Global Big Data Analytics in Healthcare Market to Showcase 27.2% CAGR Over 2020-2025

January 08, 2021

As cited by the business intelligence report titled ‘Global Big Data Analytics in Healthcare Market Analysis, 2020’, available with Market Study Report LLC, global Big Data analytics in healthcare market is estimated to grow with a CAGR of 27.2% through 2025.

Large volume of raw data generated everyday in healthcare sector and the need to draw meaningful insights for these stats is propelling the growth of global Big Data analytics in healthcare market. The report cites that there will be a lucrative growth trajectory pertaining to extensive digitalization, and rapid adoption of Internet of Things (IoT) technology.

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Emphasis of federal agencies on improving & upgrading healthcare information system, in consort with strict regulations mandating the security of health data will augment global Big Data in healthcare market outlook. Moreover, these solutions provide numerous benefits including optimized healthcare outcome management, and cost reduction, while ensuring the enhancements in public health study, clinical trials, as well as in research about disease and its cures.

Based on deployment model, worldwide Big Data analytics in healthcare market is divided into on-premise, and cloud. As per the report, on-premise segment accounted for the majority market share in the recent past, owing to ease of customization offered by this model. On the other hand, cloud segment is slated to gain momentous traction in the ensuing years, on account of attributes like minimal capital cost, low maintenance, and flexibility.

Speaking of component terrain, global Big Data analytics in healthcare industry is classified into hardware, software, and services. As per analytics type, the market is categorized into prescriptive, predictive, and descriptive.

Moving on to application gamut, the industry sphere is segmented into population health, operational & administrative, clinical, and financial. While the end-users include TPAs, MCOs, HIEs, ACOs, providers, and payers.

Considering the geographical outlook, North America contributed substantial share to global Big Data analytics in healthcare market valuation in 2019 and will continue to showcase similar growth trends over the forecast period. Prompt adoption of the latest digital technology in Mexico, Canada, and the U.S., supported by government, in tandem with rising demand for descriptive as well as predictive analytics are stimulating the market dynamics in the region.

Vendors who are capable of influencing the worldwide Big Data analytics in healthcare market trends are Health Catalyst, Oracle Corporation, Inovalon, MedeAnalytics Inc., McKesson Corporation, Allscripts Healthcare Solutions Inc., SAS Institute Inc., Cerner Corporation, Optum Inc., and IBM Corp.

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