Global Big Data Analytics in Healthcare Market, Size, Share, Development, Growth and Demand Forecast to 2023 - Industry Insights by Component (Software, Hardware, and Services), by Deployment Type (On-Demand, and On-Premise), by Analytics Type (Descriptive Analytics, Predictive Analytics, and Prescriptive Analytics), and by Application (Financial Analytics, Clinical Data Analytics, and Others)

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Global Big Data Analytics in Healthcare
Market to Reach $43,330.3 Million by 2023

2. According to a new research report “Global Big Data Analytics in Healthcare
Market: Size, Share, Development, Growth and Demand Forecast to 2023 -
Industry Insights by Component (Software, Hardware, and Service) by
Analytics Type (Descriptive Analytics, Predictive Analytics, and Prescriptive
Analytics), by Deployment Type (On-Demand, and On-Premise), and by
Application (Financial Analytics, Clinical Data Analytics, and Others)” published
by P&S Market Research, the global big data analytics in healthcare market is
projected to reach $43,330.3 million by 2023, growing at a CAGR of 23.3%
during 2017 - 2023.
Access Report Description: https://www.psmarketresearch.com/market-
analysis/big-data-analytics-in-healthcare-market
Global Big Data Analytics in Healthcare Market

3. Due to significant growth in big data technologies such as tools for data
orchestration, data mining and analyzing volumes of structured and
unstructured data, adoption of big data in various industries has increased
significantly. This has led to rapid increase in demand for big data analytics
integration in healthcare services, on the back of which, the global big data
analytics in healthcare market is gaining huge traction.
Global big data analytics in healthcare market to
reach $43,330.3 million by 2023
Global Big Data Analytics in Healthcare Market

4. As per findings of the research, on-demand deployment generated larger
revenue as compared to on-premise software deployment, in the global big
data analytics in healthcare market. Further, on the basis of hardware, data
storage segment has been the largest contributor to the global market.
However, virtual private network segment is expected to witness fastest
growth during the forecast period. Among various applications, financial
analytics segment was the largest contributor to revenue during 2013 -
2016; however, clinical data analytics is expected to grow at the fastest rate
during the forecast period.
Insights on market segments
Global Big Data Analytics in Healthcare Market

5. Geographically, North America has been the largest big data analytics in
healthcare market; however, Asia-Pacific is expected to witness the fastest
growth among all regions, during the forecast period. This anticipated
market growth can be attributed to factors such as advancement in big data
technologies, growing digitalization, expanding data analytics software
industry, and increasing adoption of big data analytics services by
healthcare players and providers in the region. Further, due to various
initiatives undertaken by the government to integrate big data in healthcare
industry, for making more sophisticated and cheap healthcare services
available to people, the market in the region is expected to witness the
fastest growth during the forecast period.
Asia-Pacific to be the most opportunistic market
during the forecast period
Global Big Data Analytics in Healthcare Market

6. Electronic health record (EHR) software has been the largest revenue contributor to
the global big data analytics in healthcare market. The EHR software is a digital and
advanced version of patient’s health records, such as paper charts and diagnostic
details. It provides patient centered health records on real-time basis, making
instant and secure access to all the necessary information available to the
authorized users. The market for electronic health record software is rapidly
increasing as it provides the doctors and physicians with a patient’s accurate
medical history, past diagnosis, on-time medication, treatment plans, allergies,
laboratory and test results, which are important while prescribing the further
course of medicinal action. In addition, one of the key features driving the demand
for electronic health record software is its ability to create and manage patient’s
health records in an advance sharable format, through which relevant information
can be shared among various doctors, and other healthcare providers and
organizations working on a similar case.
Electronic health record software to lead global big
data analytics in healthcare market
Global Big Data Analytics in Healthcare Market

7. Factors driving growth in the global big data analytics in healthcare market include
significant increase in demand for financial analytics in healthcare, surge in demand for
exploring structured and unstructured data present in healthcare industry, decreasing
costs and availability of big data software and services, along with amplified adoption of
new technologies for data analytics in healthcare business transformations, globally.
While healthcare industry has been generating huge volumes of data, big data analytics
solutions aim to generate valuable insights from such data to improve the quality of
healthcare services and reduce the overall cost incurred in the healthcare ecosystem.
This is achieved by exploring large sets of structured and unstructured databases, to gain
and access trends and patterns present in the current healthcare environment. Financial
analytics garnered the largest market share, as it provides healthcare organizations with
greater and better visibility into several factors that drive revenues, reduce operational
costs and manage shareholder value. The application uses sophisticated software
technology such as specialized billing process and knowledge to keep a track of various
claims processed, and the amount of revenue collected from different segments.
Increase in demand for financial analytics to escalate
market growth
Global Big Data Analytics in Healthcare Market

8. Additionally, the demand for personalized health records through big data is also
propelling the growth of global big data analytics in healthcare market. The demand for
high quality and personalized healthcare services has prompted patients to store their
medical information online, which in turn helps doctors to schedule appointments as per
the availability at both-ends, organize and keep a track of past diagnosis anytime
anywhere, and provide patients with all the necessary information related to a disease or
other health issues.
Global Big Data Analytics in Healthcare Market

9. The research states that the global big data analytics in healthcare market is
moderately competitive, where data analytics providers are partnering with
healthcare providers to increase their market share. The major players are
also developing new solutions for healthcare data analytics. Some of the
key players operating in the big data analytics in healthcare market are
McKesson Corporation, Cognizant, Epic System Corporation, Cerner
Corporation, Dell, GE Healthcare, Siemens, Philips, and Xerox.
Most of the major vendors in the global big data analytics in healthcare
market are actively focused on enhancing their offerings to meet the
surging demand for advanced healthcare solutions. This includes software
development, hardware integration, and big data analytics learning.
Moderate competition among key players
Global Big Data Analytics in Healthcare Market

10. https://www.psmarketresearch.com/market-analysis/big-data-
analytics-in-healthcare-market/report-sample
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Global Big Data Analytics in Healthcare Market

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