A fresh study, titled “Big Data Analytics in Healthcare Market 2017: Market Size, Trends & Opportunity Outlook – Forecast to 2023” has been recently launched by KD Market Insights, which covers all the major trends and technologies playing a key role in big data market growth in the coming years. Analysts of the report has gone through primary and secondary research methodologies in order to provide crystal clear overview of the market. The prime motive of the study is to provide a holistic perspective on the big data analytics market’s growth in terms of revenue and volume in (US$ Mn & Mn units), across different geographies, including Asia Pacific, Latin America, North America, Europe, and Middle East & Africa (MEA).
Forecast Insights and Market Dynamics
According to the analyst key projections, the global big data analytics in healthcare market is anticipated to surge at an outstanding CAGR of 18.2% during the forecast period of 2018-2023. Rising at this pace the market is anticipated to reach a value of USD 20,216.3 Mn by the end of 2023, which was evaluated USD 7,056.5 Million in 2017.
There is no doubt that technology is growing steadily in almost every sector. In the present time, technology is revolutionizing the healthcare industry. The digitization and the information revolution have shifted the understanding and the way of treating a disease. 80% of all healthcare information is unstructured data which is very much complex, therefore requires specialized methods and tools to make meaningful use of the data. It has been identified that increased accessibility to growing data sets will revolutionize the industry’s ability to anticipate, prevent, and treat illnesses. With the rise of Big Data technologies, the healthcare industry is on the edge of a huge transformation through the utilization of advanced analytics and sophisticated big data technologies.
A vital section of the report offers market dynamics and trends, such as drivers, restraints, and opportunities that impact the current nature and future status of this market. As reported, due to its various features and wide applications, the market for big data analytics in healthcare is rapidly growing. On the basis of geographical expansion, North America accounted for highest market share in the year 2017. Apart from that, Asia Pacific ranks as the fastest growing market led by factors such as expansion of healthcare industry and increasing adoption of analytics services by healthcare providers in the region. In addition, increasing patient pool is resulting in increased healthcare data. This factor is proposed to bolster the growth of the Asia Pacific market during the forecast period.
As the research proceeds, the market has been categorized on the basis of offering, deployment type, analytics type, application and end-user. By deployment type, the report covers on-premise and cloud based. Big data analytics offerings are hardware, software and services. The software segment is further sub-segmented into Electronic Health Record and Practice Management and others. Application-wise segmentation include population health analytics, operational and administrative analytics, financial analytics and clinical analytics.
Another vigorous section of the report is competitive landscape featuring some of the top companies, their products and business strategies, and their standing in the global market. Key players active in the market include Oracle Corporation, McKesson Corporation, IBM Corporation, GE Healthcare, Cisco Systems Inc., Microsoft Corporation, Cognizant, Vizient, Inc., Infosys and Medeanalytics Inc.