DATA ANALYTICS IN HEALTHCARE MARKET, 2019-2027 (IN $ MILLION)

FIGURE 21: UNITED KINGDOM BIG DATA ANALYTICS IN HEALTHCARE MARKET, 2019-2027 (IN $ MILLION)

FIGURE 22: FRANCE BIG DATA ANALYTICS IN HEALTHCARE MARKET, 2019-2027 (IN $ MILLION)

FIGURE 23: SPAIN BIG DATA ANALYTICS IN HEALTHCARE MARKET, 2019-2027 (IN $ MILLION)

FIGURE 24: ITALY BIG DATA ANALYTICS IN HEALTHCARE MARKET, 2019-2027 (IN $ MILLION)

FIGURE 25: RUSSIA BIG DATA ANALYTICS IN HEALTHCARE MARKET, 2019-2027 (IN $ MILLION)

FIGURE 26: REST OF EUROPE BIG DATA ANALYTICS IN HEALTHCARE MARKET, 2019-2027 (IN $ MILLION)

FIGURE 27: CHINA BIG DATA ANALYTICS IN HEALTHCARE MARKET, 2019-2027 (IN $ MILLION)

FIGURE 28: INDIA BIG DATA ANALYTICS IN HEALTHCARE MARKET, 2019-2027 (IN $ MILLION)

FIGURE 29: SOUTH KOREA BIG DATA ANALYTICS IN HEALTHCARE MARKET, 2019-2027 (IN $ MILLION)

FIGURE 30: JAPAN BIG DATA ANALYTICS IN HEALTHCARE MARKET, 2019-2027 (IN $ MILLION)

FIGURE 31: AUSTRALIA BIG DATA ANALYTICS IN HEALTHCARE MARKET, 2019-2027 (IN $ MILLION)

FIGURE 32: REST OF ASIA PACIFIC BIG DATA ANALYTICS IN HEALTHCARE MARKET, 2019-2027 (IN $ MILLION)

FIGURE 33: LATIN AMERICA BIG DATA ANALYTICS IN HEALTHCARE MARKET, 2019-2027 (IN $ MILLION)

FIGURE 34: MIDDLE EAST & AFRICA BIG DATA ANALYTICS IN HEALTHCARE MARKET, 2019-2027 (IN $ MILLION)

  1. MARKET BY COMPONENT
    • SOFTWARE
    • SERVICES
  2. MARKET BY DEPLOYMENT
    • ON-PREMISE
    • CLOUD
  3. MARKET BY ANALYTICS TYPE
    • DESCRIPTIVE ANALYTICS
    • PREDICTIVE ANALYTICS
    • PRESCRIPTIVE ANALYTICS
    • DIAGNOSTIC ANALYTICS
  4. MARKET BY APPLICATION
    • CLINICAL ANALYTICS
    • FINANCIAL ANALYTICS
    • OPERATIONAL ANALYTICS
  5. MARKET BY END-USER
    • HOSPITALS & CLINICS
    • FINANCE & INSURANCE AGENCIES
    • RESEARCH ORGANISATIONS
  6. GEOGRAPHICAL ANALYSIS
    • NORTH AMERICA
      • UNITED STATES
      • CANADA
    • EUROPE
      • GERMANY
      • UNITED KINGDOM
      • FRANCE
      • SPAIN
      • ITALY
      • RUSSIA
      • REST OF EUROPE
    • ASIA PACIFIC
      • CHINA
      • INDIA
      • SOUTH KOREA
      • JAPAN
      • AUSTRALIA
      • REST OF ASIA PACIFIC
    • REST OF WORLD
      • LATIN AMERICA
      • MIDDLE EAST & AFRICA

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