Big Data Analytics in Healthcare Market is Proving to be a Surging Force

Big Data Analytics in Healthcare
  • Big Data Analytics in Healthcare Market

The Global Market was valued at USD 20.12 Billion in the year 2021 and is projected to reach USD 79.23 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) 28.9% in the forecast period from 2022-2028. Extensive data analysis in healthcare is a complex process of large-scale data analysis to obtain information that includes hidden patterns, market trends, anonymous relationships, and customer preferences. These can help organizations make informed clinical and business decisions. The field of healthcare analytics is vast, covering many different areas, especially health delivery, efficiency, and personalized medicine. In addition, large-scale data analysis enhances cost-oriented processes in the healthcare industry by improving public health, integrating performance models, financial care monitoring and forecasting, and more.

Human health management requires comprehensive patient care through cost-effective medical procedures, thus requiring the integration of clinical data and claims in the same data analysis area. The increase in demand for improved care management, early disease prognosis, and hospitalization process is expected to further the growth of global data analytics in the future health care market. In addition, citizen health is critical to healthcare management, which also requires predictable public health analysis and is expected to accelerate the implementation of big data analysis during forecasting. Various developed nations including the US, UK, Brazil, Germany, Sweden, Canada, France, and many others are focusing on the use of large-scale healthcare data analysis to provide the best medical procedures and clinical services. With a view to better treatment at reduced costs, a number of government departments and healthcare agencies are focusing on the use of technology to create a predictable model for healthcare and clinical data. Increased compliance in the healthcare sector, increased demand for human health management data analysis solutions, increased cost of highly sophisticated technology solutions by healthcare providers, and the continued growth of large-scale medical data production in the form of electronic health records (EHR), biometric data promotes the growth of big data analysis worldwide in the healthcare market. With technological development, the threat of risking data to cyber-attacks also rises. For reasons like ransomwares, small clinics and hospitals have yet to accustom to big data analytics which is proving to be a hindrance to market growth. Organizations from the healthcare sector see the benefits of cloud solutions and prefer to use cloud analysis tools than conventional BI (business intelligence) solutions. Improved planning, smart decision-making, and forecasting analysis have become commonplace among business leaders, due to the growing demand for customer and customer management. These factors are expected to create beneficial opportunities for statistical providers during the analysis of big data in the period of predicting the health care market.

The global is categorized based on components, deployment mode, statistics type, end-user, and region. Depending upon components, the market is divided into hardware, software, and services. On the basis of the deployment model, it is divided into on-premise and cloud-based. Depending on the type of statistics, it is divided into descriptive statistics, predictive statistics, descriptive statistics, and diagnostic statistics. As part of end-users, it is divided into hospitals and clinics, financial and insurance agencies, and research organizations. On the basis of regional analysis, the global is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.North America isseen to have the largest share with45.5% of overall market size.

Major players in the Global Market include The key players have a strong foothold in the market and offer a wide range of products & services. Some of the key players in this market are IBM (US), Optum (US), Cerner (US), SAS Institute (US), Allscripts (US), McKesson (US), MedeAnalytics (US), Inovalon (US), Oracle (US), Health Catalyst (US), SCIO Health Analytics (US), Cotiviti (formerly Verscend Technologies) (US), CitiusTech (US), Wipro (India), and VitreosHealth (US) among others.