According to Emergen Research, the global big data in healthcare market size was USD 23.83 billion in 2020 and is expected to reach USD 93.32 billion in 2028 and register a revenue CAGR of 19.6% during the forecast period, 2021-2028.
Emergen Research has published its latest report titled “Big Data in Healthcare Market, By Component (Software, Services), By Deployment (On-premises, Cloud), By Analytics (Predictive Analytics, Descriptive Analytics, Prescriptive Analytics, Diagnostic Analytics), By Application (Clinical Analytics, Financial Analytics, Operational Analytics), By End-use (Hospitals and Clinics, Research Organizations, Finance and Insurance Agencies, Others), and By Region Forecast to 2028”
According to Emergen Research, the global big data in healthcare market size was USD 23.83 billion in 2020 and is expected to reach USD 93.32 billion in 2028 and register a revenue CAGR of 19.6% during the forecast period, 2021-2028.
Market Dynamics:
The global big data in healthcare market revenue growth is mainly supported by factors such increasing amounts of data generated in the healthcare industry, rapid adoption of big data analytics to improve the quality of healthcare delivery, rising focus of healthcare institutions on reducing operational costs, and increasing government investments in the healthcare sector.
Rapid digitalization in the healthcare sector, integration of emerging technologies such as AI and machine learning in healthcare, increasing deployment of advanced data analytical tools such as Pentaho, Cloudera, Hadoop, and MongoDB, and rising demand for personalized medicine are other key factors boosting revenue growth of the global big data in healthcare market. Big data analytics in healthcare is enabling organizations to make informed clinical decisions and improve population health management. The technology helps analyze and streamline complex and diverse healthcare-related data & information, and facilitates strategic decision-making. Furthermore, rising adoption of advanced healthcare IT solutions including electronic health records (EHRs) and hospital information system (HIS), growing trend of telemedicine, increasing use of mobile health apps and wearable healthcare devices, and increasing R&D activities in the fields of genomics, transcriptomics, proteomics, and pharmacogenomics are expected to further boost the global market revenue growth going ahead.
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COVID-19 Impact Analysis:
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Cloud Segment Accounted for Largest Revenue Share in 2020:
Based on deployment, the cloud segment dominated other deployment segments in terms of revenue share in the global big data in healthcare market in 2020. Cloud data storage solutions provide greater flexibility and higher cost-effectiveness compared to on-premise solutions. Increasing deployment of cloud data storage solutions by healthcare organizations for storing clinical data, and rapid adoption of healthcare IoT solutions are some other key factors expected to drive revenue growth of this segment over the forecast period.
Clinical Analytics Segment Accounted for Largest Revenue Share in 2020:
The clinical analytics segment is projected to register the fastest revenue growth rate in the global market over the forecast period. Growing utilization of big data tools in clinical analytics, rapidly advancing global healthcare infrastructure, and rising need to improve operational efficiency and clinical outcomes in healthcare settings are major factors prompting this segment’s revenue growth.
North America Accounted for Largest Revenue Share in 2020:
Among regional markets, the North America big data in healthcare market accounted for the of largest revenue share in the global market in 2020. Rising geriatric population, increasing patient pool, rise in R&D activities in the healthcare industry, and growing trends of telemedicine and mHealth (mobile health) are among the key factors expected to drive revenue growth of the North America market. Presence of key market players such as Microsoft Corporation, IBM Corporation, and Oracle Corporation in the region is another key factor further expected to drive the regional market growth going ahead.
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Major Companies in the Global Big Data in Healthcare Market Include:
- Allscripts Healthcare Solutions, Inc.
- Cerner Corporation
- Dell EMC
- Epic System Corporation
- GE Healthcare
- Hewlett Packard Enterprise (HPE)
- International Business Machines (IBM) Corporation
- Microsoft Corporation
- Optum Inc.
- Oracle Corporation
For the purpose of this report, Emergen Research has segmented the global big data in healthcare market based on component, deployment, analytics, application, end-use, and region:
Component Outlook (Revenue, USD Billion; 2018-2028)
- Software
- Services
Deployment Outlook (Revenue, USD Billion; 2018-2028)
- On-premises
- Cloud
Analytics Outlook (Revenue, USD Billion; 2018-2028)
- Predictive Analytics
- Descriptive Analytics
- Prescriptive Analytics
- Diagnostic Analytics
Application Outlook (Revenue, USD Billion; 2018-2028)
- Clinical Analytics
- Financial Analytics
- Operational Analytics
End-use Outlook (Revenue, USD Billion; 2018-2028)
- Hospitals and Clinics
- Research Organizations
- Finance and Insurance Agencies
- Others
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Region Outlook (Revenue, USD Billion; 2018-2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Turkey
- Rest of Middle East & Africa
Reasons to buy the report:
- This study segments the Big Data in Healthcare market and derives the precise valuation of the overall, as well as segment-based, market across different industry verticals, geographies, and products.
- The report will help participants understand the trajectory of the progress of the market and provide information on key drivers, restraints, challenges, threats, and opportunities for the growth of the Big Data in Healthcare sectors.
- This Big Data in Healthcare report would allow readers to be well-versed with the existing competition and gain more insights to improve their standing in the worldwide business. The competitive landscape considers the dominant competitors, along with product launches and technological advancements, strategic expansions, mergers and acquisitions, and procurement strategies implemented by key players in the Big Data in Healthcare market.
Key features of the report:
- To study the key aspects impacting the Big Data in Healthcare market size.
- To identify growth prospects in the Big Data in Healthcare market.
- To analyze the Big Data in Healthcare market segments and deduce the dominant trends observed in the industry.
- To examine the Big Data in Healthcare market by investigating the available products, market share, and value proposition of the products.
- To analyze the industry by assessing the scope and application of the Big Data in Healthcare market and highlight the growth of each application.
Table of Content
Chapter 1. Methodology & Sources
1.1. Market Definition
1.2. Research Scope
1.3. Methodology
1.4. Research Sources
1.4.1. Primary
1.4.2. Secondary
1.4.3. Paid Sources
1.5. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2020-2030
Chapter 3. Key Insights
Chapter 4. Big Data in Healthcare Market Segmentation & Impact Analysis
4.1. Big Data in Healthcare Market Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers’ analysis
4.2.3. Market restraints analysis
4.3. Technological Insights
4.4. Regulatory Framework
4.5. Porter’s Five Forces Analysis
4.6. Competitive Metric Space Analysis
4.7. Price trend Analysis
4.8. Covid-19 Impact Analysis
Continued…
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